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    Beneficial Ownership Information Reporting for Small Businesses

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    Beneficial Ownership Information Reporting for Small Businesses

    New reporting laws for small businesses enacted in the Corporate Transparency Act in 2021 are now taking effect in 2024. Most corporations, limited liability companies, limited liability partnerships, business trusts, and many limited partnerships are required to file a Beneficial Owner Information Report with the Department of Treasury disclosing information about their owners and persons who exercise control.

    A reporting company that was created or registered prior to January 1, 2024, will have until January 1, 2025, to file. Those companies created in the 2024 calendar year will have 90 days after creation to file the initial report and after January 1, 2025, all entities created will have a 30-day window.

    Once the initial report is filed, there is no need to file again unless there are significant changes in ownership that alter the information previously reported.

    Additional information can be found here: https://www.fincen.gov/boi-faqs#B_2

    Latitude Commercial provides commercial real estate services such as purchasing, leasing, landlord representationtenant representation, and commercial property management throughout the states of Illinois and Indiana. To find out how we can help you, call us today at (219) 864-0200.

    Click here to see commercial properties available for lease and for sale near you!

     

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