The South Carolina Secretary of State’s Office has information on its website regarding the federal Corporate Transparency Act, which went into effect on January 1, 2024. The Act requires many companies to report beneficial ownership information to the US Treasury Financial Crimes Enforcement Network (“FinCEN”). Beneficial ownership information (“BOI”), as defined by FinCEN, is identifying information about the individuals who directly or indirectly own or control a company.

January 1, 2025, is the deadline for entities created before January 1, 2024, to file their Beneficial Ownership Information (BOI) as required by law under the new Corporate Transparency Act.

Businesses formed after January 1, 2024, have 90 days to file after formation.

Businesses formed on or after January 1, 2025, will have 30 days to file after formation.

You may check the Secretary of State’s website to see if you are required to file a BOI report with FinCEN.