Hi CEO! You likely chose entrepreneurship for a few reasons, and I'm almost certain two of them involved money and the freedom to choose how you spend your time.
Now there is a new federal rule that can put both in jeopardy.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a Beneficial Ownership Information Reporting Requirement final rule (regulatory requirement) for all companies conducting business in the United States, effective January 1, 2024.
This new rule is a result of the bipartisan Corporate Transparency Act (CTA), enacted as a part of the larger National Defense Authorization Act for Fiscal Year 2021, and requires Beneficial Ownership Information (BOI) to be reported at the federal level. This includes information on the person that created/filed legal formation documents for the entity and those that actually control and/or own the company. This includes anyone with 25% or more ownership, Senior officers, and others with substantial control.
But don't worry; I've got you covered. I created a free resource summarizing the new requirement in laymen's terms, with due dates, links, and resources to help you understand the "why" behind the new requirements. Click here (or the photo below) to keep reading and learn about this new rule and how you can get ahead of, and stay compliant with, this regulation.
Staying abreast of new information, laws, regulations, and resources is a part of being a CEO. This post is moving us into a new direction of sharing more recent corporate resources and regulatory updates on our blog to make sure you are in the know about the legislation and rule making that impacts your business.
Be sure to let us know how this helped you elevate and level up as a CEO!
RESOURCES:
Free Guide - Beneficial Ownership Information Reporting Summary
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