By Southern PBPosted on November 21, 2023November 21, 2023Posted in BusinessTagged #business, #Chattanooga, #reporting, #TuesdayTip Hey folks! Wondering what BOI (Beneficial Ownership Information) is and how it affects your company? Here’s a breakdown:What is BOI?BOI helps identify individuals owning or controlling a company.Part of the Corporate Transparency Act to combat hidden gains through shell companies.Reporting Deadlines:Companies created before Jan 1, 2024, report by Jan 1, 2025.Companies registered after Jan 1, 2024, report within 30 days of creation.Reporting Companies:Domestic: Created in the U.S.Foreign: Registered in the U.S. but formed under a foreign country’s law.Exemptions:23 entity types are exempt from reporting requirements.Beneficial Owners:Individuals with ≥25% ownership or substantial control over the company.Company Applicants:Reporting for companies created on or after Jan 1, 2024.Up to two individuals involved in the filing process.Reporting Requirements:Legal name, trade names, address, jurisdiction, and TIN for the company.For beneficial owners and company applicants: Name, date of birth, address, and acceptable ID.Acceptable IDs:U.S. driver’s license, state/local government ID, U.S. or foreign passport.Stay informed, stay compliant! #BOIReporting #CorporateTransparencyAct #ComplianceMattersRemember, this is just a quick overview. Check the link for detailed info and consult with legal experts for your specific case. #TuesdayTips – Understanding BOI Reporting: A Quick Guide Related Post navigation Exempt Employee Changes Could Be Coming!Is An “Introductory Period” of Employment Required?