What is a Registered Agent?

A registered agent is an individual or company that is available during regular business hours to accept service of process (i.e. lawsuits) and state notices on your behalf.

What is a California Statement of Information filing?

Corporations registered with the California Secretary of State must file a Statement of Information to disclose its business location, mailing address, officers, and directors on an annual basis.

LLCs registered with the California Secretary of State must file a Statement of Information to disclose its business location, mailing address, and members/managers on a biennial basis (every 2 years).

What is the Beneficial Ownership Report required by FinCEN?

Effective January 1, 2024, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) approved the “Corporate Transparency Act” in 31 U.S.C. § 5336, which aims to enhance transparency in corporate ownership in order to combat against illicit financial transactions and provide essential information to national security, intelligence, and law enforcement agencies through the new reporting requirements. As a result, a report must be submitted to FinCEN disclosing the individuals who directly or indirectly control a company, also known as “beneficial owners” as defined in to 31 U.S.C. § 5336(a)(11)(A).

• If your entity was formed before January 1, 2024, you’ll have until January 1, 2025 to file an initial beneficial ownership report to FinCEN.

• If your entity was formed on or after January 1, 2024, and before January 1, 2025, you’ll have 90 calendar days after notice of registration or after the Secretary of State provides public notice of its creations to file an initial beneficial ownership report to FinCEN.

• If your entity was formed on or after January 1, 2025, you’ll have 30 calendar days after notice of registration or after the Secretary of State provides public notice of its creations to file an initial beneficial ownership report to FinCEN.

• Any changes in ownership after the initial report is filed, must be reported within 30 calendar days.

Failure to report the true and correct information shall be liable to the U.S. for a civil penalty of not more than $500 for each day that the violation continues or may be fined not more than $10,000, imprisoned for not more than 2 years, or both according to 31 U.S.C. § 5336(h)(3).