Business Beneficial Ownership
Dear Business Customer:
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
What does this mean for you and your business?
If your business is currently registered at the Secretary of State, you will also have to register with the federal government beginning January 1, 2024 thru January 1, 2025. If you establish a new business after January 1, 2024 and are required to register at the Secretary of State, you will have 30 days to register with the federal government at https://www.fincen.gov.
This new law requires you to:
- Identify Your 25% Owners;
- Identify those who have substantial control over your business;
- Identify a company applicant; and
- Provide information on the company itself.
NBT Financial wanted to let you know this rule is coming up, so you will not be caught off-guard when the regulation goes into effect. The purpose of the rule is to promote transparency in the ownership of businesses for our law enforcement community.
We have provided additional URLs below to navigate directly to the government websites:
Beneficial Ownership FAQs: https://www.fincen.gov/boi-faqs
Beneficial Ownership Small Entity Guide: Small Entity Compliance Guide | FinCEN.gov
Please contact our customer service department, at 817-759-9001, with any questions you may have.