For those of you who are unfamiliar with this, the Corporate Transparency Act was created to require individuals who ultimately own or control a registered entity to file a new registration report with FinCEN (called a Beneficial Ownership Information report).
Not to be taken as legal advice, but the important notes that may impact you as a business owner:
Where Do I File?
When is the deadline?
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.
A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. This 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.
Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.
Here is a link to the FAQ for additional information from FinCEN
Our firm is not currently registering entities as a service offering but there are some attorneys and third-party providers out there. FinCEN provides instructions on their site to assist business owners to register on their own.