Do you own a limited liability company or corporation?
Federal regulations require existing entities to be registered with the US Department of Treasurer by December 31, 2024 and new entities to be registered within 30 days If you plan to form a new LLC or corporation in 2025, you must file within 30 days after your entity is registered with the Rhode Island Secretary of State’s Office.
However, on December 23rd, a panel of the U.S. Court of Appeals for the Fifth Circuit stayed the registration requirements. This means that these and other entities are not required to file for now. Beneficial Ownership Information Reporting | FinCEN.gov
The federal Corporate Transparency Act requires entities to register “beneficial ownership information” about key people who own or control a company. The purpose is to make it harder to launder money or hide assets or their conduct behind shell corporations. The Act applies to all entities that are registered with the Secretary of State, which includes LLCs owned by individual real estate licensees that were created for tax reasons. Small Business Resources | FinCEN.gov
For more information, use these resources Beneficial Ownership Information Reporting | FinCEN.gov or check with your accountant or corporate attorney.