This is a reminder that your business may be required to comply with new beneficial ownership information (BOI) reporting rules that took effect in 2024. 
Who needs to be aware of the new rules? Anyone with an ownership interest in or substantial control over a business—this includes corporations (C or S), limited liability companies, single-member LLCs, certain types of partnerships, business trusts, homeowner associations, and similar entities.
Those most impacted will be owners and officers of small businesses—businesses with less than $5 million in revenue or less than 20 full-time employees.
While HW&Co does not prepare BOI reports, we have team members available to answer questions and direct business owners/officers to resources needed to comply with the new rules.
Deadline for compliance:
- 12/31/2024 for businesses that existed prior to 1/1/2024.
- 90 days after creation/registration for businesses established on or after 1/1/2024
Note: the requirement also applies to businesses that dissolved in 2024 but were in existence at any point on or after 1/1/2024.
If you are not sure whether this applies to your business, contact your HW advisor or an attorney for more guidance about your specific situation.
For more information about the reporting requirement and related penalties for noncompliance, click here.
Be aware of scams related to BOI reporting – click here for more information.
