Please be aware that the federal Corporate Transparency Act went into effect January 1, 2024. 

This new law impacts most of the small businesses in the United States, whether they are a corporation, an LLC, or a partnership.  If you are required to file reports under this new law and fail to do so before January 1, 2025, the business could face fines of $500.00 per day and the individuals in the business could face federal criminal prosecution carrying up to two years in prison and/or up to $10,000.00 in fines. 

The home website with the filing link and with reference and guidance material is as follows:  https://fincen.gov/boi .  The frequently asked questions link is as follows:  https://fincen.gov/boi-faqs

Please note that this is for informational purposes only to provide awareness to our Members.  As such, the Chamber is providing information only, and not legal advice.  If you have specific questions regarding your obligations under this new law, you may wish to confer with an attorney of your choosing.