Starting Jan. 1, 2024, a new federal rule will require many businesses operating in the U.S to report information about their ownership to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury. This rule aims to enhance transparency and combat financial crimes such as money laundering and terrorist financing. Businesses in Pennsylvania must comply with this requirement to ensure they are operating within the law.
To assist businesses in understanding and complying with this new rule, FinCEN has provided resources on their website. Business owners can visit fincen.gov/boi to get more information about the reporting requirements. Additionally, a Small Entity Compliance Guide is available on the website to help businesses navigate the process. For answers to frequently asked questions, business owners can visit fincen.gov/boi-faqs.
In addition to reporting to FinCEN, small, small diverse, and veteran businesses in Pennsylvania have the opportunity to become certified through the Pennsylvania Department of General Services’ Bureau of Diversity, Inclusion, and Small Business Opportunity. By obtaining this certification, businesses can access various benefits and opportunities that may be available to them.
Under Pennsylvania law, all corporations, both for-profit and non-profit, must file necessary documents with the Department of State’s Bureau of Corporations and Charitable Organizations. This includes professional corporations, municipal authorities, limited partnerships, foreign corporations, and individuals or corporations operating under an assumed or fictitious name. The bureau serves as the official record keeper for over 2,400,000 companies authorized to do business in Pennsylvania.
The bureau is committed to providing efficient and professional service to the business community and the public. They handle inquiries, provide photocopies of records, and offer various services to assist businesses in their operations. With the rise of the information-based technology economy, the bureau is adapting to meet the changing needs of businesses in Pennsylvania.
To further support business development in the state, the Pennsylvania Business One-Stop Shop serves as a comprehensive resource for entrepreneurs and small businesses. This online platform offers guidance on planning, registering, operating, and expanding a business in Pennsylvania. Whether business owners need information on registration, tax withholding, diverse business resources, or other related topics, the Pennsylvania Business One-Stop Shop is there to help.
By providing easy access to resources, tools, and expertise, the Pennsylvania Business One-Stop Shop aims to make it easier for businesses to start, sustain, and grow in the state. Entrepreneurs can rely on the support of business consultants and subject matter experts to navigate the complexities of business ownership and achieve their goals.
In conclusion, reporting your business to FinCEN and obtaining certification as a small, small diverse, or veteran business in Pennsylvania are essential steps to ensure compliance with regulations and access opportunities for growth. By utilizing the resources and support available through the Department of State and the Pennsylvania Business One-Stop Shop, businesses can thrive in the competitive landscape of today’s economy.
