Beneficial Ownership Information Rule: Obligations of Lawyers to Clients and Firms

Many small businesses are now subject to the Federal Beneficial Ownership Information (BOI) Reporting Rule under the Corporate Transparency Act. Effective January 1, 2024, all companies affected by this law must report. For more information on who is required to report and the procedure for doing so, visit the Beneficial Ownership Information page on the FinCEN website. Please note, additional public comments have been requested through April 1, 2024 and further guidance may be on the horizon later this year.

There are stringent time restrictions, making it imperative that lawyers determine, sooner rather than later, what their responsibilities are with regard to current clients, former clients, and even their own firms. Click here for our article outlining these obligations.