var Component=(()=>{var ln=Object.create;var F=Object.defineProperty;var dn=Object.getOwnPropertyDescriptor;var un=Object.getOwnPropertyNames;var fn=Object.getPrototypeOf,pn=Object.prototype.hasOwnProperty;var z=(d,r)=>()=>(r||d((r={exports:{}}).exports,r),r.exports),bn=(d,r)=>{for(var h in r)F(d,h,{get:r[h],enumerable:!0})},Ne=(d,r,h,y)=>{if(r&&typeof r=="object"||typeof r=="function")for(let w of un(r))!pn.call(d,w)&&w!==h&&F(d,w,{get:()=>r[w],enumerable:!(y=dn(r,w))||y.enumerable});return d};var mn=(d,r,h)=>(h=d!=null?ln(fn(d)):{},Ne(r||!d||!d.__esModule?F(h,"default",{value:d,enumerable:!0}):h,d)),hn=d=>Ne(F({},"__esModule",{value:!0}),d);var xe=z((gn,ge)=>{ge.exports=React});var Ee=z(J=>{"use strict";(function(){"use strict";var d=xe(),r=Symbol.for("react.element"),h=Symbol.for("react.portal"),y=Symbol.for("react.fragment"),w=Symbol.for("react.strict_mode"),G=Symbol.for("react.profiler"),K=Symbol.for("react.provider"),X=Symbol.for("react.context"),C=Symbol.for("react.forward_ref"),D=Symbol.for("react.suspense"),A=Symbol.for("react.suspense_list"),T=Symbol.for("react.memo"),I=Symbol.for("react.lazy"),Te=Symbol.for("react.offscreen"),H=Symbol.iterator,Se="@@iterator";function Oe(e){if(e===null||typeof e!="object")return null;var n=H&&e[H]||e[Se];return typeof n=="function"?n:null}var g=d.__SECRET_INTERNALS_DO_NOT_USE_OR_YOU_WILL_BE_FIRED;function p(e){{for(var n=arguments.length,i=new Array(n>1?n-1:0),t=1;t=1&&f>=0&&a[u]!==b[f];)f--;for(;u>=1&&f>=0;u--,f--)if(a[u]!==b[f]){if(u!==1||f!==1)do if(u--,f--,f<0||a[u]!==b[f]){var m=` `+a[u].replace(" at new "," at ");return e.displayName&&m.includes("")&&(m=m.replace("",e.displayName)),typeof e=="function"&&O.set(e,m),m}while(u>=1&&f>=0);break}}}finally{Y=!1,W.current=l,Ye(),Error.prepareStackTrace=c}var E=e?e.displayName||e.name:"",ye=E?S(E):"";return typeof e=="function"&&O.set(e,ye),ye}function Le(e,n,i){return ce(e,!1)}function Me(e){var n=e.prototype;return!!(n&&n.isReactComponent)}function k(e,n,i){if(e==null)return"";if(typeof e=="function")return ce(e,Me(e));if(typeof e=="string")return S(e);switch(e){case D:return S("Suspense");case A:return S("SuspenseList")}if(typeof e=="object")switch(e.$$typeof){case C:return Le(e.render);case T:return k(e.type,n,i);case I:{var t=e,c=t._payload,l=t._init;try{return k(l(c),n,i)}catch{}}}return""}var P=Object.prototype.hasOwnProperty,le={},de=g.ReactDebugCurrentFrame;function j(e){if(e){var n=e._owner,i=k(e.type,e._source,n?n.type:null);de.setExtraStackFrame(i)}else de.setExtraStackFrame(null)}function Ve(e,n,i,t,c){{var l=Function.call.bind(P);for(var s in e)if(l(e,s)){var a=void 0;try{if(typeof e[s]!="function"){var b=Error((t||"React class")+": "+i+" type `"+s+"` is invalid; it must be a function, usually from the `prop-types` package, but received `"+typeof e[s]+"`.This often happens because of typos such as `PropTypes.function` instead of `PropTypes.func`.");throw b.name="Invariant Violation",b}a=e[s](n,s,t,i,null,"SECRET_DO_NOT_PASS_THIS_OR_YOU_WILL_BE_FIRED")}catch(u){a=u}a&&!(a instanceof Error)&&(j(c),p("%s: type specification of %s `%s` is invalid; the type checker function must return `null` or an `Error` but returned a %s. You may have forgotten to pass an argument to the type checker creator (arrayOf, instanceOf, objectOf, oneOf, oneOfType, and shape all require an argument).",t||"React class",i,s,typeof a),j(null)),a instanceof Error&&!(a.message in le)&&(le[a.message]=!0,j(c),p("Failed %s type: %s",i,a.message),j(null))}}}var qe=Array.isArray;function B(e){return qe(e)}function ze(e){{var n=typeof Symbol=="function"&&Symbol.toStringTag,i=n&&e[Symbol.toStringTag]||e.constructor.name||"Object";return i}}function Je(e){try{return ue(e),!1}catch{return!0}}function ue(e){return""+e}function fe(e){if(Je(e))return p("The provided key is an unsupported type %s. This value must be coerced to a string before before using it here.",ze(e)),ue(e)}var U=g.ReactCurrentOwner,Ge={key:!0,ref:!0,__self:!0,__source:!0},pe,be,L;L={};function Ke(e){if(P.call(e,"ref")){var n=Object.getOwnPropertyDescriptor(e,"ref").get;if(n&&n.isReactWarning)return!1}return e.ref!==void 0}function Xe(e){if(P.call(e,"key")){var n=Object.getOwnPropertyDescriptor(e,"key").get;if(n&&n.isReactWarning)return!1}return e.key!