Are you a business owner feeling overwhelmed by the new Beneficial Ownership Information Report (BOIR) filing requirements? You're not alone.
The Corporate Transparency Act, which took effect on January 1, 2024, has introduced complex reporting obligations that affect millions of U.S. businesses. But don't worry – we're here to help you navigate this new landscape with ease.
What You Need to Know
The BOIR filing is a crucial requirement for most corporations, LLCs, and other entities formed in the U.S. It's designed to increase financial transparency and combat illicit activities. Here's the catch: many business owners are unaware of this requirement or mistakenly believe it doesn't apply to them.
🚨🚨 Key Points to Remember:
Deadline: If your company was formed before January 1, 2024, you have until January 1, 2025, to file. For companies created in 2024, you have 90 days from formation to file.
Required Information: You'll need to provide specific details about your company and its beneficial owners. This can be more complex than it sounds, especially for businesses with intricate ownership structures.
Exemptions: While many businesses must file, there are 23 exemptions. These include public companies, banks, and "large operating companies" meeting specific criteria.
Penalties: Failure to file or providing false information can result in severe penalties, including fines and even imprisonment.
How LMC Law Will Help You
Navigating the BOIR filing process can be daunting, but with LMC Law by your side, you don’t have to face it alone. Our dedicated team of legal professionals is here to provide tailored support that meets your unique needs:
Personalized Assessment: We’ll work closely with you to determine if your business is required to file a BOIR, ensuring you understand your obligations under the Corporate Transparency Act.
Streamlined Information Gathering: Our team will guide you through the information-gathering process, helping you compile the necessary details about your company and its beneficial owners efficiently.
Precise Filing: With our meticulous attention to detail, we’ll ensure that your BOIR is completed accurately and submitted on time, minimizing the risk of penalties or compliance issues.
Ongoing Compliance Support: We’ll keep you informed about any changes to the filing requirements and assist you in updating your report as needed, so you can focus on running your business without worry.
Don’t risk non-compliance or last-minute stress. Schedule an appointment with LMC Law today, and let’s tackle your BOIR filing together. Our expertise can save you time, reduce your stress, and ensure that you remain fully compliant with these new regulations.
Remember, unawareness of the law is not a defense. Take action now to protect your business and gain peace of mind. Contact LMC Law to set up your BOIR filing consultation!
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