01/15/2024
2024 brings a new reporting requirement for virtually all corporations, LLCs, and limited partnerships, including foreign entities doing business in the US. The new reporting requirement is the Beneficial Ownership Information report, or "BOI" report for short. If you form a new entity this year, you MUST submit the BOI report within 90 days after registration of the new entity with the Secretary of State is completed. Existing entities also need to file a BOI report before the end of 2024. I do assist clients with preparing their BOI reports. I strongly advise all small businesses to hire competent business law counsel to assist with completing your BOI report.
Today, the Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the bipartisan Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting provisions. The rule will enhance the ability of FinCEN and other agencies to protect U.S. national security ...