
09/13/2024
I have had a corporation since 2002. Imagine my concern when I discovered a few days ago there is a new federal filing requirement for corporations, LLCs, and partnerships that carries serious fines if not filed by Dec. 31, 2024. I believe sole proprietorships and general partnerships are exempt (but check). Late filing fees can be $500/day. Why didn't the Secretary of State inform corporate owners, etc.? I accidentally stumbled on this information and was shocked. From what I've read, the forms seem to be easy to fill out, but I haven't started them yet.
The name of the federal entity is Beneficial Ownership Information (BOI), which I personally find chilling like Big Brother whitewashing their intent. It's supposed to cut down on money laundering and other nefarious acts, we'll see the true intent in the future. Can you imagine not being informed about this, and next year getting hit with big fines? It's horrible.
This article lays out some of the information, with links to the federal site, and there are many others if you google. Please spread the word among other small business owners you know, or on groups you belong to. Mindboggling, isn't it?
Some legislators are calling for the law that mandates BOI reporting to be repealed. What does this mean for small businesses and do you need to file a BOI report?