Business Beneficial Ownership
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government's efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
What does this mean for you and your business?
If your business is currently registered at the Secretary of State,
you will also have to register with the federal government beginning
January 1, 2024 thru January 1, 2025. If you establish a new
business after January 1, 2024 and are required to register at the
Secretary of State, you will have 90* days to register with the
federal government at
The purpose of the rule is to promote transparency in the ownership of businesses for our law enforcement community.
Identify Your 25% Owners
Identify those who have substantial control over your business
Identify a company applicant
Provide information on the company itself.
Additional Resources
We have provided additional URLs below to navigate directly to the government websites:
-
Ownership Information: Reference Guide -
Beneficial Ownership FAQs:
https://www.fincen.gov/boi-faqs -
Beneficial Ownership Small Entity Guide:
Small Entity Compliance Guide | FinCEN.gov
Please contact us at 432-264-2100, with any questions you may have.