June 19, 2024

Popping in with a not-super-fun note that's relevant to you if you run a business in the US. There's a new requirement in place this year that business owners file a "Beneficial Ownership Information Report," which essentially tells the government who has a financial stake in your business so they can prevent financial crimes. Not my favorite, but it's needed if you want to stay legal.

As I understand it, this form is required for any businesses that's "a corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe."

Before you panic, it's a quick form that can be filled in and submitted electronically.

Here's a link: https://boiefiling.fincen.gov/

The form took < 5 minutes to complete when I did it earlier this week. You'll need to have your SSN or EIN, a copy of a government ID like a passport or driver's license, and the official name of your business.

If you had a business before this year, the website says you have until December to file it. If you started a business this year, you have 60 days from forming the business to file it. (As I understand it, they aren't being super stringent about the deadline, but I'd go ahead and file it now if this applies to you.)

Here's a podcast episode about the BOI form from lawyer and small business tax expert Braden Drake.

This may be the least fun newsletter I've ever sent (sorry!), and I haven't heard many people talking about this new requirement, so I wanted to pass it along. I didn't know about it myself until last week + will be adding info about this to the Roots course ASAP.

Back to more fun topics next week ๐Ÿฅณ

Take care,

Camille

p.s. I love you, and I can't personally help you with this form, opine on whether you need it or not, etc. I will be too busy trying not to melt in the heat dome. There are help guides on the linked website though ๐Ÿ’š



About Camille Freeman, DCN (she/her)

Hi there! I'm a clinical herbalist and nutritionist specializing in fertility and menstrual health. I run the Monday Mentoring community of practice and also offer continuing education programs for practicing herbalists and nutritionists (Check out this year's Deep Dive!). I'm also a former professor with the Maryland University of Integrative Health, where I taught physiology, pathophysiology, and mindful eating for 17 years. 

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