New Federal Reporting Requirements Effective January 1, 2024
Beginning January 1, 2024, entities that have registration requirements with the Office of the Secretary of State (or similar agency) that are created in or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
In 2021, Congress passed the Corporate Transparency Act (CTA) which 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 illicit activities, while minimizing the burden on entities doing business in the United States. Entities include (but are not limited to) many types of Corporations, Limited Liability Companies, Partnerships, and Trade Names.
Additional information about the reporting requirements, including answers to questions such as “is my company required to report beneficial ownership information to FinCEN,” “who is a beneficial owner,” and “when do I need to report my company’s beneficial ownership information" is available on FinCEN’s beneficial ownership information webpage, FinCEN.gov/BOI. You can also subscribe to FinCEN updates for future guidance documents. Contact information for FinCEN can be found at https://www.fincen.gov/contact.
This information is not reported to the North Dakota Secretary of State.