2024 Law Requires Nearly All Businesses to Share More Info on Ownership

SCHAUMBURG – Nearly all small and midsize businesses are now required to report more information on owners to the federal government to help curb money laundering and other illicit activity with the “Beneficial Ownership Information Report (BOIR).”

The Corporate Transparency Act, effective Jan. 1, will require nearly 900,000 small and midsize businesses in Illinois to register HERE with the Financial Crimes Enforcement Network by Jan. 1, 2025.

More information on the new mandate can be found HERE.

From TMA’s weekly Member Bulletin – January 24, 2024 – To gather more information like this, write info@tmaillinois.org