As a result of the Corporate Transparency Act of 2021, beginning on January 1, 2024, all LLCs, corporations, business trusts, and any other entity registered with the Secretary of State must make a Beneficial Ownership Filing with the United States Government’s Financial Crimes Enforcement Network. The report is free, but there are penalties for not completing it. Read on to find out how and when to complete your filing!
Who must file with FinCen:
- All owners of Limited Liability Companies, Corporations, Business Trusts, formal Business Partnerships, Limited Partnerships, and most other businesses created via a filing with the Secretary of State (in any U.S. State or territory)
- Sole Proprietors are not required to file
When must I file:
- No later than January 1, 2025 for businesses formed prior to January 1, 2024
- For business entities formed on and after January 1, 2024, you must file within 90 calendar days of the date your entity is created with the Secretary of State
- You cannot file BEFORE January 1, 2024 – the reporting portal is not yet open
Where do I file:
- You will file online at the FinCen website portal
- Again, the portal will not open until January 1, 2024
For More Information
You can find more information about the beneficial ownership filings and the CTA here: Beneficial Ownership Filing Requirements.
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