Notice from IL Secretary of State - Dept of Business Services: New Federal Reporting Requirement
Attention Small and Mid-Sized Business Owners: Please Note this Notice from IL Secretary of State - Dept of Business Services: New Federal Reporting Requirement
A new federal law that took effect on January 1, 2024, impacts many Illinois business owners and companies by requiring them to report Beneficial Ownership Information (BOI) to the federal government. The Corporate Transparency Act (CTA) aims to root out corruption and illicit activities. It will affect up to 900,000 small businesses, corporations, and other domestic and foreign entities, like LLPs or LLCs, that are registered with the Secretary of State’s office.
The Secretary of State’s Business Services Department is looking to partner with Chamber's to raise awareness of the new requirements and assist businesses to ensure compliance.
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For more information and free resources to help with the filing, visit the Illinois Secretary of State's Department of Business Services page at ILSOS.gov
Let us know if questions and/or you need further assistance.