The Corporate Transparency Act created a new beneficial ownership reporting requirement as part of the US government's efforts to identify individuals who directly or indirectly own a company. Their goal being to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
Every business owner who has an LLC (Sch C, Sch E), a partnership, a corporation and has registered with the secretary of state or similar office anywhere in the U.S. will have to comply with the BOI requirement. Any willful failure to complete the information or to update it will result in civil or criminal penalties of up to $591 for each day that the violation continues and criminal penalties of up to two years imprisonment and a fine of up to $10,000.
If you need assistance to comply with these new requirements, please go to our Book a Meeting page and schedule a meeting.
Check out our new Podcast on the Beneficial Ownership Information Reporting Requirement Below
Below are links to more information directly from FinCEN
