Description

What: Beneficial Ownership refers to the identities of individual who own or control legal entity such as a corporation or LLC. This includes those who own 25% or more or who exercise control over management or operations. 

Why: The Corporate Transparency Act (CTA) requires certain types of businesses to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This informative Zoom workshop will help you understand new regulations you will need to stay compliant. 

Topics: 

• Who is affected: Which businesses MUST report?
• What to Report: Specific details about beneficial owners.
• How to Report: Process for submitting BOI information to FinCEN.
• Penalties: Consequences of non-compliance (fines, etc.) Failing to submit the BOIR can lead to civil penalties of up to $500 per day and additional criminal penalties.