Please join us in this virtual interactive program on Thursday, February 23, 2023, at 4:00 p.m. hosted by the Privately Held Businesses forum of the Business Law Section of the State Bar of Michigan.
The focus of this one-hour virtual program is about the upcoming requirements for privately held small businesses who are defined as "reporting companies" and are required to file personally identifiable information in the form of a "Beneficial Ownership Report" with the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN). The requirements apply to newly formed entities starting on January 1, 2024, and phase in for existing entities by January 1, 2025.
Mark High, of Dickinson Wright, and Alexis Lupo, Corporations Division Director of LARA, both of whom have written on this topic, will talk with moderator Sharan Levine of Levine & Levine, presenting examples, issues, and suggestions about managing the Act's requirements for your clients and your firm.
Many of our small business clients rely on their lawyer to file organizational documents with the state and are confused by the seeming plethora of documents and layers of bureaucracy in establishing a small business. The Beneficial Ownership report to be filed with the federal government is now added to the list.
As the lawyer for the business owner who customarily makes these applications on behalf of clients, you may be considered an “applicant” - and may also need to provide documentation.
Find out if your small business clients are subject to the requirements and how to help them. Participants will register but the program is free of charge.