Starting on January 1, 2024, essentially all small businesses (including single member limited liability companies and single shareholder corporations) will have to file Beneficial Ownership Information (BOI) with the Federal Financial Crimes Enforcement Network (FinCEN). This is true for existing businesses as well as newly formed businesses. Existing businesses will have to file before January 1, 2025 and businesses formed between January 1, 2024 and January 1, 2025 will have to file within 90 days of formation. Companies formed after January 1, 2025, will have to file within 30 days of forming the business. Essentially, all businesses with fewer than 20 employees– including non-profit corporations without 501(c)(3) status, are required to file and the failure to file or provide correct information may be subject to daily civil penalties of $500 and/or criminal penalties of imprisonment of up to two years and a fine of $10,000.

The Henderson Chamber of Commerce is committed to keeping our membership informed, ensuring they are up to date with the latest requirements, and providing support in navigating this regulatory landscape. Trust that we will keep abreast of any developments and promptly communicate pertinent information to our valued members.