The New York City Department of Small Business Services (SBS) is intensifying its public outreach to educate businesses on the requirements of the federal Corporate Transparency Act.
Most businesses are required to file a Beneficial Ownership Information (BOI) report, detailing individuals who own or control the company, by December 31, 2024. Newly formed businesses must complete the filing within 90 days of state registration.
Filing is a simple, one-time process that is free of charge. However, businesses that fail to meet the filing requirement may face civil penalties of $500 or more for each day of non-compliance.
SBS will conduct at free online info sessions through the remainder the year. Attendees will learn:
• Which companies need to file
• The contents and timing of the filings
• The process of completing such filings
Info sessions are scheduled on the following days:
• Wednesday, November 6
• Wednesday, November 20
• Tuesday, December 4
• Tuesday, December 10
Those interested can register on Eventbrite here: on.nyc.gov/cta-webinar-series
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