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What You Need to Know About the Corporate Transparency Act

You may have heard about the Corporate Transparency Act, which established new reporting requirements for limited liability partnerships and corporations. It’s caused a lot of confusion and concern. So we’ve prepared the following FAQs as our attempt to chart a way through the fog of questions around filing so-called Beneficial Ownership Information (BOI) reports:

Do I need to file a report?
Only if you have an interest in a limited liability corporation (LLC) or partnership (LLP) or any other corporation.

What information must the report contain?
BOI reports must contain information about anyone who has substantial control over the entity or at least a 25% ownership interest. In addition, information about the individual who set up the entity must be included for any created in 2024 or subsequent years.

When do I have to make the report?
If the entity was established before 2024, you must file your initial BOI report before January 1, 2025. If it was established during 2024, the report is due within 90 days of the entity’s creation or registration. And after 2024, reports will be due within 30 days of the entity’s creation or registration.
In addition, any changes or corrections must be reported within 30 days of the change or the discovery of inaccurate information.

How do I make this report?
BOI reports are submitted electronically at https://fincen.gov/boi.

What happens if I don’t make the report?
Failure to file a report or knowingly providing inaccurate information could result in civil and criminal penalties.

Where can I get answers to my questions about all this?
Check out FAQs published by FinCEN, or contact an attorney specializing in this field.

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