New Federal Rule for Businesses
Attention all Business Customers:
We want to let you know of a new federal rule that became effective January 1, 2024. The purpose of the new federal rule is to promote transparency in the ownership of businesses for our law enforcement community.
If your business is currently registered with the Secretary of State, you will also be required to register the beneficial ownership information of your business with the federal government no later than January 1, 2025. If you form a new business after January 1, 2024 and are required to register at the Secretary of State, you will have 30 days after formation to then also register with the federal government at www.fincen.gov.
When you register, you will be expected to:
- Identify your 25% owners;
- Identify those who have substantial control over your business;
- Identify a company applicant;
- Provide information on the company itself.
As always, there are exemptions to this rule. You may want to read more about the requirements and exemptions in this brochure downloadable here or online at www.fincen.gov/boi.
As always, we appreciate your business. We will strive to answer questions to the best of our knowledge, but your most valuable resource will likely be the fincen.gov website.
