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Darcella Craven - Corporate Transparency and the BOI Form
Darcella Craven, Regional Advocate at the US Small Business Administration talks about the BOI form that ALL businesses must complete & submit.
Pursuant to the Corporate Transparency Act, EVERY business has to fill out a BOI form, so find your EIN number & a pdf of your passport or drivers license, and go to https://www.fincen.gov/boi to fill out the form so you don't get fined. Takes about 10 minutes if you're prepared.
Small Business Advocacy and Compliance Discussion
Mary Scott from BusinessRiff introduced Darcella Craven, the regional advocate for the Small Business Administration's office of advocacy, who discussed the Beneficial Ownership Information (BOI) form. This form, developed by the Financial Crime Enforcement Network (FinCEN) in 2022, aims to ensure corporate transparency and verify the authenticity of business owners' claims about their citizenship. Darcella explained that all small businesses are required to complete this form, which includes details of any possible exemptions and associated costs, and the deadline varies depending on when the business started. Mary emphasized the importance of having a marketing person, accountant, and lawyer on a small business team to ensure compliance and avoid potential legal issues.
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By Mary ScottDarcella Craven, Regional Advocate at the US Small Business Administration talks about the BOI form that ALL businesses must complete & submit.
Pursuant to the Corporate Transparency Act, EVERY business has to fill out a BOI form, so find your EIN number & a pdf of your passport or drivers license, and go to https://www.fincen.gov/boi to fill out the form so you don't get fined. Takes about 10 minutes if you're prepared.
Small Business Advocacy and Compliance Discussion
Mary Scott from BusinessRiff introduced Darcella Craven, the regional advocate for the Small Business Administration's office of advocacy, who discussed the Beneficial Ownership Information (BOI) form. This form, developed by the Financial Crime Enforcement Network (FinCEN) in 2022, aims to ensure corporate transparency and verify the authenticity of business owners' claims about their citizenship. Darcella explained that all small businesses are required to complete this form, which includes details of any possible exemptions and associated costs, and the deadline varies depending on when the business started. Mary emphasized the importance of having a marketing person, accountant, and lawyer on a small business team to ensure compliance and avoid potential legal issues.