Only Two Months Left to File Your BOI with the Government

Over the past year, The Orlando Law Group has been gently nudging you to ensure you file your Beneficial Ownership Information with the federal government.

The countdown clock is almost to zero for you to file this information. If you don’t, you could be subject to significant fines and possible criminal charges as this is about protecting the country from significant criminal activity.

This can be a major issue for small businesses that have fewer than 20 employees and earn less than five million in revenue.

If that describes your company, reach out to The Orlando Law Group today!

The attorneys at The Orlando Law Group can help businesses determine if they are required to file their Beneficial Ownership Information and file all the required documents for you.

We discussed much of this previously, but here is a recap of the issue.

What is the Beneficial Ownership Information?

As a recap of the issue, privately owned small businesses, for the most part, do not have to file any sort of public disclosures in the way that companies listed on a stock exchange must do every quarter.

Unfortunately, too many criminals are using fake companies for money laundering and other crimes. It is very difficult to track criminal activity without a subpoena. That is why, in 2021, the federal government passed the Corporate Transparency Act, hoping to provide more tools for law enforcement to find terrorists, money laundering, counterfeiting and more.

Yes, just like how we take off our shoes at the airport because of an act of terrorism, law-abiding small businesses will now have to file additional information with the government because of criminals.
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