How to Report Beneficial Ownership Information: A Step-by-Step Guide

:pencil2:Beneficial ownership reporting is a new federal regulation that requires businesses to provide information about their owners to the government.

:alarm_clock:Existing companies created before 2024 have until January 1, 2025, to file their beneficial ownership reports.

:chart_with_upwards_trend:The reporting requirements apply to both domestic and foreign companies doing business in the United States.

:money_with_wings:There are no fees charged by the government for filing the beneficial ownership report, but some third-party companies may charge for their services.

:lock:Failure to file the report or provide accurate information can result in fines, imprisonment, or both.

Who needs to report beneficial ownership information?

—All businesses or LLCs created before 2024 are required to report the beneficial ownership information of their owners.

When is the deadline for filing the beneficial ownership report?

—For existing companies created before 2024, the deadline is January 1, 2025. New companies created in 2024 have 90 days from the date of creation to file.

Are there any fees associated with filing the beneficial ownership report?

—No, the government does not charge any fees for filing the report. However, some third-party companies may charge for their services.

What happens if a company fails to file the beneficial ownership report?

—Failure to file the report or provide accurate information can result in fines, imprisonment, or both.

Can I file the beneficial ownership report online?

—Yes, you can file the report online through the Financial Crimes Enforcement Network (FinCEN) website.

00:00Introduction to reporting beneficial ownership information and its importance.

01:40Explanation of the reporting deadlines for existing and new companies.

04:59Overview of exceptions to the reporting requirements for certain types of companies.

07:30Instructions on how to file the beneficial ownership report online and the advantages of doing so.

12:30Step-by-step guidance on entering the company and owner information in the report.

13:50Importance of uploading the required identification documents for each owner.

15:30Final reminders and warnings about the consequences of non-compliance with the reporting requirements.