==void 0}function He(e,n){if(typeof e.ref=="string"&&U.current&&n&&U.current.stateNode!==n){var i=_(U.current.type);L[i]||(p('Component "%s" contains the string ref "%s". Support for string refs will be removed in a future major release. This case cannot be automatically converted to an arrow function. We ask you to manually fix this case by using useRef() or createRef() instead. Learn more about using refs safely here: https://reactjs.org/link/strict-mode-string-ref',_(U.current.type),e.ref),L[i]=!0)}}function Ze(e,n){{var i=function(){pe||(pe=!0,p("%s: `key` is not a prop. Trying to access it will result in `undefined` being returned. If you need to access the same value within the child component, you should pass it as a different prop. (https://reactjs.org/link/special-props)",n))};i.isReactWarning=!0,Object.defineProperty(e,"key",{get:i,configurable:!0})}}function Qe(e,n){{var i=function(){be||(be=!0,p("%s: `ref` is not a prop. Trying to access it will result in `undefined` being returned. If you need to access the same value within the child component, you should pass it as a different prop. (https://reactjs.org/link/special-props)",n))};i.isReactWarning=!0,Object.defineProperty(e,"ref",{get:i,configurable:!0})}}var en=function(e,n,i,t,c,l,s){var a={$$typeof:r,type:e,key:n,ref:i,props:s,_owner:l};return a._store={},Object.defineProperty(a._store,"validated",{configurable:!1,enumerable:!1,writable:!0,value:!1}),Object.defineProperty(a,"_self",{configurable:!1,enumerable:!1,writable:!1,value:t}),Object.defineProperty(a,"_source",{configurable:!1,enumerable:!1,writable:!1,value:c}),Object.freeze&&(Object.freeze(a.props),Object.freeze(a)),a};function nn(e,n,i,t,c){{var l,s={},a=null,b=null;i!==void 0&&(fe(i),a=""+i),Xe(n)&&(fe(n.key),a=""+n.key),Ke(n)&&(b=n.ref,He(n,c));for(l in n)P.call(n,l)&&!Ge.hasOwnProperty(l)&&(s[l]=n[l]);if(e&&e.defaultProps){var u=e.defaultProps;for(l in u)s[l]===void 0&&(s[l]=u[l])}if(a||b){var f=typeof e=="function"?e.displayName||e.name||"Unknown":e;a&&Ze(s,f),b&&Qe(s,f)}return en(e,a,b,c,t,U.current,s)}}var M=g.ReactCurrentOwner,me=g.ReactDebugCurrentFrame;function x(e){if(e){var n=e._owner,i=k(e.type,e._source,n?n.type:null);me.setExtraStackFrame(i)}else me.setExtraStackFrame(null)}var V;V=!1;function q(e){return typeof e=="object"&&e!==null&&e.$$typeof===r}function he(){{if(M.current){var e=_(M.current.type);if(e)return` Check the render method of \``+e+"`."}return""}}function rn(e){{if(e!==void 0){var n=e.fileName.replace(/^.*[\\\/]/,""),i=e.lineNumber;return` Check your code at `+n+":"+i+"."}return""}}var _e={};function on(e){{var n=he();if(!n){var i=typeof e=="string"?e:e.displayName||e.name;i&&(n=` Check the top-level render call using <`+i+">.")}return n}}function ve(e,n){{if(!e._store||e._store.validated||e.key!=null)return;e._store.validated=!0;var i=on(n);if(_e[i])return;_e[i]=!0;var t="";e&&e._owner&&e._owner!==M.current&&(t=" It was passed a child from "+_(e._owner.type)+"."),x(e),p('Each child in a list should have a unique "key" prop.%s%s See https://reactjs.org/link/warning-keys for more information.',i,t),x(null)}}function we(e,n){{if(typeof e!="object")return;if(B(e))for(var i=0;i",a=" Did you accidentally export a JSX literal instead of a component?"):u=typeof e,p("React.jsx: type is invalid -- expected a string (for built-in components) or a class/function (for composite components) but got: %s.%s",u,a)}var f=nn(e,n,i,c,l);if(f==null)return f;if(s){var m=n.children;if(m!==void 0)if(t)if(B(m)){for(var E=0;E{"use strict";Re.exports=Ee()});var yn={};bn(yn,{default:()=>wn,frontmatter:()=>_n});var o=mn(Ue()),_n={title:"New Beneficial Ownership Reporting",date:new Date(16975872e5),live:!0,description:"Complete guide to new FinCEN beneficial ownership reporting rules starting January 2024. What US business entities must comply, ownership details to disclose, how to submit, and non-compliance penalties.",image:"/assets/images/posts/signing.webp"};function Ce(d){let r=Object.assign({h1:"h1",a:"a",span:"span",h2:"h2",p:"p",ul:"ul",li:"li"},d.components);return(0,o.jsxDEV)(o.Fragment,{children:[(0,o.jsxDEV)(r.h1,{id:"new-beneficial-ownership-reporting-everything-us-business-owners-need-to-know",children:[(0,o.jsxDEV)(r.a,{className:"anchor",href:"#new-beneficial-ownership-reporting-everything-us-business-owners-need-to-know",children:(0,o.jsxDEV)(r.span,{className:"icon