Updates for Businesses in 2024

Jeff Storch | 12.13.23

Changes are coming in 2024 that will affect the entities with which we work.

• First, the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) for most closely held entities become effective in 2024. Existing entities have until the end of 2024 to report their BOI to the federal government.
  • Attorneys in Boardman Clark’s Business Practice Group can advise you on the reporting requirements but currently are not planning to do the actual filings. However, they are evaluating service providers that can assist with your BOI filing if you need it.
  • Several articles on the CTA requirements can be found on Boardman Clark’s website. The Business Practice Group intends to provide additional information on CTA requirements later in 2024.

• Second, the firm has formed a business services subsidiary, BC Team Business, LLC, which will be responsible for administrative services, including filing articles of incorporation and organization for new corporations and LLCs and offering registered agent services. If Boardman Clark or any of its attorneys historically have served as your registered agent, we will be asking you to transfer that function to BC Team Business, LLC (though of course you are free to choose a different registered agent).

Please feel free to contact Jeff Storch or any other attorneys in Boardman Clark’s Business Practice Group if you have any questions.

• Corporate Transparency Act (CTA)