Starting January 1, 2024, the Federal government requires small businesses to report the names and details of their owners.
This is called the Beneficial Ownership Information Report under the Corporate Transparency Act. This new requirement seeks to combat such money laundering, human trafficking, the illegal drug trade, and other crimes.
These reports must be filed by United States limited liability companies (LLCs, including single-member / disregarded LLCs), limited liability partnerships, business trusts, corporations (including S corporations).
Penalties for failing to comply are steep, up to a maximum of $10,000.
If you would like our help, submit your initial information here. We will follow up with you for confirmation and to seek additional information as needed.
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