Congress recently made a new law, the Corporate Transparency Act (CTA), which is a significant departure from previous U.S. business reporting. The CTA is administered by the Financial Crimes and Enforcement Network (FinCEN), overseen by the U.S. Treasury Department. One of the requirements of the CTA is a Beneficial Ownership Information (BOI) report, disclosing certain interested parties and investors in eh business.
The aim of the CTA is to prevent illicit activities such as money laundering or funding hostile foreign organizations through the use of shell corporations. However, this change has a significant effect on businesses whose interests are on the up-and-up. If you’re worried about how the CTA will affect your business or are unsure about what your obligations are, don’t worry. The Florida beneficial ownership information reporting lawyers from Crepeau Mourges are here to answer your questions and advise you of any steps you need to take to remain compliant with the CTA.
Keeping Compliant With The CTA’s Beneficial Ownership Information Report
If your organization isn’t exempt (and there are a lot of exemptions, 23, in fact), then you must submit a BOI now and any time that your business structure changes or your ownership/ investors change. The BOI information is collected by the FinCEN and, as necessary or required by law, disseminated to other government agencies. Any business entity that has formed a corporation that falls into the category of a “domestic reporting company” or “foreign reporting company” (for foreign-owned businesses operating in the U.S.) must file the BOI report.
The BOI report contains information about individuals with a controlling or significant ownership interest in the business or those with certain financial benefits from the corporation. A BOI report must contain the following information about each individual:
- Their full name and date of birth
- Complete current address
- A unique identifying number (such as a state ID card, U.S. passport, or state driver’s license) and an image of the document displaying that number
This information is used to generate a unique FinCEN identifier for the individual. This isn’t the extent of the BOI requirements. There is a lot more; determining which individuals must be reported and which may not can get tricky. That’s where we come in: to prevent an error or omission from becoming big trouble for your business.
How Will Florida Beneficial Ownership Information Reporting Lawyers Help Me?
Our legal team has spent an extensive amount of time analyzing the requirements of the CTA and determining how we can best implement strategies for compliance with our clients. We can evaluate your current policies and procedures and identify any changes you should make.
We can also calculate which owners or stakeholders need to be reported on the BOI and which do not. We’ll also keep abreast of changes to the CTA as they happen so that your business remains compliant.
Professional Advice For Your Business BOI
If your business is not one of those that qualifies for an exemption, then you have to act fast, as the deadline for filing a BOI is short. We’ll help you get there. The Florida beneficial ownership information reporting lawyers from Crepeau Mourges are ready to help you calculate ownership percentages, complete the BOI, and file on time. Call us today to get started.