New Beneficial Ownership Information Reporting

As a result of the Corporate Transparency Act, most privately held U.S. companies (“Reporting Companies”) will now be subject to the new Beneficial Ownership Information (BOI) reporting requirements. The purpose of these new reporting requirements is to help prevent money laundering and other financial crimes by providing information about beneficial owners who directly or indirectly own or control more than 25% of a company’s ownership interests or directly or indirectly exercises “substantial control” of the company.

For Reporting Companies established prior to Dec. 31st, 2023

The deadline to file their initial BOI report is January 1, 2025. For Reporting Companies established on or after January 1, 2024 the deadline to file their initial BOI report is within 90 days of the Reporting Company’s initial formation date (the original deadline was recently extended from 30 days to 90 days from the Reporting Company’s initial formation date).