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- WHAT IS IT?
- New federal law that applies to the majority of businesses
- “Beneficial Owners” of corporations and LLCs must disclose and file information
- “Beneficial Owners” are persons with an ownership percentage or substantial control of the business, e.g. CEO, CFO, Boards
- WHAT HAPPENS IF YOU DON’T FILE?
- Penalties of $500/day, up to $10,000
- Jail time up to 2 years
- WHAT TO DO NOW?
- Learn more
- Figure out if you have to file, or if you get an exemption
- Company in existence before 1/1/24 = file by 12/31/24!!!
- New company formed on/after 1/1/24 = 90 days to file!!!
- RESOURCES:
- https://www.fincen.gov/boi
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