Many domestic and foreign entities will, beginning on January 1, 2024 (for domestic entities created, or foreign entities first registered to do business in the U.S., on or after that date) or by January 1, 2025 (for entities so created or registered prior to January 1, 2024) be required to file new reports with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department.
Specifically, these entities (Reporting Companies) must file a report detailing certain identifying information about: (i) the Reporting Company; (ii) the individuals who directly or indirectly exercise “substantial control” of a Reporting Company, or own or control at least 25% of the ownership interests in the Reporting Company (Beneficial Owners); and (iii) for those entities so created or registered on or after January 1, 2024, the individual who directly files the creation or registration document with a secretary of state or similar state office, and, if more than one individual is involved in the filing, the individual who is primarily responsible for directing or controlling the filing (Company Applicants).
KEY DATES
Existing Companies: Reporting Companies created on or registered before January 1, 2024 must file their initial BOI reports by January 1, 2025.
New Companies: Reporting Companies created or registered on or after January 1, 2024 must file their initial reports (1) if created or registered in calendar year 2024, within 90 calendar days, or (2) if created or registered thereafter, within 30 calendar days.
See Beneficial Ownership Information Reporting | FinCEN.gov for more information.
Newsom and Associates will not file this on behalf of its clients. It is the responsibility of each company to determine if it is required to file Beneficial Owner information and what information is to be disclosed. We strongly encourage anyone to seek legal counsel regarding this matter.
