New beneficial ownership reporting requirements under the BOI Rule

Authored by Jonathan Hornik, Esq. and Peter Kelegian, Esq.

Under the new beneficial ownership reporting requirement (the “BOI Rule”) that took effect on January 1, 2024, United States legal entities, and foreign legal entities that do business in the United States, that fall within the definition of reporting company must provide information about their entities and their entities’ beneficial owners to the US Financial Crimes Enforcement Network (“FinCEN”).