Congress passed the Corporate Transparency Act in 2021, but many of the changes impacting small businesses take effect in 2024. All newly formed entities (formed through state agencies like the Washington Secretary of State's Office) will now need to report detailed personal information about the "beneficial owners" of the business and those who actually do the filing to create the business, even if they are not the business owners.
Generally, a business entity formed in 2024 has 90 days after formation to file a "Beneficial Ownership Information" report. Businesses formed in 2025 and beyond have only 30 days after formation to file the report. However, all existing entities formed prior to 2024 must also file a report prior to December 31, 2024.
The information on the form, which is submitted to the U.S. Department of Treasury Financial Crimes Enforcement Network, must include a business address for the entity, which must be an actual physical street address. A post office box will not suffice.
Fortunately for you, inCitySpace® can offer your business a physical street address at our offices in Seattle, Washington with one of our virtual office plans. In addition, get your mail scanned and forwarded to you and have the benefit of meeting and office work space when you need it at our physical location in Seattle's Ballard neighborhood. Much cheaper than a lease. All the benefits of an office!
