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Stipulations When Setting Up An LLC Or Corporation #shorts

28 Jun 2024 · 0 min

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LLCs and corporations must now file beneficial-owner information with both the state and federal government. Noncompliance carries fines up to $10,000 and up to two years in prison.

When you set up an LLC or a corporation, in the past that has only been done with the Secretary of State. But this new law requires you to report information to the federal government too. And so you need to report information about the company, its beneficial owners. And if you don't do that, the penalties are very severe. You could face up to $10,000 in fines or even 2 years of imprisonment.