.png)
Mandatory 2024 Beneficial Ownership Filing Requirements - Take our quiz to see if this new law affects you.
This year, there have been significant changes to the Beneficial Ownership Disclosure Rules, and we want to ensure you understand how they affect you. All businesses are required to file “beneficial ownership” information with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), unless they fall into an exception category. Existing companies must file within 2024, while businesses established this year must file within 30 days of the entity being formed.
Key Considerations
Penalty for not complying is $500 per day for each day the violation continues
Potential criminal penalties, including jail time up to 2 years and/or a $10K fine
The rule applies to corporations, LLCs, and other entities formed under state law
“Beneficial Owner” is defined as any person who exercises substantial control over a company, or owning/controlling at least 25%
For more information, please check out our legal news bulletin by viewing the file below.
It is crucial to be aware of this change and what it entails. Many small businesses may mistakenly believe that it does not apply to them because of their small size —but it does. Larger companies are more likely to be exempt because this information has already been provided as part of their annual filing.
We are dedicated to helping our clients navigate changes in the legal landscape effectively. If you have any questions or require assistance, we are here to support you. Schedule an introductory call with our office by calling (917) 546-6997 or emailing us at contact@clarkespositolaw.com.
Ready to Learn More About CBP, OFAC,
BIS, FWS, and FDA?
We have dozens (literally!) of videos in our educational library on our YouTube channel related to importing, exporting, US Customs, BIS, OFAC, FWS, FDA, NFTs, and so much more. Subscribe to our channel now to stay up to date on the latest on these topics!
Our law firm helps growing companies who import and export comply with government regulations. We love what we do and we take our oath of confidentiality over your matters very seriously. How much? Watch this video to learn about it. CLICK HERE
Wondering "why should you have an attorney on your side?" Click here to watch one of our attorneys, Susan Steinman, break down the critical benefits as to why you want to have one on your side - whether you hire us to help you or another law firm.
Have questions? We are determined to help you.
We listen carefully to clients to ensure our understanding of the legal issues at hand, their factual context, and any limitations that might impact a chosen strategy. Feel free to connect with us using the contact form at the bottom of the Home page or send us an email at contact@clarkespositolaw.com.
Kommentarer