The Hispanic and Immigrant Center of Alabama (¡HICA!), a leading nonprofit organization protecting Hispanic interests in the State, has decided to work with LLC & CORP Compliance (LLC&CORP) to provide all its clients and associates with the legal assistance they need to comply with the requirements of the Corporate Transparency Act (CTA) in submitting reports of information about their beneficial owners (BOI). 

For nearly twenty-five years, HICA! has been supporting the community in promoting economic equality, participation and social justice for all Latinos and immigrant families in Alabama. Now, aware of the growth that has existed within small and medium-sized businesses owned by Hispanic and other immigrants, it has decided to rely on the legal advice provided by LLC&CORP through Attorney Wendy Padilla Madden, director of Global Business Advisors, LLC (GBA). 

With its legal counsel, LLC&CORP will provide ¡HICA! clients and partners with legal assistance in relation to various corporate formation needs in Alabama. In particular, by preparing and filing BOI reports with the Financial Crimes Enforcement Network (FinCen) of the US Treasury Department. 

Other services provided by Attorney Wendy Padilla-Madden include, assisting HICA clients with the formation of entities and their registrations with the office of the Alabama Secretary of State, as well as drafting member agreements as required by the corporate structure chosen by their clients. “We will accompany all ¡HICA! clients and partners by acting as their registered agent for any company formed in Alabama that wants such service. Additionally, we will prepare and file BOI reports with FinCen for business owners and companies that have already been formed or are in the process of formation,” said the Attorney. 

According to the ninth annual “Current State of Latino Entrepreneurship” report, published by Stanford University’s Latino Entrepreneurship Initiative, Hispanic-owned businesses contribute more than $800 billion to the U.S. economy. In addition to this, they have found that Latinos are starting new businesses at a surprisingly fast pace. The report says that between 2007 and 2022, there was a 57% increase in the number of Hispanic-owned businesses, compared to a 5% increase in the number of White-owned businesses in any specific year. 

This growth is reflected in all states of the United States and with greater emphasis in the southeastern states that received a large influx of Hispanic immigrants in the last thirty years. Many of the immigrant families have settled down and the generations that were born in the country now contribute to the economic growth of their communities by creating new business opportunities and developing small and medium-sized companies. Hence the importance of organizations like ¡HICA! seeking the support of companies like LLC&CORP to continue supporting economic growth and the compliance of Hispanic-owned businesses with all Federal Laws and regulations.