Business Services
Peoples Bank & Trust’s Business Bankers will personally work with you to determine the most beneficial, profitable and knowledgeable moves for your company. Business banking isn’t one size fits all. The products we’ve created are meant to be easily tailored to your particular situation. We’re here to explain the multiple business banking options from loans, deposits, cash management, and more. Call one of our Business Bankers today- one person you can work with for all your banking needs- to get your business plans in motion.
FinCEN - Beneficial Ownership Information (BOI)
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.
Below are some helpful resources for our small business customers.
Resources
Introductory Video: