As we previously reported, a new federal law took effect on January 1, 2024, requiring the filing of a Beneficial Ownership Information Report (BOI) with the Financial Crimes Enforcement Network (FinCEN).
This requirement applies to both new and existing business entities registered across the United States, including LLCs, Corporations, LLPs, PCs, and PLLCs. Entities formed on or after January 1, 2024 must submit this report within 90 days of their formation, while entities formed before 2024 must submit this report by the end of 2024.
Under the Corporate Transparency Act, failure to file this report accurately and on time may result in civil and criminal penalties, including fines of up to $500 per day past the deadline and up to 2 years of imprisonment.
The attorneys at Outside Legal Counsel LLP have extensive experience advising Companies and business owners of their obligations under the CTA. Reach out to us to schedule a consultation.
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