FinCEN’s Beneficial Ownership Rules Start January 1, 2024

Attention businesses owners: starting the first of the year, many businesses across the United States, including several local businesses, will be required to report who ultimately owns and controls them. Companies that are required to report their beneficial owners are referred to as reporting companies, and include corporations, limited liability companies (LLC), or businesses otherwise created in the United States by filing a document with a secretary of state. There are 23 types of businesses that are exempt from reporting, and they can be found on the FinCEN website. There are also resources available for small businesses to help with reporting, as well as an FAQ page and overview brochure to make understanding this new requirement more manageable.