Information

What Entities are Subject to the New CTA Reporting Requirements?

Generally, all Corporations (e.g., Inc., Co., Corp., Ltd.) both for-profit and non-profit, limited liability companies (i.e., LLC), both single-member and multi-member, Partnerships, professional entities (e.g., doctors, lawyers, etc.), and any other type of company created by a filing a document with Michigan’s LARA, and/or the Secretary of State (“SOS“) or equivalent State-level department, in any State in the United States are required to file a BOI report.

It is true that some companies are exempt from reporting. When you contact us, our trained staff at Adams Law will help assess whether you qualify for a reporting exemption.

What Information is Required to be Reported?

Companies must report the following information: (1) full name of the company, and any trade name DBA name, (2) business address, (3) state of formation, and (4) its IRS taxpayer identification number (TIN).

Each BOI report must also include information about the company’s beneficial owners, including (A) each individual’s full legal name, (B) date of birth, (C) street address, and (D) a scan of their (i) non-expired US passport, (ii) state driver’s license, or (iii) other government-issued ID card.

What If I Don’t File?

Listed penalties can be steep for failing to file (up to $500 per day up to 10,000, and/or imprisonment of up to two years).