Understanding BOI Reporting: What Property Owners Need to Know
Beginning January 1, 2024, the Corporate Transparency Act requires certain businesses, including LLCs, to report their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The goal is to prevent money laundering, fraud, and other illegal activities by ensuring transparency in who ultimately owns and controls companies.
As a property owner with an LLC, this may apply to you. You’ll need to report details about any individuals who own at least 25% of the company or exercise significant control. Information such as full name, date of birth, address, and a government-issued ID number must be included.
It's important to understand your responsibilities and ensure compliance to avoid penalties. If you're unsure whether BOI reporting affects you, we recommend consulting with a legal or financial advisor. Stay informed to keep your business compliant!
