Kim & Rosado LLP recommends that all businesses take the following steps:
1. Determine if your entity is a reporting company that is required to file a Beneficial Ownership Information Report.
2. Determine whether your entity is one of the 23 types of entities excepted from beneficial ownership information reporting.
3. Determine who the beneficial owners of the business are.
4. Consider amending your business’s governance documents to require all beneficial owners to comply with the beneficial ownership information reporting process (and provide remedies for noncompliance).
5. Ensure that each beneficial owner has an acceptable, non-expired identification document.
6. Encourage each beneficial owner to apply for a FinCEN identifier as soon possible.
7. Develop an internal beneficial ownership information reporting program to ensure that the company stays in compliance and files timely updated beneficial ownership information reports.
8. Dissolve any inactive entities to avoid the ongoing costs of beneficial ownership information reporting.
Lastly, we recommend that you work with qualified attorneys to meet your beneficial ownership information filing requirements.
