Small Business Guide to Washington’s New 2024 Reporting Requirements
Small businesses are the backbone of Washington State’s economy, providing innovation, employment, and community support. Yet, they often face complex legal landscapes.
The latest challenge comes in the form of a new reporting requirement, effective January 1, 2024. This change requires corporations, LLCs, and PLLCs with fewer than 20 employees to register the true name, residential address, and copies of official identification of its owners along with other information.
Understanding these requirements is crucial, as non-compliance can result in severe penalties ranging from $500 to $10,000.
Jeanette Bowers Weaver, PLLC, is a Beneficial Ownership Interest Reporting, (BOIR) company in Bellevue, WA – serving the Seattle area. For a low flat fee, your reporting can be accomplished quickly and easily and keep you in compliance with the CTA’s strict BOIR requirements.
Contact Jeanette to learn more filing and reporting services for:
- Financial Crimes Enforcement Network (FinCEN)
- Corporate Transparency Act (CTA)
- Beneficial Owner Interest (BOI) Reporting (BOIR)
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Understanding the New Reporting Requirement
Known by various names, including CTA Reporting, Corporate Transparency Act Reporting, BOI Reporting, Beneficial Ownership Interest Reporting, BOIR, or New FinCEN Reporting, this new mandate aims to enhance transparency and combat illicit activities. Regardless of the name it goes by, the core objective remains the same: to provide critical information about the true ownership of legal entities.
Who Needs to Report?
If your business is a corporation, LLC, or PLLC with fewer than 20 full-time employees in the United States and operates within Washington State, these new reporting requirements likely apply to you.
Streamline Your BOIR with Jeanette Bowers Weaver, PLLC
Jeanette Bowers Weaver, PLLC, is a Beneficial Ownership Interest Reporting, BOIR, reporting company. For a low flat fee, your reporting can be accomplished quickly and easily and keep you in compliance with the CTA’s strict BOIR requirements.
Every corporation and limited liability company (either LLC or PLLC) with less than 20 employees must report the true identities of its owners and non-owner decision makers.
Learn more here:
Exempt Organizations
- Securities reporting issuer
- Governmental authority
- Bank
- Credit union
- Depository institution holding company
- Money services business
- Broker or dealer in securities
- Securities exchange or clearing agency
- Other Exchange Act registered entity
- Investment company or investment adviser
- Venture capital fund adviser
- Insurance company
- State-licensed insurance producer
- Commodity Exchange Act registered entity
- Accounting firm
- Public utility
- Financial market utility
- Pooled investment vehicle
- Tax-exempt entity
- Entity assisting a tax-exempt entity
- Large operating company
- Subsidiary of certain exempt entities
- Inactive entity