Beginning on January 1, 2024, businesses must comply with the United States’ Corporate Transparency Act, which mandates that individuals who own or control a business must file a report detailing the beneficial ownership information (BOI) to the United States Treasury’s Financial Crimes Enforcement Network (FinCEN).
While certain company types are exempt from this reporting requirement, the vast majority of businesses—from single member LLC’s to multiple stockholder corporations—must comply.
The timelines for filing with FinCEN vary for newly-formed and established businesses, and failure to file may subject business owners to civil penalties of $500 per day and an enforcement action, so check with your attorney to make sure your business is on a path to compliance.
MCLC has developed a streamlined process to help our clients comply with this new federal reporting requirement quickly and easily. For more information on how we can help your business, contact:
Jacob Lamme
jlamme@mclclaw.com
(518) 675-7740
Brian Carr
bcarr@mclclaw.com
(518) 675-7741
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This Client Advisory is provided as a courtesy to the clients of Monaco Cooper Lamme & Carr, PLLC. It provides general information and is not intended as legal advice and does not create an attorney-client relationship between MCLC and the reader. Should the reader desire additional information about the content of this Advisory and/or its application, please contact us at MCLC at (518) 855-3535 or info@mclclaw.com.