Attorney Larry Donahue explains why the process in correct reporting is not as easy as some might think.
Earlier this month, Larry Donahue presented a seminar at the request of the New Mexico State Bar Foundation in order to help educate small businesses on the new Beneficial Ownership Reporting that, as of January 1, 2024, is the law of the land.
The Corporate Transparency Act, or CTA, requires “beneficial owners” of “new” (formed on 1/1/2024 or after) “small businesses” (less than 500 employees and US-revenue under $5M) to report the personal information to the Financial Crimes Enforcement Division of the Department of Treasury, or FinCEN, within 90 days of forming a new company.
Beneficial owners are identified by the CTA as individuals who exercise substantial control over a registered entity (i.e., LLC or Corporation), directly or indirectly own 25% or more of the registered entity, or receives substantial economic benefits from the assets of the registered entity.
All small businesses, not just new ones, will need to report by January 1st, 2025. With the possibility of daily fines and jail time, no one wants to find out they have missed deadlines or misunderstood the intent of the law.
More and more non- legal services such as Legal Zoom are advertising their ability to handle the reporting for small business owners. However, accurate reporting is not as easy as one might think. It is extremely important for business owners to understand what actually needs to be reported, and how often.
You can watch the seminar now for free on our Youtube Channel here:
L4SB and BLSW are actual law firms with lawyer developed tools and solutions that will help ensure you are not just filing a BOI Report, but doing it correctly. Check out our BOI Reporting Tool that you can access for free to determine exactly who within your organization needs to report. Also, let L4SB, an actual law firm, take care of reporting your business’s information for you to FinCEN.
Get started today by visiting:
https://docs.businesslawsw.com/start/CTABOIReporting/
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