Federal and State Business Registration

Time is running out on registering your business beneficial ownership information with the federal government. Beneficial owners are those individuals who ultimately own or control the business entity. Currently, you must register this information on or before January 1, 2025 for businesses that were in existence prior to January 1, 2024. For businesses formed in 2024, the business entity has 90 days from the date of registration with the Secretary of State (SOS) office (or a similar office under the law of the State or tribal nation) to report beneficial ownership information. The website to report this information is www.fincen.gov/boi.

In addition, most business entities and assumed names have to annually renew their registration with the Minnesota SOS. For businesses in existence prior to January 1, 2024, you have until December 31, 2024, to renew.

Finally, make certain that your registered address/your agent’s registered address with the Minnesota Secretary of State is accurate and that it is not a post office box. That is because service of a lawsuit is completed through service of what is on the Minnesota Secretary of State’s website. If the information is not accurate or service cannot be completed, then most likely your business will end up with a default judgment against it that will be difficult to reverse.

Spangler and de Stefano, PLLP advises business owners on reporting through FinCen.

The material contained herein is for informational purposes only, and is not intended to create or constitute an attorney-client relationship between Spangler and de Stefano, PLLP and the reader. The information contained herein is not offered as legal advice and should not be construed as legal advice.