Reminder: BOI Report Deadline Approaching - January 1, 2025
Written By Adam Yohanan and Haley Kopp
This is a friendly reminder about the upcoming compliance requirements under the Corporate Transparency Act (CTA). As you may know, the CTA requires most entities to file beneficial ownership information with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
Key Points to Remember:
Who Must Report: Most entities formed or registered to do business in the U.S. must submit beneficial ownership information unless they qualify for specific exemptions (e.g., large operating companies or regulated entities).
Deadline: Entities created or registered before January 1, 2024 must file their initial report by January 1, 2025. Entities formed or registered this year must file within 90 days of formation or registration.
Information Required: The report must include the names, addresses, dates of birth, and identification numbers (e.g., passport or driver’s license) of the individuals who are the beneficial owners of the entity.
Penalties for Non-Compliance: Failure to file or submitting false information could result in significant penalties, including fines up to $500 per day and potential criminal charges.
We strongly encourage you to review the requirements and ensure that your entity has complied with the CTA reporting obligations. You can file your company's beneficial ownership information report at https://boiefiling.fincen.gov/.
If you need assistance determining whether your entity needs to file or need help with the filing process, please do not hesitate to contact our firm. If you have already filed your report or are handling it separately, please disregard this reminder.
Adam Yohanan is a transactional business lawyer with extensive experience representing companies, investors, and entrepreneurs in a wide range of high stakes business transactions.
Adam handles the small and large transactions in the life of a businesses, including mergers & acquisitions, entity formations, partnerships and joint ventures, investing and fundraising, commercial contracts, and dissolutions. His office can be reached at 212-859-5041.
Haley Kopp is a corporate lawyer focused on representing start-ups and small companies in formations, venture capital, angel investor financings, mergers and acquisitions, and general corporate matters.
Haley's diverse experience gives her a practical approach to solving complex business issues, whether guiding companies through financing rounds or corporate transactions. Her office can be reached at (619) 512-3652.
This guide is meant for educational and informational purposes only and should not be considered legal advice. It is essential to consult with an attorney or other advisors regarding all legal and other important matters.
