Beginning in 2024, most small businesses must file a new report with the government.
The Corporate Transparency Act impacts small business owners by having a requirement for Beneficial Ownership Reporting, or BOR.
That means that, beginning in 2024 and whenever certain changes in ownership or owner contact information happen, most small businesses have to submit an online report identifying the Beneficial Owners.
Many businesses are handling this filing on their own, and we encourage that. We are happy to assist, however, if you have questions or would like us to file for you.
Almost all small businesses. Exceptions are listed in our booklet.
Names, addresses, and identification for everyone who owns at least 25% of the business OR has “substantial control” over the business.
If you formed a business
There are heavy fines up to $10,000 and the possibility of up to 2 years in prison for non-compliance.
The handout and booklet contain important and useful information about the new reporting requirement and how to comply with reporting.
The longer booklet also contains a list of additional helpful resources.
Member
Member
The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the certificate, award or recognition is not a requirement to practice law in Illinois.
The information on this website is for general purposes only and should not be interpreted to indicate a certain result will occur in your specific legal situation.
The information on this website is not legal advice and does not create an attorney-client relationship.
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