BOI Reporting New Hampshire

BOI Reporting New Hampshire

The Corporate Transparency Act (CTA), which became effective on January 1, 2024, has introduced new reporting requirements for businesses in the United States, including those registered in New Hampshire. This article will provide an overview of the BOI (Beneficial Ownership Information) reporting requirements for New Hampshire businesses and the steps they need to take to comply with the new law.

What is BOI Reporting?

BOI reporting is a new federal law that requires most private U.S. companies to identify and report information about their beneficial owners and company applicants to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Who Needs to File a BOI Report?

The CTA affects almost all limited liability companies, C corporations, S corporations, limited partnerships, and other closely held entities—both American and foreign-owned—that are registered to do business in the U.S. BOI Reporting New Hampshire, this includes businesses registered with the Secretary of State’s Corporation Division.

When Do Companies Need to File?

  • Companies formed before January 1, 2024, have until January 1, 2025, to file their initial BOI report.
  • Companies formed during the 2024 calendar year have 90 days to file.
  • Beginning in 2025, newly formed reporting entities will have 30 days to file their initial reports.

What Information Needs to Be Reported?

The BOI report must include the following information for each beneficial owner and company applicant:

  • Full legal name
  • Date of birth
  • Residential address
  • Unexpired copy of a valid identification document (passport, driver’s license, or other U.S. government-issued ID)

Penalties for Non-Compliance

Failure to file a BOI report or providing false information can result in civil penalties of up to $500 per day and criminal penalties of up to two years in prison and a fine of up to $10,000.

Conclusion

The BOI reporting requirements introduced by the Corporate Transparency Act are a significant change for businesses in New Hampshire and across the United States. Companies must take steps to identify their beneficial owners and company applicants and file the required reports with FinCEN by the applicable deadlines to avoid penalties. It is crucial for businesses to consult with their legal and financial advisors to ensure compliance with these new regulations.

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