If you haven’t paid attention, please take sixty seconds and see whether you have to file a bit of paperwork with the US Federal Financial Crimes Network. Chances are VERY good that you should.
Deadline for this required federal filing is January 1, 2025. So, realistically, ASAP.
All the details, and filing links, are at https://www.fincen.gov/boi-faqs.
What is beneficial ownership information?
Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.
The Corporate Transparency Act created a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
Basically: If you are a Corporation, LLC, or any business entity in the U.S. that has had to file paperwork with your state Secretary of State, then you need to file. The form is short and simple. Basically, you need to reveal all people and entities that have a significant share in the ownership of your business.
In an attempt to make sure the largest, wealthiest companies with the most attorneys don’t hide their assets, Congress decided it was best to put a little extra burden the 95% of all businesses that are too small to hide their assets anyway.
It doesn’t matter. The bottom line is, you probably need to file this form. So start today at https://www.fincen.gov/boi-faqs.
🙂