Do you own a Business Entity? Important Federal Requirements To Act Upon
If you own all or part of any type of business entity or exercise substantial control over any type of business entity, the federal Corporate Transparency Act (“CTA”) likely applies to you.
Beginning January 1, 2024, limited liability companies, limited partnerships and corporations are responsible for filing Beneficial Ownership Information (“BOI”) with the Financial Crimes Enforcement Network (“FinCEN”) of the US Department of the Treasury through its On-Line Portal.
The Beneficial Ownership Information Report (“BOIR”) Filing Instructions, the Online BOIR Filing Method: Step-by-Step Instructions and information about Substantial Control are available to help guide you through the filing process.
The FinCEN website offers a host of other reference materials and guidance for BOI filing, including:
Don’t delay in submitting your BOI information to FinCEN. Under the FinCEN requirements reporting companies created or registered to do business before January 1, 2024, must file by January 1, 2025.
Entities created or registered after January 1, 2024, only have “90 calendar days after receiving actual or public notice that their company’s creation or registration is effective to file their initial BOI reports”.
We strongly encourage you to register with FinCEN before the filing deadlines. Failure to comply with the CTA can result in a $500-per-day penalty (up to $10,000) and possible criminal penalties.
If you have questions relating to the Federal Corporate Transparency Act or the New York State LLC Transparency Act, how they might affect your entity or potential planning opportunities, contact our business attorneys, Michael F. McConville at mmcconville@mccmlaw.com or 585-512-3520 or Letty Laskowski at llaskowski@mccmlaw.com or 585-512-3538.
This publication is intended as an information source for clients, prospective clients, and colleagues and constitutes attorney advertising. The content should not be considered legal advice and readers should not act upon information in this publication without individualized professional counsel.
About MCCM
McConville Considine Cooman & Morin, P.C. is a full-service law firm based in Rochester, New York, providing high-quality legal services to businesses and individuals since 1979. With over a dozen attorneys and a full paralegal support staff, the firm is well-positioned to right-size services tailored to each client. We are large enough to provide expertise in a broad range of practice areas, yet small enough to devote prompt, personal attention to our clients.
We represent a diverse range of clients located throughout New York State and New England. They include individuals, numerous manufacturing and service industry businesses, local governments, and health care professionals, provider groups, facilities and associations. We also serve as local counsel to out-of-state clients and their attorneys who have litigation pending in Western New York courts. For more information, please contact us at 585.546.2500.