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New Mandatory Business Registration Impacting You: Beneficial Ownership Disclosure Rules

Updated: Mar 20



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.


New Mandatory Business Registration Impacting You
.pdf
Download PDF • 143KB

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.


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