NFIB member and small business owner Michael Murray and U.S. Congressman Warren Davidson were the latest guests on NFIB’s podcast, the Small Business Rundown. The two discussed the Beneficial Ownership requirements and why it is a burden for small businesses nationwide.

The beneficial ownership reporting rule would require businesses with 20 or fewer full-time employees to register all beneficial owners. Failure to register would result in criminal penalties of up to 2 years in prison and civil penalties of $591 per day, up to $10,000.

“Here we are with a bad law, and we’re trying to count on the courts to stop it…we’re working hard to pass legislation to turn it off and get the Trump administration to take action on the executive front as well,” said Rep. Davidson.

He continues, “So we’re either going to pass a bill that would delay implementation for a year or we’re going to just completely remove it.”

Read the latest information on the Beneficial Ownership Requirements here.

TAKE ACTION: Now is the time to keep the pressure on Congress to fully repeal the beneficial ownership reporting. Send them a message now!