January 19, 2024

Bellows alerts all Maine businesses of new federal reporting requirement

AUGUSTA – Secretary of State Shenna Bellows is alerting Maine business owners and representatives of a new federal law with a new federal reporting requirement for businesses nationwide.

“While the Division of Corporations is a ministerial agency, we also try to help business owners and representatives in knowing about their legal obligations,” said Secretary Bellows. “This is not a report that is filed with us, but we want businesses to know about this new federal reporting requirement as failure to comply may result in significant civil and criminal penalties.”

The federal Corporate Transparency Act (CTA) combats money laundering and terrorist financing. The CTA establishes a beneficial ownership reporting requirement for corporations, limited liability companies, and other similar entities created or registered to do business in the United States. The beneficial ownership information reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of the Treasury. The reporting requirement applies to most business registered with the Maine Division of Corporations.

New businesses may be required to file a Beneficial Ownership Information Report with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) within 90 calendar days of notice of the creation or registration of your business.

Businesses that were formed or registered prior to January 1, 2024, must file an initial beneficial ownership report by January 1, 2025.

Business owners and representatives may find more information, submit their electronic report, view informational videos and webinars, find answers to frequently asked questions, and connect to the contact center at

The press release from the U.S. Department of the Treasury titled “U.S. Beneficial Ownership Information Registry Now Accepting Reports” may be found at:

Contact: Emily Cook, 207-441-0405