What’s so important about January 1, 2025?
The answer is not New Years.
(open.substack.com)
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Companies that fail to comply with the law by “willfully” failing to report or update their beneficial ownership information or provide false BOI information can be subject to both civil and criminal penalties. Those include fines of $500 a day, up to a maximum of $10,000, and up to two years in prison.
Harvard Law School Forum on Corporate Governance. “Understanding the Corporate Transparency Act’s Company Reporting Obligations.”
The Harvard Law School Forum on Corporate Governance notes, “The CTA does not contain any provision for non-willful or negligence penalties.”
https://corpgov.law.harvard.edu/2023/11/03/understanding-the-corporate-transparency-acts-company-reporting-obligations/