icon-link"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this)},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this),"New Beneficial Ownership Reporting: Everything US Business Owners Need to Know"]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:9,columnNumber:1},this),` `,(0,o.jsxDEV)(r.h2,{id:"introduction",children:[(0,o.jsxDEV)(r.a,{className:"anchor",href:"#introduction",children:(0,o.jsxDEV)(r.span,{className:"icon icon-link"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this)},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this),"Introduction"]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:11,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"A major new reporting requirement is coming soon that will impact nearly every business in the United States. The Corporate Transparency Act, passed in 2021, mandates that US companies disclose their \u201Cbeneficial owners\u201D to the Financial Crimes Enforcement Network (FinCEN) beginning on January 1, 2024."},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:13,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"With under a year to prepare, it\u2019s important for business owners to fully understand these new rules. In this in-depth guide, we\u2019ll explain what beneficial ownership reporting entails, who must comply, what information you\u2019ll need to provide, how to submit reports to FinCEN, and potential penalties for non-compliance."},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:15,columnNumber:1},this),` `,(0,o.jsxDEV)(r.h2,{id:"what-is-beneficial-ownership",children:[(0,o.jsxDEV)(r.a,{className:"anchor",href:"#what-is-beneficial-ownership",children:(0,o.jsxDEV)(r.span,{className:"icon icon-link"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this)},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this),"What is Beneficial Ownership?"]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:17,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"Beneficial ownership refers to the natural persons who ultimately own or control a legal entity, even if their name doesn\u2019t appear on formation documents. The Corporate Transparency Act requires disclosure of anyone meeting either of these definitions:"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:19,columnNumber:1},this),` `,(0,o.jsxDEV)(r.ul,{children:[` `,(0,o.jsxDEV)(r.li,{children:"Owns 25% or more equity stake in the entity"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:21,columnNumber:1},this),` `,(0,o.jsxDEV)(r.li,{children:"Exercises substantial control over the entity, regardless of equity ownership"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:22,columnNumber:1},this),` `]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:21,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"Some examples of substantial control include serving as CEO, managing members of an LLC, board members, or anyone with decision-making power over finances, policies, or business operations."},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:24,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"Almost all US business entities must comply, including corporations, LLCs, partnerships, trusts, and sole proprietorships. Exempt organizations include most banks, public companies, large corporations with over 20 employees and $5 million in sales, publicly traded exchanges, 501(c) non-profits, political organizations, holding companies, and a few other entity types."