A federal law that goes into effect in January requires most legal entities to report specific information about the business and its owners.
updating stale contact and other important information; and
addressing any “phantom” owners or managers, people who wanted to be part of your company, but who do not want to be found by creditors, former spouses, etc. Failure to disclose owners can subject you to civil and criminal penalties, so be careful and thorough.
DOES MY BUSINESS HAVE TO FILE A REPORT?
Sole proprietorships do not have file, nor do
general partnerships (check with your attorney).