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Important Business Reminders for all LLCs and Corporations
from Michael Herceg, SBDC Counselor
We're reaching out to inform you about a crucial new compliance requirement mandated by the federal government. LLCs and Corporations are now obligated to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), disclosing details about the individuals who ultimately own or control the company.
To fulfill this requirement, please visit the following link to complete the necessary filing and access further information: Beneficial Ownership Information - FinCEN. Note: new businesses have a 90-day window after formation to complete this process, while existing businesses have until January 1, 2025.
Failure to comply with this regulation may result in penalties of $500 per day and potential criminal charges. We encourage all entities to take prompt action to ensure compliance and avoid any adverse consequences. Thank you for your attention to this matter.
~ Michael
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