Do you own a limited liability company or corporation?

Federal regulations require existing entities to be registered with the US Department of Treasurer by March 21, 2025, and new entities to be registered within 30 days. If you plan to form a new LLC or corporation, you must file within 30 days after your entity is registered with the Rhode Island Secretary of State’s Office. 

These regulations were the target of court challenges in late 2024, but they are now back in effect again. 

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. See 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.