Beneficial Ownership Information | New Requirements | 2024

Beginning on January 1, 2024, many companies in the United States will be required to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. All information will be reported to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Who Has to Report?

Companies required to report are called reporting companies. Reporting companies may have to obtain specific information from their beneficial owners and report said information to FinCEN. Your company may be required to report if it is considered any of the following:

• A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
• A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.

When Do You File?

Reports will be filed electronically and are due by:

• 12/31/24 - for entities in existence on 12/31/23.
• Within 90 days of the creation of the entity - for entities created in 2024.

What Must Be Reported?

Reports must include information about the reporting company, including full legal name, any trade name, complete U.S. address, state jurisdiction of formation, and IRS employer identification number (EIN). Beneficial owners must report information such as the beneficial owner’s full legal name, date of birth, complete current residential address, a FinCEN issued unique identifying number and an image of one of the following:

• U.S. Passport
• State driver’s license
• Identification document issued by a state or local government

There are several exceptions to the reporting requirements.

For more information about your company’s potential reporting requirement and to get started, please contact Mike Januski today.