Under the Corporate Transparency Act, which was passed in 2021 and implemented in 2024, farmers who operate as a corporation, LLC, or limited partnership are required to report additional small business entities in which they have an ownership stake. The law was intended to deter illicit financial transactions and money laundering. Most registered companies are required to complete Beneficial Ownership Information Reports (BIOR).

Information will include details about each beneficial owner. This includes anyone who owns at least 25% of the company or has substantial control over the business. The online registry will consist of the names, dates of birth, home addresses and photo IDs.

Entities registered before January 1, 2024, have one year to file their first BOIR. Those created and registered after that date must file their BIOR within 90 days of receiving notice from the Secretary of State. Entities created after January 1, 2025, will have 30 days to upload reports.

Read more on new requirements for corporate farms, LLCs and limited partnerships here.