#129: Corporate transparency and how it may affect you

Season #1

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

  1. If your business was formed in 2024, you should be good to go (you have 30 days to do it).
  2. The penalty of not doing this on time is $500. Per. Day!!!
  3. If ownership changes (new owner coming in or owner coming off), you have 30 days to re-file.
  4. If your business was formed before December 31, 2023, then this takes effect in January of 2025.
  5. Ideally, you hire an attorney to handle this for you.

Resources mentioned in this episode:

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