The upcoming BOI reporting requirement affects corporations, limited liability companies, and other entities created in or registered to do business in the United States. It requires such organizations to file a statement of beneficial ownership with the Financial Crimes Enforcement Network (FinCEN) identifying the persons who ultimately own or control the company.

A beneficial owner is any individual who, directly or indirectly, either 1) exercises substantial control over a reporting company, or 2) owns or controls at least 25% of the ownership interests of a reporting company. Exemptions may apply.

Reporting companies created or registered before January 1, 2024, must file initial BOI reports by January 1, 2025. Reporting companies created or registered after January 1, 2024, will have 30 days after receiving notice of their creation or registration to file their initial BOI reports.

For more information, schedule an appointment with us or contact us at info@acmmconsulting.com, and we will provide guidance.