As the Corporate Transparency Act (CTA) comes into effect on January 1, 2024, many business owners are seeking clarity on the new requirements surrounding Beneficial Ownership Information (BOI) reports. This article will explore whether partnerships are required to file a BOI report and the implications of these requirements for different types of partnerships. Understanding BOI […]

The Corporate Transparency Act (CTA), which took effect on January 1, 2024, requires most U.S. companies to report details about their owners and founders to the Financial Crimes Enforcement Network (FinCEN). This law affects various entities, including homeowners associations (HOAs). The key question is: Do HOAs need to file a Beneficial Ownership Information (BOI) report?

With the implementation of the Corporate Transparency Act (CTA) on January 1, 2024, many business owners are grappling with new reporting requirements, particularly regarding Beneficial Ownership Information (BOI) reports. This article aims to clarify whether sole proprietors are required to file a BOI report and what implications this has for their businesses. What is a

The Corporate Transparency Act (CTA), enacted to combat money laundering and enhance transparency, introduces new reporting requirements for various entities, including nonprofits. As of January 1, 2024, many organizations must file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). This article aims to clarify whether nonprofits are required to file

How to Update Your BOI Report After Changing Beneficial Owners Changes in a company’s beneficial ownership structure are important events events that require careful consideration, particularly in the context of the Corporate Transparency Act and the Beneficial Ownership Information (BOI) reporting requirements. In this article we guide you through the complexities of updating your BOI

Do I Need to File an Updated BOI Report if There Are Changes in Beneficial Owners’ Contact Information? Yes, you need to file an Updated BOI Report if there are any changes to a beneficial owner’s information, including name, residential address, and unique ID number and image. Keeping this beneficial ownership information (BOI) up-to-date is

Clarifying BOI Reporting Requirements: Company Applicant Information Changes Navigating the intricacies of the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) often raises questions about the necessity and frequency of updates, particularly concerning company applicant information. A reporting company is not required to file an updated report for any changes to

When is the deadline for filing the initial BOI report? The deadline for your initial BOI report depends on when your company was formed or registered. If your company was established before January 1, 2024, you must file the BOI report by January 13, 2025.  For companies formed or registered on or after January 1,

What are the exemptions to filing a BOI Report? The CTA provides a list of 23 exempt entities. These include but are not limited to, publicly traded companies, regulated financial institutions like banks and insurance companies, and companies that meet specific thresholds in terms of employee count and revenue. An entity that qualifies for any

What information is required in a BOI Report? When preparing a BOI report, critical information about each beneficial owner must be included. This encompasses the beneficial owner’s full name, date of birth, residential address, and a unique identifying number from an acceptable document such as a passport, driver’s license or state/local/tribe issued ID. An image