New Requirements for Small- and Mid-Sized Business Owners

Beginning in 2024, many Illinois businesses must report their beneficial owner(s) (individuals who own or control the business) to the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Department of Treasury.

As an owner of a corporation or limited liability company, filing a Beneficial Ownership Information with FinCEN is required by January 1, 2025 pursuant to the Corporate Transparency Act (CTA).

In 2021, Congress enacted the Corporate Transparency Act. This law created a new Beneficial Ownership Information (BOI) reporting requirement as part of the U.S. government’s efforts to increase transparency and make it harder for bad actors to hide or benefit from illicit activities through shell companies or conceal ownership structures.

To learn more, watch this video or read this document. You can also find additional information and guidance on this webpage or call the Illinois Secretary of State’s Department of Business Services at (800) 252-8980.