Beneficial Ownership Information Report are required reports that need to be filed. I have just completed the Beneficial Ownership Information Reports for the companies that I own or am active with such as a NFP run by one of my sons. Yes, NFP’s need to file as well.
I entered this with some trepidation, based upon the threat of the penalty size. It was not as difficult and painful as I thought it would be. Each entity took between say 15 to 20 minutes to fill out. I am also a slow typist.
Have on hand scans of all owners’ drivers’ licenses or passports. These are necessary documents that need to be attached to the filing.
I have had worse forms to fill out, but these carry heftier penalties. Remember Big Brother is watching.