New federal law requires businesses to register ownership info

The Corporate Transparency Act, which went into effect this year, requires that nearly all corporations, partnerships and LLCs in the United States, including small businesses, report their Beneficial Ownership Information to the U.S. Department of Treasury’s Financial Crimes Enforcement Network.

“Reporting is free and takes only a few minutes,” a Colorado Office of Economic Development and International Trade news release said. “However, according to FinCEN, federal penalties for failing to report complete or updated information, or providing false or fraudulent information, may result in civil penalties of up to $500 per day among other civil and criminal penalties. Affected businesses that formed in 2024 have 90 days to file, while existing businesses must report their information by the end of 2024.”

For more information, visit www.fincen.gov/boi.