Starting a small business is exciting; you’re finally making your dream a reality. While you’re looking ahead, there are many factors to consider. Your first step should be to find a CPA. CPAs can help you navigate the complex issues inherent in starting a small business. This checklist will help you make a plan of action, and find those many areas where your CPA can add value.
Under the Corporate Transparency Act, entities exempt from beneficial ownership reporting include government bodies, banks, credit unions, publicly traded companies, and certain tax-exempt organizations. This article outlines who is exempt from beneficial ownership reporting and the specific criteria they must meet. Key Takeaways The Corporate Transparency Act mandates beneficial ownership reporting to increase transparency and…
The Corporate Transparency Act requires certain companies, referred to as “reporting companies,” to file a Beneficial Ownership Information Report to disclose individuals who qualify as beneficial owners. A beneficial owner is defined as someone who directly or indirectly exercises substantial control over a reporting company or owns or controls at least 25% of the ownership…
A Beneficial Ownership Information Report (BOIR) is required to disclose who really owns or controls a business. This report, mandated by the Corporate Transparency Act, helps ensure transparency and prevent financial crimes. This article covers what is beneficial ownership information report you need to know about filing a BOIR, including key requirements and compliance deadlines.…