ADAMS LAW USA
Corporate, Business, Real Estate and Federal Regulatory Compliance Law
We represent you in the filing of your required Beneficial Ownership Information Report with the Federal Government
NOTICE OF NEW MANDATORY REPORTING REQUIREMENTS UNDER THE CORPORATE TRANSPARENCY ACT (31 U.S.C. § 5336) for U.S. CORPORATIONS and LLC’s
Beneficial Ownership
What is a Beneficial Ownership Information Report and why do I have to file it?
As of January 1, 2024
The Corporate Transparency Act (CTA) (31 U.S.C. § 5336) mandates that most U.S. corporations, LLCs, and other entities report certain beneficial ownership information to the U.S. Financial Crimes Enforcement Network (FinCEN).
The new law requires corporations and LLC’s to file a Beneficial Ownership Information Report.
Understanding the Corporate Transparency Act
- Corporate Transparency Act (CTA): Part of Public Law No: 116-283, Title LXIV, Subtitle D.
- Purpose: Aims to increase transparency and prevent illicit activities such as money laundering and fraud.
- Requirement: Companies must file identifying information about their beneficial owners. Beneficial owners are individuals who directly or indirectly own or control the company.
- Filing Agency: Financial Crimes Enforcement Network (FinCEN).
What are the penalties if I do not file a BOIR?
Introduction to Penalties
The Beneficial Ownership Information Reporting Rule came into effect on January 1, 2024. Under this rule, failure to file the required information can lead to severe penalties, including criminal and civil fines, and potential imprisonment.
It is crucial for companies to understand and adhere to these deadlines to avoid these penalties.
Criminal Penalties
Penalties for Non-compliance: 31 U.S.C. § 5336(h)
Criminal penalties can include fines up to $500 for each day the violation continues.
Imprisonment for up to 2 years.
Civil Penalties and Further Details
Civil penalties can include a fine of $500 per day for each day the violation continues.
TIME DEADLINES
For Companies Created Before January 1, 2024:
Companies that were created or registered before January 1, 2024, must file their beneficial ownership information this year (2024).
Legal Cite: 31 U.S.C. § 5336(b)(1)(B)
For Companies Created After January 1, 2024:
Companies created or registered on or after January 1, 2024, must file their beneficial ownership information within 30 days of their creation or registration. This requires immediate attention to ensure compliance from the outset.
Legal Cite: 31 U.S.C. § 5336(b)(1)(A)
File your BOI Report in only Three Steps With Adams Law USA
STEP 1
Gather Information
You will need to provide certain relevant information. This includes company details, information regarding the beneficial owners, and possibly the company applicant’s details.
To file your Beneficial Ownership Information (BOI) report, you will need to gather specific information about your company and its beneficial owners. Here’s a detailed list of the required information:
Company Name: The full legal name of the company.
Address: The principal business address of the company.
Entity Type: The type of entity (e.g., corporation, LLC, partnership).
Jurisdiction: The state or country where the company is legally registered.
Registration Number: The identification number assigned to the company by the State of incorporation
Date of Formation: The date when the company was formed or incorporated.
Full Legal Name: The full legal name of each beneficial owner owning at least 25% of company.
Date of Birth: The date of birth of each beneficial owner.
Residential Address: The residential address of each beneficial owner.
Nationality: The nationality or citizenship of each beneficial owner.
Identification Number: A government-issued identification number (e.g., Social Security Number, passport number).
A short description of the nature and extent of the beneficial ownership or control each individual has over the company (e.g., percentage of ownership, control through other means).
Copies of Identification Documents:
Copies of government-issued identification documents for each beneficial owner (e.g., driver’s license, passport).
Contact Information:
Contact details for each beneficial owner, including phone numbers and email addresses
STEP 2
Complete Our Short Questionnaire
Click the “File BOI Report Now” button and use the information you’ve collected to complete the questionnaire. We make this easy by guiding you each step of the way.
If you have any questions after completing the questionnaire, or have any concerns while filling out the questionnaire, please email us at BOIR@adamslawusa.com.
STEP 3
We Submit Your Report and Contact You with Follow-Up
We contact The Financial Crimes Enforcement Network (FinCEN) which is a bureau of the U.S. Department of the Treasury on your behalf and ensure that everything is handled correctly
We monitor the status of your application online and forward to you confirmation of filing or any other matters outstanding. BOIR@adamslawusa.com.
