November 26, 2024

Corporations, LLCs, partnerships and other entities formed before January 1, 2024 must be registered under the Corporate Transparency Act by January 1, 2025. There is the potential for severe penalties for not registering on time.

It is likely that your existing corporations and LLC’s will need to register with the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act. We are not making this filing on behalf of any of our clients since the Act would require us to collect and update sensitive personal information, including driver’s licenses and/or passports, for a very large number of beneficial owners subject to the Act.

Parasec, which we use as our clients’ registered agent in Delaware, can assist you in the filing for approximately $100 per company: Parasec: BOI Reporting Deadline

If you would like to register with FinCEN on your own, you can do so at: BOI E-Filing

We have also prepared a blog post summarizing the requirements of the Act and the registration process: Read Our Blog