Feb 28, 2024
Today’s episode is more of a public service announcement for studio owners who have businesses that are registered in the US.
On January 1, a new reporting requirement from the US Treasury Department went into effect and it might impact you. I’m talking about the Beneficial Ownership Information Reporting rule or BOI Reporting requirement from the Financial Crimes Enforcement Network (FinCEN), part of the Corporate Transparency Act.
Today I’m going to share what I learned in my research of the ruling. I’m going to go through this in a Q&A format that traces the path I took and the questions that came up for me as I determined whether or not I would be eligible and then what the registration process entailed.
Hopefully it’ll help you jumpstart your own research.
A full transcript and resources from this episode can be found at MusicStudioStartup.com/episode139.
Disclaimer: I am not a lawyer and I’m not giving legal advice here. This is strictly for informational purposes and it’s up to you to ensure your business is in compliance with all applicable laws.
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