Keeping your business compliant is critical to maintaining your good standing status and avoiding penalties, fines, and imprisonment. With Compliance Filings, you’ll satisfy the new beneficial ownership information reporting requirement and additional ongoing compliance filing requirements:

• Annual reports: Guided setup and completion of official filings that keep your business information—including its name, address, managers, and other details—updated with the state where required. Filing requirements vary by state.
• Personalized alerts: Alerts notifying you of your specific filing requirements and due dates, simplifying business compliance.
• Amendments: File up to two official changes about your business each year with the Secretary of State, such as a new name, address, or ownership.
• Updated Beneficial Ownership Information Reports: Additional filings for any changes to identifying information.
• Plus, access to personalized compliance support from our experienced specialists.

Keeping your business compliant is critical to maintaining your good standing status and avoiding penalties, fines, and imprisonment. With Compliance Filings plus Licenses & Permits, you’ll satisfy the new beneficial ownership information reporting requirement and all the ongoing compliance filing requirements offered in our Compliance Filings package. Plus, we’ll help you secure your required business licenses and permits:

• Custom report of required federal, state, and local licenses and permits
• Direct access to all of your required applications, simplifying and expediting the process for you
• Upload, view, and download business licenses from your LegalZoom account
• Notifications on upcoming expiration dates and new license requirements
• Personalized compliance & licensing support from our experienced specialists

Members, or owners, of a limited liability company (LLC) are likely designated beneficial owners under the beneficial owner definition of the rule. This qualifies these LLCs as reporting companies that need to file the new report with the federal agency and provide basic contact information about the company and its owners.

This requirement applies to single-member and multi-member LLCs, all of which are considered reporting companies, and therefore also would need to identify beneficial ownership information in the BOIR.

This rule, under the Corporate Transparency Act, mandates the identification of individuals who benefit from a legal entity.

The goal of this legislation is to provide transparency around business ownership structures. It helps the federal government crack down on financial crimes and fraud, such as money laundering, corruption, human trafficking, drug trafficking, tax fraud, and fraud against employees, customers, and other businesses.

The Corporate Transparency Act is legislation that changes the reporting requirements for beneficial ownership information of business owners operating in the United States. It requires businesses to identify and document any person who holds a 25% or greater ownership interest or exercises substantial control over the company.

Under the new rule, most reporting companies must file information on each beneficial owner with the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). FinCEN has developed a database that holds information about each beneficial owner documented by a reporting company.

The Corporate Transparency Act is one of the most important legislations to impact small businesses owners. Its latest requirement—the Beneficial Ownership Information Reporting Rule—is effective Jan. 1, 2024 and mandates that most limited liability companies and corporations must file the beneficial owner report.

Navigating the new law can be confusing and distracting for small business owners who are otherwise focused on running and growing their business. Failure to comply can result in serious criminal and civil penalties, which include imprisonment for up to two years, a fine of up to $10,000, and/or a fine of up to $591 per day.

A service like the one provided by LegalZoom makes it easier for customers to meet this requirement as soon as possible and stay in compliance with federal law.

With LegalZoom, you can avoid noncompliance with three easy steps, reducing your risk while saving time and money. Just start by answering a few simple questions about the individuals who own or control their business so the report is personalized and accurate.

Based on your info, we'll create a custom report that satisfies the beneficial ownership information reporting requirement, and file it directly with FinCEN for you. Once we file the personalized report with FinCEN, we’ll provide you with confirmation that it's been submitted.

Annual reports are forms that keep your business's information—its name, address, managers, etc.—up to date with the state. They typically must be filed with the Secretary of State (or other state filing office) every year. The name, definition, and scope of the reports can vary, but most states require businesses to file them on a regular basis.

It depends on which state you formed your business in or where you operate. Specific report requirements may vary, such as:

• The due date

• Any filing fees

• The required information about your business.

Research your state’s guidelines for your business type to learn how often you must submit a report, when, and what needs to be included.

You'll most likely need a general business license to legally operate your business and comply with some of your local, county, state, and federal requirements. However, obtaining a general business license is just the beginning. Depending on your industry, location, and specific business activities, you may need additional licenses and permits. On average, our business license customers require at least five different licenses to operate legally.

LegalZoom ensures you go beyond just obtaining a general business license. We provide a customized and personalized report identifying all the specific licenses and permits required for your unique business venture. 

Our comprehensive approach helps ensure that you meet the legal requirements tailored to your industry and operations, giving you peace of mind and helping you avoid costly penalties. We can offer you a complete solution, including:

• Renewal reminders: Get timely notifications when renewal deadlines approach so you never miss a deadline.
• Jurisdiction updates: Receive updates and notifications of any changes to your report based on changes in your jurisdiction.
• Centralized management: Manage all your licenses and permits from one convenient place, simplifying your business operations.

Choose LegalZoom for a tailored, efficient, and reliable licensing solution that helps keep your business compliant and running smoothly.