If you have a business registered with ANY state you are now (as of 2024) required to file “beneficial ownership information” with “FinCen” which is the U.S. Department of Treasury Financial Crimes Enforcement Network. If your business was registered prior to 2024 you have until the end of 2024 to complete this required reporting. If you fail to complete BOI reporting you (and your business) could incur substantial fines. Please note that a “Beneficial Owner” can be a person who does not actually own the business entity! So seek the help of a licensed legal professional if you have persons operating, making decisions for, or receiving profit from your business that are not named owners.
You can find detailed information concerning BOI at www.fincen.gov/boi
Comments