There is a new Federal Law requiring businesses to submit ownership information to the federal government. It is referred to as Beneficial Ownership Interest (BOI). In the past, limited liability companies and corporations are formed at the State level with no such requirement. This new federal requirement went into effect 1/1/2024.
– All entities formed prior to 2024 must submit their Beneficial Ownership Interest filing by the by 12/31/2024.
– All new entities formed in 2024 have 90 days to submit the filing.
**There are significant penalties for not complying with this new law.
Bailey Law Firm can file for you or you can file yourself.
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