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New this year, there is now a requirement to file Benefit Ownership Information (BOI) as part of the Corporate Transparency Act. The purpose of the act is to assist law enforcement in fighting illegal activity such as money laundering. Companies need to file as to whom is a Beneficial Owner in their company. about this new requirement here.
Most small businesses need to pay attention to this regulation, and they need to file! If you formed the business entity before 1/1/2024, you must file on or before 12/31/2024. If you formed an entity on or after 1/1/2024, you have 90 days from the date of formation to file. There are high penalties otherwise.
Join UNH Extension and our Small Business Development Center (SBDC) partners on Friday September 27th for a live, lunchtime webinar to learn more about BOI filing and about the many other confidential, expert business advising programs available through the SBDC at no charge.