New Law For Small Businesses
**Important** New Law For Small Businesses
Scan QR code for more information regarding the new law for small businesses.
Beneficial Ownership Information:
Starting from January 1, 2024, several companies in the United States are required to provide information about their beneficial owners, who are the individuals that ultimately own or control the company, to the Financial Crimes Enforcement Network. The process of filing is simple, secure, and free of cost. It is important to note that Beneficial Ownership Reporting is not an annual requirement. A report only needs to be submitted once, unless there is a need to update or correct information.
Who Has To Report?
Certain companies may be obligated to report information regarding their beneficial owners.
1. A corporation, a limited liability company, or otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of the state or Indian tribe;
2. A foreign Company and was registered to do business in any US state or Indian tribe by such a filing.
Who Does Not Have To Report?
There are 23 types of entities that are exempt from beneficial ownership information reporting requirements, including publicly traded companies, non-profits, and certain large operating companies.
How Do I Report?
Reporting Companies Report information electronically through FinCEN’s website .
When Do I Report?
The FinCEN started accepting reports on January 1, 2024
– If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025 to report.
– If your company was registered in 2024, you must report Business ownership information within 90 days after receiving notice that your company’s creation or registration is effective.
**Please note that the information provided on this page may not be comprehensive. For more details, please scan the QR code provided above or click on the link to visit FinCEN’s website.
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