REMINDER: The Beneficial Ownership Information E-filing Requirement Began January 1, 2024
To help protect U.S. national security, the Corporate Transparency Act (CTA) was implemented by the Financial Crimes Enforcement Network (FinCEN). As part of its Bank Secrecy Act, certain business entities (referred to as reporting companies) must report information about themselves and their beneficial owners to FinCEN. A reporting company is any corporation (C or S), limited liability company (LLC), professional limited liability company (PLLC), limited partnership (LP), or any other entity created by the filing of a document with a secretary of state or any similar office the in the U.S. Sole proprietorships and general partnerships are not considered reporting companies unless they were created or registered to do business in the U.S. by filing a document with a secretary of state or any similar office in the U.S. A beneficial owner is an individual who directly or indirectly exercises substantial control over a reporting company or owns at least 25% of the reporting company’s ownership interests.
Filing is simple, secure, and free of charge on the official FinCEN website. Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.
A reporting company created or registered to do business before 1/1/24 will have until January 1, 2025 to file its initial BOI report.
A reporting company created or registered in 2024 will have 90 calendar days to file its initial BOI report.
A reporting company created or registered on or after 1/1/2025 will have 30 calendar days to file its initial BOI report.
As this is a filing responsibility by each entity owner, our office is not able to offer this reporting service.
For more information about this reporting requirement and for the latest updates, please visit the FinCEN website at https://fincen.gov/boi