This blog contains important business updates, but it is not intended to provide legal assistance. The information provided is for general knowledge only, and any decisions or actions taken based on this information are at your own discretion. For legal advice, please consult with a qualified legal professional.
Starting January 1, 2024 all LLC entities will require you to file a BOI Report.
What is a BOI Report?
Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.
[Issued March 24, 2023]
Why is it required?
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates 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.
[Issued September 18, 2023]
What happens if you don't complete it?
If you fail to complete the report you may be fined up to $500 a day, imprisonment of two years, or a fine up to $10,000.
Learn more about this using the links below