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A. General Questions

What is beneficial ownership information?

Beneficial ownership information refers to details about individuals who
ultimately own or control a reporting company.

Reporting this information helps prevent financial crimes like money
laundering and fraud.

Non-compliance with the Corporate Transparency Act can result in substantial civil fines. Entities that fail to report the required information about their beneficial owners, or report incorrect or incomplete information, face fines of up to $591 per day until the violation is corrected. These fines can accumulate quickly, leading to a significant financial burden.

Additionally, intentional provision of false or misleading information may result in criminal penalties, including fines of up to $10,000 and imprisonment for up to two years. It is crucial for businesses to comply promptly to avoid these consequences.

C. Reporting Company

Reporting companies include various legal entities, usually small business LLCs or corporations with less than 20 employees or less than $5 Million in revenue.

Yes, homeowners’ associations are considered reporting companies if they meet specific criteria.