Published March 1, 2024
Understanding the New Beneficial Ownership Information (BOI) Report Rule for U.S. Businesses
Important News: Understanding New Beneficial Ownership Information Reporting Rule for U.S. Businesses
(Feature from one of our top legal partners, Mark Berardi of Berardi & Associates, LLC)
We're here to tell you about an important new rule that affects many businesses in the U.S. It's called the Beneficial Ownership Information (BOI) Report, and it started on January 1, 2024. This rule is part of a big effort to make business dealings more transparent and to prevent illegal activities like money laundering and fraud.
What’s This New Rule About?
This rule requires certain U.S. businesses and foreign businesses operating in the U.S. to report who really owns or controls them. This is important because it helps prevent people from using businesses for shady activities.
Who Needs to Report?
Existing Businesses: If your business was around before January 1, 2024, you need to report by January 1, 2025.
New Businesses: If your business starts after January 1, 2024, you have 30 days from when you start to make your report.
What Information Do Businesses Need to Report?
Who's in Charge?: Businesses need to report who has significant control, like CEOs or other big decision-makers.
Owners: If someone owns a big enough piece of the business (25% or more), they need to be reported.
Company Creators: For new businesses, the person who filed the paperwork to start the business must be reported.
Why It Matters to Follow This Rule:
Not following this rule can lead to big fines (up to $500 per day) or even criminal charges. So, it's really important to get it right.
How We Can Help:
We know this sounds complicated, but don’t worry - we’re here to help! Our team can:
Figure Out What to Report: We'll help identify who needs to be reported in your business.
Prepare and Submit the Reports: We’ll handle the paperwork and make sure everything is submitted on time.
Stay Up-to-Date: We'll keep an eye on any rule changes and help your business stay in line with them.
Act Now:
If you think these rules might apply to your business, get in touch with us! We'll make sure everything is taken care of, so you don't have to worry about fines or legal troubles.
Looking forward to helping you stay compliant and stress-free!
Article By Mark Berardi of Berardi Law
For more information please reach out to:
Mark M. Berardi - Attorney
Licensed in IL, FL, IN
14919 Founders Crossing
Homer Glen, IL 60491
O: (708) 942-8030
Berardi Law Office Website
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