📝The Corporate Transparency Act requires all entities to report their beneficial owners to the federal government.
💼The reporting requirement applies to LLCs, corporations, and partnerships.
📅The deadline for existing entities to file the report is January 1st, 2022.
💰Failure to comply with the reporting requirement can result in penalties of $500 per day or federal prison for two years.
🔒The reported information will be private and only accessible to the federal government.
Who is required to file the Boi report?
—All LLCs, corporations, and partnerships are required to file the Boi The Beneficial Interest report.
What are the potential penalties for non-compliance?
—Failure to comply with the reporting requirement can result in penalties of $500 per day or federal prison for two years.
When is the deadline for existing entities to file the report?
—The deadline for existing entities to file the report is January 1st, 2022.
What information is required to be reported?
—Entities need to report the names and addresses of their beneficial owners.
Who will have access to the reported information?
—The reported information will be private and only accessible to the federal government.
00:00A new law called the Corporate Transparency Act requires entities to report their beneficial owners.
01:30The reporting requirement applies to LLCs, corporations, and partnerships.
02:00Existing entities must file the report by January 1st, 2022.
03:00Failure to comply with the reporting requirement can result in penalties of $500 per day or federal prison.
04:00The reported information will be private and only accessible to the federal government.
