Sunbiz Alerts LLCs: FinCEN Beneficial Ownership Reporting Requirements

Starting January 1, 2024, new federal regulations will require most corporations, limited liability companies (LLCs), and other similar entities created or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

This new reporting requirement is part of the ongoing efforts to enhance corporate transparency and combat financial crimes in the United States under the Corporate Transparency Act.

What is Sunbiz?

Sunbiz is the official online portal for the Florida Department of State's Division of Corporations. It hosts business records and businesses and legal professionals to perform various services for their business entities. Through Sunbiz, users can perform tasks such as:

Registering a new business entity, including corporations, limited liability companies (LLCs), and partnerships.
Filing annual reports to maintain active status for existing entities.
Searching for business records and retrieving information about registered entities.
Accessing forms and fee schedules for various business filings.

What Are the Deadlines to Report Beneficial Ownership Information?

Before January 1, 2024: Entities created or registered before January 1, 2024, must file their initial beneficial ownership information report by January 1, 2025.
January 1, 2024 - January 1, 2025: Entities created or registered between January 1, 2024, and January 1, 2025, have 90 calendar days from the notice of their creation or registration to file their initial report.
January 1, 2025: Entities created or registered after January 1, 2025, must file their initial report within 30 calendar days of receiving actual or public notice of their creation or registration.

What Resources and Guidance Are Available for LLCs on Beneficial Ownership?

To assist businesses in complying with these new requirements, FinCEN’s BOI webpage offers several resources:

Protect Yourself from Fraudulent Solicitations in Beneficial Ownership Reporting

Sunbiz and FinCEN reminds LLCs and Corporations that is important to be aware of recent fraudulent attempts to solicit information under the guise of these new reporting requirements under the Corporate Transparency Act.

Fraudulent correspondence may be titled “Important Compliance Notice” and ask recipients to click on a URL or scan a QR code. These messages are not from FinCEN as FinCEN does not send unsolicited requests for information. If you receive such messages, do not respond, click on any links, or scan any QR codes, and report any suspicious activity directly to FinCEN.

Conclusion

Sunbiz Notice

Starting January 1, 2024, new federal regulations will require most corporations, limited liability companies (LLCs), and other similar entities created or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

This new reporting requirement is part of the ongoing efforts to enhance corporate transparency and combat financial crimes in the United States under the Corporate Transparency Act.

What is Sunbiz

Sunbiz is the official online portal for the Florida Department of State's Division of Corporations. It hosts business records and businesses and legal professionals to perform various services for their business entities. Through Sunbiz, users can perform tasks such as:

Registering a new business entity, including corporations, limited liability companies (LLCs), and partnerships.
Filing annual reports to maintain active status for existing entities.
Searching for business records and retrieving information about registered entities.
Accessing forms and fee schedules for various business filings.

Key Deadlines

Before January 1, 2024: Entities created or registered before January 1, 2024, must file their initial beneficial ownership information report by January 1, 2025.
January 1, 2024 - January 1, 2025: Entities created or registered between January 1, 2024, and January 1, 2025, have 90 calendar days from the notice of their creation or registration to file their initial report.
January 1, 2025: Entities created or registered after January 1, 2025, must file their initial report within 30 calendar days of receiving actual or public notice of their creation or registration.

Resources and Guidance

To assist businesses in complying with these new requirements, FinCEN’s BOI webpage offers several resources:

Beware of Fraudulent Solicitations

Sunbiz and FinCEN reminds LLCs and Corporations that is important to be aware of recent fraudulent attempts to solicit information under the guise of these new reporting requirements under the Corporate Transparency Act.

Fraudulent correspondence may be titled “Important Compliance Notice” and ask recipients to click on a URL or scan a QR code. These messages are not from FinCEN as FinCEN does not send unsolicited requests for information. If you receive such messages, do not respond, click on any links, or scan any QR codes, and report any suspicious activity directly to FinCEN.

Conclusion

You may find the Sunbiz notice regarding the new Federal beneficial owner reporting requirement to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) here.

Della Torre Law PLLC

Sunbiz Provides Notice to LLC's about Reporting on Beneficial Ownership Information to FinCEN