Beneficial Ownership Information (BOI) Filing

Below you will find some information regarding a new reporting requirement that may apply to

you.  It will not apply to everyone.  Please read this thoroughly to determine if you have a reporting

requirement as there are substantial penalties for failure to comply.

This letter is to make you aware of reporting requirements that go into effect on Jan. 1, 2024,

that may require your business entity to report its beneficial ownership information to the

Federal government.

Beginning on Jan. 1, 2024, many companies in the United States will have to report information

about their beneficial owners, i.e., the individuals who ultimately own or control the company. They

will have to report the information to the Financial Crimes Enforcement Network (FinCEN).

FinCEN is a bureau of the U.S. Department of the Treasury.

NOTE: This will be a free filing that companies can complete themselves. Be wary of official-looking

mail from a third-party company offering to complete the beneficial ownership reporting on behalf of

your company for a fee.

Most businesses are small businesses that may need to file. Your company may need to report

information about its beneficial owners if it is:

1. A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a

document with a secretary of state or any similar office under the law of a state or Indian tribe; or

2. A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing

Reporting companies will have to report beneficial ownership information electronically through

FinCEN’s website: www.fincen.gov/boi.

Reports will be accepted starting on Jan. 1, 2024.

     • If your company was created or registered before Jan. 1, 2024, you will have until Jan. 1, 2025, to

       report BOI.

     • If your company is created or registered on or after Jan. 1, 2024 and before Jan. 1, 2025, you must report

       BOI within 90 days of notice of creation or registration.

     • If your company is created or registered on or after Jan. 1, 2025 you must report BOI within 30 days of

       notice of creation or registration.

     • If there is any change to the required information about your company or its beneficial owners in a

       BOI report that your company filed, your company must file an updated BOI report no later than 30 days

       after the date on which the change occurred. The same 30-day timeline applies to changes in information

       submitted by an individual in order to obtain a FinCEN identifier. A reporting company is not required to

       file an updated report for any changes to previously reported personal information about a

       company applicant.

There are significant penalties for missing filing deadlines, including criminal (fines and/or

imprisonment) or civil (monetary) penalties. There is a $500 per day penalty, up to $10,000, and

imprisonment of up to two years for the WILLFUL failure to timely file initial or updated reports.

Assisting with compliance and or filing, including BOI reporting, is not within the scope

of services we provide.  It will be your exclusive responsibility to comply with CTA, including its BOI reporting

 requirements.Information can be found at https://www.fincen.gov/boi. Please consult with legal counsel on

additional questions and or concerns regarding how BOI reporting requirements and issues affects

your company.

Finally, we wish to emphasize that we are sending you this letter to make you aware of these new

current reporting requirements, associated risks, and suggest you contact legal counsel to assist

you with the CTA and related BOI filings for entities that you own or control.