Have you filed your Beneficial Ownership Information Report yet?

My friend Heather Pearce Campbell, owner of The Legal Website Warrior, just sent a reminder out to her followers that businesses need to comply with this new regulatory requirement. If your business was formed prior to 2024, this report needs to be filled out by January 1, 2025. Newly created businesses (anytime in 2024 or later) need to file their report within 90 days of formation. You only need to fill out this report once (unless there is a change in the benefit of ownership with your business.)

What is this report? Beginning in 2024, the Corporate Transparency Act requires that you file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). This act requires that businesses must disclose information about their owners to combat money laundering and other criminal activities.

Where to file? The report is filed with FinCEN, a bureau of the U. S. Department of the Treasury. You can go here to file your report. If you haven’t done so yet, please don’t put it off. The penalty fees for not filing can be quite hefty.

I’m so happy that Heather will be our guest expert in February 2025. She will be presenting Protect Your Assets: Bite-Sized Legal Basics for Brilliant Entrepreneurs  and will have a special offer for Guide Garden members!

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