Company Change of Ownership (BOI Filing)
In the dynamic landscape of American business, changes in ownership are not uncommon. However, with these changes come responsibilities and requirements that are crucial for maintaining legal compliance. As the number one third-party organization in America, we at BOIfilings.com are dedicated to assisting businesses like yours in navigating these transitions smoothly. Our service focuses on providing comprehensive support for the Beneficial Ownership Information (BOI) filing regarding a change of ownership, a critical step for businesses experiencing ownership transitions.
What is BOI Filing and Why is it Important?
BOI filing is a regulatory requirement mandated by the Financial Crimes Enforcement Network (FinCEN). This process involves submitting detailed information about the beneficial owners of a business. In this context, a beneficial owner pertains to any person who wields significant influence over a company or possesses a substantial stake in it, whether through direct or indirect means.The purpose of this filing is to enhance transparency, prevent money laundering, and combat financial crimes.
The Corporate Transparency Act, effective from January 1, 2024, mandates strict adherence to Beneficial Ownership Information (BOI) requirements set forth by the Financial Crimes Enforcement Network (FinCEN). This act aims to combat illegal activities such as money laundering and terrorism financing by enhancing transparency in business ownership.