A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial beneficial ownership information report, i.e., the individuals who ultimately own or control the company. They must report the information to the Financial Crimes Enforcement Network (FinCEN). Collecting beneficial owner information (BOI) will help provide transparency in the ownership of businesses, making it harder for criminals and other bad actors to hide from the law.
Companies required to report information about their beneficial owners include those that are:
A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office in the United States.
Foreign reporting companies formed under the law of a foreign country that have registered to do business in the United States by filing a document with a secretary of state or any similar office.
Reporting companies created or registered on or after January 1, 2024, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN. Learn more about the entities and how to report BOI here.
Questions? Please call us at 1-800-872-6358. Thank you for being a Town & Country Credit Union member.
