Special Edition – Beneficial Ownership Announcement
Beginning on January 1, 2024, many companies in the United States will have to register information about their beneficial owners (i.e., the individuals who ultimately own or control the company). They will have to register the information with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the Treasury Department, through an electronic filing system. In general, an entity that exists before January 1, 2024, will not be required to file its initial report until January 1, 2025. The report will typically be a one-time filing, unless there are changes in beneficial ownership information. We do not provide legal advice. As this requirement relates to the formation and structure of legal entities, we recommend that you consult your attorney regarding your filing obligations.
