Pesky business filing requirement for any ownership

IMPORTANT - If you know anybody who has ownership in a business

Author

Kay Coughlin
February 24, 2025

February 24, 2025

Hi there - If you or someone you know has ownership status in a U.S. business, please contact an accountant, attorney, or other knowledgeable person immediately regarding the federal Beneficial Ownership Information Report (BOIR) under the Corporate Transparency Act (CTA). You can learn more here.

To be clear, I’m not an attorney, so this not legal advice. But I will tell you that as a business coach, I think the whole thing stinks, since almost all other filings related to business ownership are held by states, not the federal government. I especially hate that there could be large fines for filing after the deadline, and that’s my opinion AS a business coach, because one of the topics I talk about a lot is revenues and expenses. I know how hard it can be to recover from an unexpected expense.

ALERT [updated Feb. 19, 2025]: Beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025 for most companies. FinCEN will assess its options for further modifying deadlines

-FinCEN webpage, here

On a completely different topic, we’ve already had over 150 people sign up for the Big Read of the book White Women: Everything You Already Know About Your Own Racism and How to Do Better by Regina Jackson and Saira Rao! Have you joined us yet? It’s free and you’ll find all the details here. It’s not too late to join.

Several folks have asked me, “What is a ‘Big Read’?” My local library system does Big Reads all the time and I didn’t realize it’s not necessarily a common term. I apologize I wasn’t more clear about the project at the outset. Basically, the idea behind a Big Read is to get a whole bunch of folks to read (or listen to) a designated book and talk about it. It’s a type of book club in a way, but you get to decide how you participate. If you want to join a discussion group, I have a couple of options for you (again, it’s free), and you can also participate in the asynchronous online discussion. But you aren’t required to do anything at all.

Web header for the Big Read. In the right is an image of the book. In the middle is text that reads, "White Women, A Big Read, March-April, 2025 ,Details: Patreon.com/FacilitatorOnFire

As always, please keep recommending me to friends and colleagues who might need a business coach. I have an equity pricing structure that means I can help most folks who need a business coach, and I have extensive experience, especially coaching leaders in social justice.

Have a meaningful day,

Kay Coughlin, CEO and Business Coach, Facilitator on Fire