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Inspiring Entrepreneurs Episode 7: Beneficial Ownership Information
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In Episode 7 of "Inspiring Entrepreneurs: The Live Show," we discuss new reporting requirements called, Beneficial Ownership Information (BOI) with guests Nicole Killoran and Thomas Durham from the Vermont Law and Graduate School.
The episode informs small business owners about the Beneficial Ownership Information reports within the Corporate Transparency Act, which mandates reporting of beneficial ownership to the Financial Crimes Enforcement Network (FinCEN).
BOI requires businesses to report information about individuals with substantial control or ownership (25% or more) of the business. This includes providing names, addresses, and unique identifying numbers from government-issued IDs. We explain methods to make this easier and tips to maintaining the records. Key points include:
- Who Must Report: Most small businesses, except nonprofits, self-employed individuals not registered with the state, inactive businesses, and those listed as exempt by FinCEN (often large businesses and highly regulated industries).
- Information Required: Business details and beneficial owners' personal information.
- Filing Deadlines: Existing businesses must file by January 1, 2025. New businesses in 2024 have 90 days to file. New business in 2025 have 30 days.
- Changes: Any changes in ownership or owners’ information must be reported within 30 days.
- Penalties: Failure to report can result in fines of $500 per day and up to two years in jail.
Resources Mentioned
- Vermont Law and Graduate School Small Business Law Center - Legal assistance for small businesses. Small Business Law Center: sblc.vermontlaw.edu
- FinCEN Beneficial Ownership Information Portal - Where to file BOI reports: fincen.gov/boi
- Vermont Secretary of State - Business registration and related information: sos.vermont.gov/corporations/
We encourage you to reach out to trusted business advisors, like those at Vermont Law, Vermont Small Business Development Center, and our partners for support and be aware of scams that request information or payments.
To find more resources and additional Inspiring Entrepreneurs episodes, please visit the Vermont Small Business Development Center’s website: vtbdc.org.
This show is made possible by the Community Navigator Pilot Program funded in part through a grant from the U.S. Small Business Administration. The views expressed are not necessarily those of the SBA.
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