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Home The Corporate Transparency Act – 13 Answers to BOI Reporting

The Corporate Transparency Act – 13 Answers to BOI Reporting

    Last updated on January 24th, 2024 at 06:39 am

    Corporate Transparency Act, 13 Answers to BOI Reporting

    As of January 1, 2024, the implementation of the Corporate Transparency Act (CTA) has been put into effect.

    This legislation requires most corporations, limited liability companies (LLCs), and other business entities to submit a new federal filing.

    Entity owners are required to submit a report detailing beneficial ownership information (BOI) by December 31, 2024.

    Certain entities are not required to comply with this filing, such as large operational companies with more than 20 employees and over $5 million in revenue. Additional specific exemptions also apply.

    The BOI report must encompass details like the name, birth date, address, and identification number of each beneficial owner, accompanied by a copy of their ID. A beneficial owner is identified as someone who holds at least 25% ownership or control or exerts significant influence over the entity’s business activities.

    The data gathered in the BOI reports will be employed by government law enforcement and security bodies to aid in thwarting illegal activities such as money laundering, tax evasion, terrorism, and various other criminal offenses. This information will remain confidential and not be available for public access.

    There are various queries people have regarding the BOI report filing process, such as:

    • Is a BOI report necessary for owning a single rental property through an LLC? (Yes)
    • Is a separate BOI report required for each of the 10 LLCs one might own? (Yes)
    • Is it legally permissible for accountants and other non-legal professionals to file BOI reports for their clients? (Not Clear)
    • Are registered agents obligated to file the BOI report? (No)
    • Is it mandatory for self-employed individuals to file a BOI report? (No)
    • Is it necessary to include a physical address in the BOI report? (Yes)
    • Should one’s Social Security number be included in the BOI report? (No)
    • Is it required to mention one’s attorney in the BOI report? (Not Clear)
    • Is updating the BOI report necessary if a beneficial owner departs from the company? (Yes)
    • Is it necessary to include a minor child in the BOI report? (No)
    • Will criminals comply with BOI report filing? (Who knows?)

    If you’re eager to stay ahead in the ever-evolving world of business compliance, don’t forget to corporate transparency act BOI reporting Jan 1st. It’s your guide to navigating these new regulations with ease and confidence. Stay informed, and stay compliant!

    John Gonzales

    John Gonzales

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