#129: Corporate transparency and how it may affect you

Short and sweet! Josh and Amelie discuss the new-as-of-2024 Beneficial Ownership Information reporting rules. If you are a sole proprietor OR a partnership, this doesn’t apply. BUT if you have an LLC, you need to make sure you are complying or you’ll face really stiff penalties. Top things to think about If your business was formed in 2024, you should be good to go (you have 30 days to do it). The penalty of not doing this on time is $500. Per. Day!!! If ownership changes (new owner coming in or owner coming off), you have 30 days to re-file. If your business was formed before December 31, 2023, then this takes effect in January of 2025. Ideally, you hire an attorney to handle this for you. Resources mentioned in this episode: FinCen BOI site Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey: Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow