U.S. Beneficial Ownership Information Registry Reminder

Under the newly enacted Corporate Transparency Act, there is a reporting requirement of all small businesses to show who the owners of a corporation are. Enacted in 2021 to curb illicit finance, the bipartisan bill requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. 

Why do I need to complete it?

The intent is to make it harder for "bad actors" to hide or benefit from ill-gotten gains through shell companies or other opaque ownership structures. 

Who is affected?

Small businesses that are a corporation, LLC, or otherwise created by filing a document with secretary of state, or foreign companies registered to do business in the U.S.

What do you have to do to complete it?

Those entities listed above must file a BOI report electronically with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). For additional information, visit FinCEN.gov/boi. 

When you must file

• If your company was formed before 1/1/24, you have until 1/1/25 to file
• If your company was formed after 1/1/24, you must file within 90 days of formation
• For additional information, visit: https://home.treasury.gov/news/press-releases/jy2015