LCR 2024 Corporate Transparency Act/ Beneficial Ownership Reporting Course Description
Starting on January 1st, 2024, a new Federal Law requires all new companies formed are required to report their Beneficial Ownership Information (BOI) within 90-days of formation, unless a company meets one or more narrow exemptions to the requirements to report.
By January 1st, 2025, all pre-existing companies formed prior to 1/1/2024, are required to report their BOI (again, unless they meet an exemption).
Additionally, every “reporting company, has only 30 days to submit an updated report, when something changes about the company or its Beneficial Owners. This means, if a Beneficial Owner gets married, moves his or her primary residence, or his or her ID expires — the reporting company has just 30-days to update its BOIR.
Failure to accurately report comes with stiff penalties that include $500/per day fines and possible jail time. With so much at stake, it is vital that business owners and the trusted advisors who help them understand the ins and outs of The Corporate Transparency Act and the process of Beneficial Ownership reporting.
Join us in this course as Larry Donahue, Partner at Business Law Southwest LLC, explains the new law to small businesses of New Mexico. The course goes over the history and objectives of the CTA and helps business owners understand the reporting components associated with the law. Examples of this would be, Which Businesses need to report? Who are the Beneficial Owners of the Business? How often do Businesses and Beneficial Owners need to report? What events trigger the need to make updates to the FinCen website?
The course also includes an introduction to a free website that allows business owners to access online tools to assist them with answering questions the Corporate Transparency Act asks.
Reasonable accommodations for persons with disabilities and language assistance services are available for limited English proficient individuals. Please notify Fernanda Estrada at festrada@wesst.org when you register for the class, or no later than 24 hours prior to your class, so that WESST can make sure necessary accommodations are available. All programs and services are provided to the public on a nondiscriminatory basis.
The Women's Business Center is funded in part by the U.S. Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA.
Speaker(s): Larry Donahue is a seasoned high-tech business executive and 27-year attorney, with a focus in contracts, negotiations, business transactions, intellectual property and Internet law.
Co-Sponsor(s):
Please Note: THIS CLASS IS BEING OFFERED ONLINE. AN INTERNET CONNECTION AND A COMPUTER (or highly capable tablet-type device) ARE NECESSARY. Video conferencing instructions will be sent to you after you have registered for the class. This training class will be delivered in English.
Fee: $ 10.00
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.
All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.
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