🚨 Attention Entrepreneurs and Small Business Owners! 🚨
At Notary2Pro, we’re dedicated to informing notaries and business professionals about crucial industry updates. One major change that could impact notary signing agents operating under an LLC or small business is the Beneficial Ownership Information (BOI) Reporting requirement.
As a Founder managing multiple small businesses, I was recently caught off guard by a significant new requirement: Beneficial Ownership Information (BOI) Reporting. If you haven’t heard about it yet, now’s the time to pay attention. Here’s what you need to know:
đź’ˇ What is BOI Reporting?Â
This requirement stems from the Corporate Transparency Act (CTA), designed to combat financial crimes like money laundering and tax evasion. Many small businesses must disclose their beneficial owners—the individuals who own or control the company. This includes corporations, limited liability companies (LLCs), and similar entities created or registered to do business in the United States unless qualifying for specific exemptions. Â
Reporting Includes:
- Full legal name
- Date of birth
- Address
- ID number (e.g., passport or driver’s license)
đź“… Key Deadlines:
- Existing Entities (formed before Jan 1, 2024): File by Jan 1, 2025.
- New Entities (formed on or after Jan 1, 2024): File within 90 days of formation.
⚠️ Penalties for Missing the Mark:
- Civil penalties: $500+ per day.
- Criminal fines: Up to $10,000 or 2 years in prison for willful violations.
đź’ Why This MattersÂ
This feels invasive. But it’s designed to promote transparency and prevent misuse of anonymous companies. And of course, compliance isn’t optional. Missing deadlines could have serious consequences. Once I had the required information and documents from my partners it took ten minutes to report for each entity, but if you are uncomfortable consult your favorite legal professional! Compliance may feel like a chore, but staying informed and proactive helps protect your business and its future. Don’t let this catch you off guard—be prepared and stay ahead. đź“ŠÂ
At Notary2Pro, we’re not just about helping you become a top-tier loan signing agent—we’re here to keep you informed about regulatory updates that affect your business. Stay compliant, stay protected, and keep confidently growing your notary career!