Understanding the New Filing Rule for LLCs: A Guide by Lauffer Law Firm

Recently, a new filing rule for Limited Liability Companies (LLCs) has been introduced, bringing both challenges and opportunities for business owners. At Lauffer Law, we understand the importance of compliance and are here to guide you through this transition.

The new filing rule for LLCs aims to streamline the process of establishing and maintaining an LLC, making it easier for businesses to operate within the legal framework.

Most small entities (including single-member LLCs) must file online reports with the federal government, disclosing information about the beneficial owners of the entities.

This new reporting requirement—estimated to impact at least 32.6 million entities in 2024—was created by the Corporate Transparency Act (CTA).

Existing entities will have until January 1, 2025, to make their first beneficial ownership information (BOI) report. Entities first created or registered in 2024 will have 90 days to file their first reports.

By staying up-to-date with these changes, business owners can ensure that their companies remain in good standing and avoid any potential penalties or legal issues.