If you own or manage a business, you’ve likely heard about the new Beneficial Ownership Information (BOI) Report requirement. As the deadline approaches, it’s crucial to ensure your business is compliant to avoid penalties. Here’s a quick reminder of what you need to know about filing your BOI Report.
Who Needs to File?
The BOI Report is required for most companies operating in the United States, including LLCs, corporations, and other entities. The purpose of the report is to provide the government with information about the individuals who own or control these businesses, commonly referred to as beneficial owners.
Key Deadlines
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Existing Companies
If your business was established before January 1, 2024, you have until December 31, 2024, to file your BOI Report. This deadline is fast approaching, so it’s important to gather the necessary information and submit your report as soon as possible.
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New Companies
For entities formed on or after January 1, 2024, the BOI Report must be filed within 90 days of formation. This means that if you’ve started a new business this year, your filing deadline could be coming up soon.
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Future Deadlines
Starting in 2025, the filing window for new entities will be reduced to 30 days. This shorter timeframe means that staying on top of your reporting obligations will be even more critical next year.
What Information Is Required?
The BOI Report requires businesses to provide detailed information about their beneficial owners, including names, addresses, dates of birth, and specific identifying numbers (such as a driver’s license or passport number). It’s essential to ensure this information is accurate and up-to-date before submitting your report.
Why Is This Important?
Failing to file your BOI Report on time can result in significant penalties, including fines and potential legal action. Additionally, the report is a crucial part of federal efforts to combat money laundering, terrorism financing, and other financial crimes. By filing your report, you’re helping to ensure the integrity of the U.S. financial system.
Need Help?
At Windrose Law Center, we understand that new compliance requirements like the BOI Report can be overwhelming. Our team is here to guide you through the process and ensure your business meets all necessary deadlines. Don’t wait until the last minute—contact us today to schedule a consultation and keep your business in good standing.