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File or Face Fines: The Urgency of Beneficial Ownership Reporting
The introduction of the beneficial ownership information report mandates that all legal entities, including LLCs, S-corps, and C-corps, file by December 31st. Failure to comply can result in severe penalties, exceeding $500 per day for non-filing. The process is straightforward, taking approximately three minutes per entity to complete. Individuals are urged to prioritize this filing by searching for B O I and FinCEN online to avoid substantial fines.