Small businesses in 2024 are required to file a beneficial ownership information report (BOIR) with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act. The report discloses information about the company’s applicants and beneficial owners, who have substantial control over the company and own at least 25% of its interests. The law aims to prevent financial crimes and increase transparency, reducing the ability to create shell companies for illegal activities. Companies based in the U.S. must file if they are a corporation, limited liability company, or other entity created by filing a document with a secretary of state or similar office. Companies formed in 2024 have 90 days from the LLC’s creation/registration date or the date of registration notice from the Secretary of State’s office, whichever is earlier.