Beneficial Ownership Information
Effective January 1, 2024, reporting companies must not only register with the Secretary of State, or similar office, but also with the U.S. Treasury. FinCEN, a department of the U.S. Treasury, will begin accepting applications, from January 1, 2024 and before January 1, 2025, for existing businesses who are required to be registered with the Secretary of State or similar office. If you are unsure if your organization is considered a reporting company, please visit fincen.gov/boi for more information.
A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 days, after receiving notice of the company's creation or registration, to file its initial BOI report at fincen.gov/boi. Reporting companies created or registered on or after January 1, 2025, will have 30 days, after receiving notice of the company's creation or registration, to file its initial BOI report at fincen.gov/boi. Businesses will be subject to penalties for nonregistration.
To be in compliance with the Beneficial Ownership Reporting Rule, businesses must identify individuals who either directly or indirectly (1) exercise substantial control of the business or (2) owns or controls at least 25% of the company's ownership interest.
Some companies may be exempt from this rule. Please visit fincen.gov/boi to learn if your company qualifies for an exemption.
To learn more and view FAQs, please visit fincen.gov/boi.
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