Beneficial Ownership Information Reporting
Stay compliant with federal reporting requirements. We help California businesses understand and fulfill their Beneficial Ownership Information (BOI) reporting obligations under FinCEN regulations.
Beneficial Ownership Information Reporting for California Businesses
The Corporate Transparency Act (CTA) established new federal reporting obligations that require many businesses to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. For many California small businesses, this represents an entirely new compliance obligation.
At NewPoint Law Group, our attorneys help California businesses understand whether they are required to file, what information must be reported, and how to stay in compliance as reporting requirements and deadlines continue to evolve.
What Is Beneficial Ownership Information Reporting?
Under the Corporate Transparency Act, most domestic corporations, LLCs, and similar entities formed or registered in the United States are classified as "reporting companies" and must submit a Beneficial Ownership Information (BOI) report to FinCEN. This report identifies individuals who own or control at least 25% of the company, or who exercise substantial control over its operations.
Who Must File and Who Is Exempt
While many entities are required to report, the CTA includes a number of exemptions including for certain large operating companies, highly regulated entities, and others. Determining whether your business qualifies for an exemption, and whether that exemption continues to apply as your business grows or changes, requires a careful legal analysis.
Penalties for Non-Compliance
The consequences of failing to file or filing inaccurate information can include civil and criminal penalties. Given the stakes, businesses should not attempt to navigate these obligations without informed legal guidance.
We Monitor Developments on Your Behalf
The regulatory and legal landscape surrounding BOI reporting has been subject to ongoing litigation, rulemaking, and agency guidance. Our attorneys stay current on these developments so your business remains informed and compliant. We advise you on initial filings, updates triggered by ownership or control changes, and any newly applicable requirements.
* The information on this page is for general informational purposes only and does not constitute legal advice. Reading this content does not create an attorney-client relationship. Past results do not guarantee a similar outcome. Results vary based on the specific facts and legal circumstances of each matter.