If you run your instructor business as a corporation, a Limited Liability Company (LLC), or any form of business registered with your state's secretary of state (not U.S.), as of Jan 1, 2024, we have a new requirement to tell the Feds' Financial Crimes Enforcement Network about the company and who, in particular, manages and benefits from the company's activities. We have until Jan 1 2025 to file. I received an email on this last week and filed yesterday.
See the web site Beneficial Ownership Information Reporting | FinCEN.gov.
It seems this new registration requirement comes from a 2021 law aimed at transparency in business activities. The idea is to un-hide folks who play games with LLCs to hide financial activity.
It costs nothing to register, and it appears we only have to re-register when tehre are changes in ownership or benefited individuals.
See the web site Beneficial Ownership Information Reporting | FinCEN.gov.
It seems this new registration requirement comes from a 2021 law aimed at transparency in business activities. The idea is to un-hide folks who play games with LLCs to hide financial activity.
It costs nothing to register, and it appears we only have to re-register when tehre are changes in ownership or benefited individuals.