We’re dedicated to helping you not only create memorable dining experiences but also navigate the essential regulatory landscapes that impact your business. As we approach new reporting mandates under the Corporate Transparency Act (CTA) and Beneficial Ownership Information Reporting (BOIR) regulations, we’re here to help you be prepared and in full compliance.
The CTA mandates that most U.S.-registered entities, including restaurants structured as corporations, LLCs, or similar entities, report specific beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This is part of a broader initiative to increase transparency and deter financial misconduct.
Filing Requirements: Does This Apply to You?
If your restaurant or hospitality group was created or registered in the United States, you’ll likely need to disclose certain information under the CTA, with a few exceptions. This includes details for each beneficial owner, such as their full legal name, date of birth, current residential or business address, and a unique identifying number from a valid identification document like a passport or driver’s license.
Deadlines:
- Existing Entities (before December 21, 2023): File by January 1, 2025
- New Entities (formed January 1, 2024 – December 31, 2024): File within 90 days of formation or registration
- Future Entities (starting January 1, 2025): File within 30 days of formation or registration
Falling behind on these requirements can lead to hefty financial penalties, so we recommend early preparation.
We understand that regulatory compliance can be overwhelming—especially during peak restaurant seasons. For questions or support, feel free to reach out to us at [email protected]. EyeSpy is committed to guiding you through every step to keep your business on track and compliant.
More information is available here.
