Business Formation & BOI Reporting

BUSINESS FORMATION

We will guide you through selecting a business structure that best fits your needs, and prepare and file forms for your federal and state business i.d. numbers and internal agreements like By Laws and Operating Agreements.

Corporations
We will file the necessary documents with the Secretary of State to get your corporation created. We will also file for your business federal and state identification numbers.

We can write your corporation's By-Laws, which is the document that details ownership of the corporation and how decisions will be made within the corporation.

LLCs
We will file the necessary documents with the Secretary of State to get your Limited Liability Company organized. We will also file for your business federal and state identification numbers.

We can write your LLC's Operating Agreement, which is the document that details ownership of the LLC and how decisions will be made within the LLC.

Partnerships
We will file the necessary documents with the Secretary of State to get your Partnership created. We will also file for your business federal and state identification numbers.

We can write your Partnership Agreement, which is the document that details ownership of the partnership and how decisions will be made within the partnership.

Other Business Formation Services
Other services we provide to newly formed businesses include preparing
Cash-Flow Budgets, Business Plans, and establishing processes and procedures.

BENEFICIAL OWNERSHIP REPORTING

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Beneficial Ownership Reporting Requirements are currently unenforceable and are being litigated in Federal Court.  We will provide updates on this possible requirement as matters progress.

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In 2021, Congress passed the Corporate Transparency Act.  This law created a new beneficial ownership reporting requirement for businesses.  Most active businesses created or registered to do business in the United States have to report ownership information to the government's FINCEN database. Corporations, LLCs and Partnerships must report this information (including owners and anyone that controls the company) to the federal government.  Although this requirement applies to businesses created prior to 2024, this is the first year of reporting requirements, and it applies to most active businesses.

This requirement is something every business owner must take seriously, as the civil penalty for willfully violating the reporting requirement can be as high as $591 per day.  Also, a person who willfully violates the reporting requirement may be subject to criminal penalties and a fine of up to $10,000.  Willfully violating can include willfully failing to file a beneficial ownership report or willfully filing false information on a report.  

Shepard CPA Services can get the necessary information from you and file this report on your behalf.  We have read through all the requirements and can make sure that the report is completed properly with the information you have provided us.  Please contact our office if you would like our assistance in filing this report.

For businesses registered or created prior to January 1, 2024, the deadline to report this information is January 1, 2025.  For a company created or registered on or after January 1, 2024, and before January 1, 2025, the deadline to report this information is 90 days after the entity was created.  Businesses created after January 1, 2025 will have 30 days to report this information.