LegalZoom Launches Beneficial Ownership Information Report to Help Businesses Satisfy New Federal Mandate under the Corporate Transparency Act

MOUNTAIN VIEW, Calif., Jan. 04, 2024 (GLOBE NEWSWIRE) — LegalZoom, the No. 1 choice in online small business formations, announced the release of its Beneficial Ownership Information Report, a new addition to LegalZoom’s ecosystem of compliance services. The new service helps customers satisfy the federally mandated beneficial ownership information reporting rule under the Corporate Transparency Act, which went into effect on January 1, 2024. According to the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the United States Department of Treasury, 89% of all business entities must file identifying information with FinCEN about the individuals who own or control a business.

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