New Law Requires Small LLCs to File Beneficial Ownership Information Report: What Artists and Self-Employed Creatives Need to Know
New York, United States – Starting from January 1, 2024, a law known as the Corporate Transparency Act will have implications for solo artists, performers, writers, and creatives who have Limited Liability Companies (LLCs) or are considering forming one. The law aims to combat financial crimes, including money laundering and terrorism, by requiring businesses formed through their state’s Secretary of State to file a report called a Beneficial Ownership Information Report (BOI). The report will identify the “beneficial owners” of LLCs and other entities. The primary target of this law is small LLCs, often single-member … Read more