Texas court issues nationwide injunction less than a month before the Corporate Transparency Act's reporting deadline

Yesterday, a Texas district court issued a nationwide preliminary injunction in Texas Top Cop Shop, Inc. et al., v. Garland et al.,[1]enjoining enforcement of the Corporate Transparency Act’s reporting requirements. The CTA requires many businesses to report to the federal government the identity of their beneficial owners—that is, the stakeholders who own and control the business—on penalty of fines. The CTA is the first time corporate entities created under state law have been required to disclose such information to federal regulators.