The Corporate Transparency Act went into effect in January of 2024. Under the Corporate Transparency Act, all owners (including minority stake owners) of most business entities, including Limited Liability Companies (LLCs), must submit a beneficial ownership information report to the Federal Financial Crimes Enforcement Network (FinCEN).
This beneficial ownership information report includes identifying information so that FinCEN can investigate and prevent fraud. This report must be filed by December 31, 2024, if you own an LLC created before January 1, 2024. If you created an LLC after January 1, 2024, you have thirty (30) days to file a beneficial ownership information report with FinCEN.
It should be noted that this report has been challenged in court, and the report will be due prior to the court deciding the ultimate issue. The court did provide a stay, but only to plaintiffs in that lawsuit. The stay does not apply to the rest of us.
The beneficial ownership information report can be filed directly with FinCEN using its online portal at this link.
The attorneys at Yonas and Phillabaum LLC can file the beneficial ownership information report with FinCEN for you or your business for a small fee.
