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Format: | On-Demand Webinar |
Presenter: | Blake R. Gerney |
Time: | You can access the webinar anytime |
Duration: | 60 minutes |
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Beginning on January 1, 2024, many businesses across the United States will have to report personal information about their owners, beneficial owners, and others who own or exercise control over the company. The information will have to be reported to, and maintained by, the Financial Crimes Enforcement Network (“FinCEN”) as part of the Beneficial Ownership Information Rule. FinCEN is a bureau of the U.S. Department of the Treasury.
The Rule was adopted as part of the Corporate Transparency Act passed by Congress in 2021. The required reporting is designed to make it more difficult for bad actors to shelter or hide finances through shell companies or complicated ownership structures. All domestic and foreign corporations, LLCs, or other entities created by the filing of a document with the Secretary of State or similar office in the United States must file, unless it qualifies for one of the several enumerated exemptions identified in the rule. A business required to file (a “reporting company”) will need to include certain specified personal information about the business itself, its ownership, senior officers, or other important decision makers. In addition, the Rule is on-going and any changes in the information disclosed must be updated through further filings with FinCEN.
A failure to report complete or updated information to FinCEN, or an attempt to provide false or fraudulent information, may result in civil penalties and criminal penalties including imprisonment for up to two (2) years and/or a fine of up to $10,000.
Business owners should act now to identify whether their company must report and if so, which individuals within the business entity are required to disclose the personal information designated under the rule.
With over 25 years of legal experience, Blake’s practice focuses on commercial real estate, land use, construction law and business and corporate law, including development, zoning, construction documents, mechanics’ lien law, commercial leasing, purchase and sale transactions, finance and loan documentation. He also advises small and medium-sized businesses on a multitude of issues, such as mergers and acquisitions, business formations, regulatory compliance, employment and non-competition issues, corporate and limited liability company governance, asset protection and litigation.
Blake is one of only 15 Ohio State Bar Association Certified Specialists in Business, Commercial and Industrial Real Property Law. He is a frequent speaker and lecturer for a variety of real estate professional groups in Northeast Ohio, including real estate agents, brokers and title agents on topics such as title issues, landlord-tenant issues, agency matters, commercial and residential purchase and sale transactions, mechanics’ lien law, zoning and development issues. Blake is licensed to practice law in both Ohio and Pennsylvania.