The Corporate Transparency Act and its related Beneficial Owner Information reporting requirement applies to any business entity which is either (1) registered with the Office of the Secretary of State in the State the entity was formed (“DOMESTIC REPORTING”). Or (2) is a business which is authorized to operate in a U.S. jurisdiction in which it was not formed (“FOREIGN REPORTING”). A U.S. jurisdiction is either a State or sovereign Tribe.

Therefore, this reporting requirement applies to all of the following: corporations, limited liability companies, registered general partnerships and trusts which control business interests.

The following businesses are required to file a report for each beneficial owner who holds 25% or more of said business, most: Corporations – Limited Liability Companies – General Partnerships – and Others, which were created by the filing of a document with any Secretary of State’s Office under the law of any State or Indian Tribe.

If you answer “Yes” to either question below, your business is required to file.

1. Is the business registered with the Secretary of State in at least one state in the U.S.?

2. Is the business a non-U.S. business which is registered with at least one Secretary of State’s Office to do business in at least one state in the U.S.?

Filing Exceptions:

Securities
Governmental authority
Bank
Credit Union
Depository institution holding company
Money services business
Broker or dealer in securities
Securities exchange or clearing agency
Other Exchange Act registered entity
Investment company or investment adviser
Venture capital fund adviser
Insurance company
State-licensed insurance provider
Commodity Exchange Act registered entity
Accounting firm
Public utility
Financial market utility
Pooled investment vehicle
* If such entity is formed under the laws of a foreign country, the entity is subject to a separate reporting requirement
Tax exempt entity
Entity assisting a tax-exempt entity
Large operating company
Subsidiary of certain exempt entities
Inactive entity

Any business created prior to January 1, 2024, MUST file its BOIR before December 31, 2024.

Any business created on or after January 1, 2024 MUST file its BOIR within 90 days of its creation.

Failure to report complete or updated and truthful BOI to FinCEN may result in civil or criminal penalties.

- Civil penalties of up to $500 for each day that the violation continues up to $10,000

- Senior officers of an entity that fails to file a required BOIR may be held accountable for that failure.

Lauren T. McGarity Legal Counsel, LLC (“Attorney”) makes your compliance easy, while securing your confidential information under attorney and client privilege.

“Attorney” means Lauren T McGarity Legal Counsel, LLC

“Beneficial Owner” means a business owner holding 25% or more ownership interest in the business

“BOI” means Beneficial Owner Information

“BOIR” means the BOI Report required by each and every Beneficial Owner

"FinCEN" means the Financial Crimes Enforcement Network, which is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

“Client” means the business entity required to submit its BOIR for compliance with the Corporate Transparency Act

“Compliance” means means timely submission of each applicable BOIR for each entity under your control.

“Engagement” means the digital agreement between Attorney, Company and Beneficial Owner which establishes the purpose, terms and conditions for the acquisition of information and preparation and submission of BOIR

“Entity” means a business corporation, limited liability company, general partnership, or trust - when such trust controls a business

“Interest” means the percentage of shares or units which constitute a Beneficial Owner’s ownership in company

“Fee” means Attorney's charge to Client to prepare and submit Client's and Beneficial Owner’s’ Report

“Jurisdiction” mean a State in the U.S.A. or a sovereign Tribe

“Member” means an individual, business entity, trust or partnership which holds an ownership Interest in Company

“Qualifying Reporter” means a Member of an LLC, Director of a corporation or Partner of a General Partnership that holds at least 25% Interest in Business.

“You” means the reporting beneficial owner