11/27/2024
Did you know, if you are a LLC, corporation or similar business, you need to file a Beneficial Owners report before Jan. 1, 2025 or face penalties?
https://www.fincen.gov/boi The Financial Crimes Enforcement Network (FinCEN) has implemented new rules requiring certain businesses to report information about their beneficial owners. These rules are designed to enhance transparency and prevent criminal activities.
Who is Affected?
The reporting requirements apply to corporations, limited liability companies, and other similar entities created in the United States or registered to do business in the United States. Specific exemptions may apply, so it is important to review the details or consult with us to determine if your entity falls within the scope of these rules.
What Information Must Be Reported?
Entities required to report must provide the following information about their beneficial owners:
β’ Full company name
β’ Tax identification number (social security number, EIN, foreign)
β’ Full legal name
β’ Date of birth
β’ Current residential or business address
β’ Identification document copy (e.g., driverβs license, U.S. passport, foreign passport)
A beneficial owner is generally defined as an individual who directly or indirectly owns or controls 25% or more of the entityβs equity interests or who exercises significant control over the entity.
Reporting Deadlines
Entities created or registered before 2024 must submit their beneficial ownership information by January 1, 2025. Entities created or registered after January 1, 2024 must submit their information within 90 days after the creation or registration of the entity. Entities created or registered after January 1, 2025 must submit their information within 30 days after the creation or registration of the entity.
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