},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:26,columnNumber:1},this),` `,(0,o.jsxDEV)(r.h2,{id:"information-required-on-beneficial-owners",children:[(0,o.jsxDEV)(r.a,{className:"anchor",href:"#information-required-on-beneficial-owners",children:(0,o.jsxDEV)(r.span,{className:"icon icon-link"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this)},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this),"Information Required on Beneficial Owners"]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:28,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"For each individual meeting the threshold of beneficial ownership, extensive personal details must be reported to FinCEN:"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:30,columnNumber:1},this),` `,(0,o.jsxDEV)(r.ul,{children:[` `,(0,o.jsxDEV)(r.li,{children:"Full legal name"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:32,columnNumber:1},this),` `,(0,o.jsxDEV)(r.li,{children:"Date of birth"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:33,columnNumber:1},this),` `,(0,o.jsxDEV)(r.li,{children:"Current residential or business address (no P.O. boxes allowed)"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:34,columnNumber:1},this),` `,(0,o.jsxDEV)(r.li,{children:["Unique identifying number from an acceptable ID document such as:",` `,(0,o.jsxDEV)(r.ul,{children:[` `,(0,o.jsxDEV)(r.li,{children:"Social Security Number"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:36,columnNumber:3},this),` `,(0,o.jsxDEV)(r.li,{children:"US or Foreign passport number"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:37,columnNumber:3},this),` `,(0,o.jsxDEV)(r.li,{children:"US Driver\u2019s license details"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:38,columnNumber:3},this),` `]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:36,columnNumber:3},this),` `]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:35,columnNumber:1},this),` `]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:32,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"If any beneficial ownership details change, updates must be provided to FinCEN within 30 days."},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:40,columnNumber:1},this),` `,(0,o.jsxDEV)(r.h2,{id:"reporting-for-the-business-entity",children:[(0,o.jsxDEV)(r.a,{className:"anchor",href:"#reporting-for-the-business-entity",children:(0,o.jsxDEV)(r.span,{className:"icon icon-link"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this)},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this),"Reporting for the Business Entity"]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:42,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"In addition to beneficial owner data, the following information must be reported for the business entity itself:"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:44,columnNumber:1},this),` `,(0,o.jsxDEV)(r.ul,{children:[` `,(0,o.jsxDEV)(r.li,{children:"Full legal name and all trade name(s)/DBAs"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:46,columnNumber:1},this),` `,(0,o.jsxDEV)(r.li,{children:"Current business address"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:47,columnNumber:1},this),` `,(0,o.jsxDEV)(r.li,{children:"Taxpayer ID number (EIN or SSN)"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:48,columnNumber:1},this),` `,(0,o.jsxDEV)(r.li,{children:"Jurisdiction where the entity was formed"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:49,columnNumber:1},this),` `,(0,o.jsxDEV)(r.li,{children:"Name and contact information for the individual who filed the formation documents (often a registered agent service)"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:50,columnNumber:1},this),` `]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:46,columnNumber:1},this),` `,(0,o.jsxDEV)(r.h2,{id:"how-to-report-beneficial-ownership-information",children:[(0,o.jsxDEV)(r.a,{className:"anchor",href:"#how-to-report-beneficial-ownership-information",children:(0,o.jsxDEV)(r.span,{className:"icon icon-link"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this)},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this),"How to Report Beneficial Ownership Information"]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:52,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"Beginning on January 1, 2024, reporting will be done through a new secure online reporting system that FinCEN is currently developing. The initial deadline for submission is January 1, 2025."},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:54,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"Access to the data will be limited to law enforcement, regulators, and financial institutions in specific circumstances authorized under the law. The general public will not have access to beneficial ownership information."