RICHMOND, Va. — Some small business owners now have an extra two weeks to file a Beneficial Ownership Information (BOI) report with the government, otherwise facing a hefty fine.
“If you form an LLC, nobody knows who the members of the LLC are,” said Jim Wilson, president of the Wilson Law Group in Richmond.
The purpose of the Corporate Transparency Act is to find out who those members are. The rule applies to roughly 32.6 million businesses, including certain corporations, limited liability companies (LLCs), and other small businesses…