If your business is currently registered with the Secretary of State or the Department of State, business owners will also need to register with the federal government. There are two timing requirements for existing and new businesses:
- New businesses formed after January 1, 2024, will have 90 days to register at fincen.gov/boi
- Existing businesses will have until January 1, 2025 to register at fincen.gov/boi
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports earlier this year. The Corporate Transparency Act (CTA) establishes a beneficial ownership reporting requirement for corporations, limited liability companies, and other similar entities formed or registered to do business in the United States to report information about the individuals who ultimately own or control them.
This new regulation will require businesses to give information about the business, business owners and control persons. However, many businesses will be excluded or exempt. Your business may be required to complete a beneficial ownership report with FinCEN as required by federal law. The beneficial ownership reports must be filed with FinCEN by the designated timeline outlined above. Penalties will apply to non-compliant businesses.
This reporting is a federal requirement, not a Louisiana requirement. As such, those who are required to file a report must do so at fincen.gov/boi. Any further questions about reporting requirements should be directed to FinCEN.
