The U.S. Treasury Department requires every LLC & Corporation to file “Beneficial Ownership Information.” Here’s the website as a starting point: www.fincen.gov/boi-faqs. I believe the late fine is $591.00. But wait, there’s more: If the Treasury Department deems that you choose not to file (the willful failure to file), the fine is $10,000 per company. Most companies have until January 1, 2025 to submit an application. If the company is newly incorporated this year, there seems to be a 90 day rule. I understand that it must be submitted whenever an owner is added or removed. All
details can be found on the relevant site. I’m not a professional in this area, but the small businesses I’ve casually talked to about this had no idea this was a requirement.

Joe Ford
Phillips, Maine

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