Letter to the editor: New registration requirement with potentially high penalties

The U.S. Department of the Treasury requires every LLC and corporation to file “beneficial ownership information.” Here is the website as a starting point: www.fincen.gov/boi-faqs. I believe the late penalty is $591.00. But wait, there’s more: If the Treasury believes you’re opting out of filing (i.e., willfully failing to file), the penalty is $10,000 per company. Most companies have until January 1, 2025 to submit the application. If the company was new this year, there seems to be a 90 day rule. I understand that it also needs to be submitted every time an owner is added or deleted. Everything
Please see the website provided for details. I’m not a professional in this area, but the small businesses I’ve occasionally spoken to about this didn’t know this was a requirement.

Joe Ford
Phillips, Maine

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