The Center for Individual Rights (CIR)
Many small businesses owners remain keenly aware of the Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) reporting rule. Concerns about BOI reporting continues to be raised by small businesses and small business interest groups. The BOI rule mandates detailed reporting of corporate ownership to FinCEN through a newly established online business registry.
NFIB has filed a lawsuit filed in Texas federal court to overturn the BOI rule. NFIB member Top Cop Shop is also a party to this lawsuit and is represented by the Center for Individual Rights (CIR). The lawsuit argues that the Corporate Transparency Act (CTA), which established BOI reporting, is unconstitutional, exceeds Congress’s authority and violates the First and Fourth Amendments. NFIB has long argued that the CTA illegally imposes burdensome requirements on small businesses, infringes on free speech by forcing disclosure of private information, and constitutes an unreasonable search.
You can find more information on BOI reporting, on NFIB’s Fact Sheet.
For more additional questions, please reach out to the NFIB Small Business Legal Center at [email protected]
