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Business Owners: How to Avoid $591 in Fines Per Day

All small business owners need to be aware that there is a new federal law known as the Corporate Transparency Act that requires the filing of a “Beneficial Ownership Information (BOI)” form, which must be filed by January 1, 2025.

Beneficial Ownership Transparency Safeguards Businesses and Global Financial Integrity

Beneficial ownership refers to the individuals who ultimately own, control or benefit from a business or legal entity. This can occur either by exercising substantial control or by holding at least a 25% ownership stake according to GreenBurgTraurig. Unlike nominal ownership, which may only be reflected in official documents, beneficial ownership offers transparency regarding who truly benefits from or directs the entity’s activities. This distinction is crucial in preventing the misuse of legal structures for illicit purposes.

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