#129: Corporate transparency and how it may affect you
Short and sweet! Josh and Amelie discuss the new-as-of-2024 Beneficial Ownership Information reporting rules. If you are a sole proprietor OR a partnership, this doesn’t apply. BUT if you have an LLC, you need to make sure you are complying or you’ll face really stiff penalties.
Top things to think about
- If your business was formed in 2024, you should be good to go (you have 30 days to do it).
- The penalty of not doing this on time is $500. Per. Day!!!
- If ownership changes (new owner coming in or owner coming off), you have 30 days to re-file.
- If your business was formed before December 31, 2023, then this takes effect in January of 2025.
- Ideally, you hire an attorney to handle this for you.
Resources mentioned in this episode:
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