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Businesses reminded to file ownership info

Failing to report Beneficial Ownership Information by the end of the year could lead to civil or criminal penalties

Sundance State Bank is reminding business owners of new federal requirements to report the names of the people who own or control your company.

Failing to do so could result in civil or criminal penalties, including imprisonment.

The new Beneficial Ownership Information (BOI) regulations require that most companies report the names of all beneficial owners.

This must be done before January 1, 2025 if your company was created before the beginning of this year. If you have established the company since January, you have 90 days to complete the reporting requirements.

After January 1, 2025, if yo...