As of January 1, 2024, the federal Corporate Transparency Act (CTA) mandates that millions of small business owners throughout the US submit a very personal report.
The Corporate Transparency Act aims to help prevent and investigate financial crimes by better understanding who owns or controls companies operating in the US.
What is the BOI (Beneficial Ownership Information) Report?
The Beneficial Ownership Information Report is a federal filing containing personal information about your company.
This includes general company information, plus names, addresses and photo IDs for the people who own at least 25% of the business or who exert substantial control over the company.
Filing a BOI keeps you in compliance with the Corporate Transparency Act.
Do I need to comply with the CTA?
Yes. Compliance with the Corporate Transparency Act is essential to evade severe civil and criminal consequences, such as substantial fines and potential incarceration.