},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:56,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"Banks, for example, may require entity owners to sign a release granting permission to verify beneficial ownership details against the FinCEN database before opening an account."},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:58,columnNumber:1},this),` `,(0,o.jsxDEV)(r.h2,{id:"penalties-for-not-reporting-beneficial-ownership",children:[(0,o.jsxDEV)(r.a,{className:"anchor",href:"#penalties-for-not-reporting-beneficial-ownership",children:(0,o.jsxDEV)(r.span,{className:"icon icon-link"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this)},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this),"Penalties for Not Reporting Beneficial Ownership"]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:60,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"While civil and criminal penalties are still being established, failing to comply with beneficial ownership reporting could result in substantial fines. Entities may also be unable to open bank accounts or access other services if beneficial ownership data is not provided as required."},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:62,columnNumber:1},this),` `,(0,o.jsxDEV)(r.h2,{id:"actions-to-take-now-to-prepare",children:[(0,o.jsxDEV)(r.a,{className:"anchor",href:"#actions-to-take-now-to-prepare",children:(0,o.jsxDEV)(r.span,{className:"icon icon-link"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this)},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this),"Actions to Take Now to Prepare"]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:64,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"Even though reporting does not begin until January 2024, business owners should start preparing now:"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:66,columnNumber:1},this),` `,(0,o.jsxDEV)(r.ul,{children:[` `,(0,o.jsxDEV)(r.li,{children:"Review ownership information and identify all beneficial owners"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:68,columnNumber:1},this),` `,(0,o.jsxDEV)(r.li,{children:"Collect required identifying details like SSNs and addresses on each"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:69,columnNumber:1},this),` `,(0,o.jsxDEV)(r.li,{children:"Consider restructuring ownership if beneficial owners want to remain private"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:70,columnNumber:1},this),` `,(0,o.jsxDEV)(r.li,{children:"Consult legal counsel to understand compliance requirements"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:71,columnNumber:1},this),` `,(0,o.jsxDEV)(r.li,{children:"Watch for updates from FinCEN on reporting procedures and penalties"},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:72,columnNumber:1},this),` `]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:68,columnNumber:1},this),` `,(0,o.jsxDEV)(r.p,{children:"Stay tuned to our blog for ongoing coverage of beneficial ownership reporting requirements. This new rule is likely to have a major impact on nearly every US business. We\u2019ll continue providing guidance to help owners prepare and comply fully when the time comes."},void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:74,columnNumber:1},this)]},void 0,!0,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx",lineNumber:1,columnNumber:1},this)}function vn(d={}){let{wrapper:r}=d.components||{};return r?(0,o.jsxDEV)(r,Object.assign({},d,{children:(0,o.jsxDEV)(Ce,d,void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this)}),void 0,!1,{fileName:"/Users/connorcallison/code/beneficial-ownership-report/app/content/posts/_mdx_bundler_entry_point-903c435d-8bf1-42ee-b747-c2b34a747c9b.mdx"},this):Ce(d)}var wn=vn;return hn(yn);})(); /*! Bundled license information: react/cjs/react-jsx-dev-runtime.development.js: (** * @license React * react-jsx-dev-runtime.development.js * * Copyright (c) Facebook, Inc. and its affiliates. * * This source code is licensed under the MIT license found in the * LICENSE file in the root directory of this source tree. *) */ ;return Component;

Blog

Tutorials, Guides and Updates from our team

New Beneficial Ownership Reporting