NFIB’s podcast, the Small Business Rundown, recently featured NFIB member and small business owner Michael Murray alongside U.S. Congressman Warren Davidson. The discussion centered on the Beneficial Ownership requirements and their impact on small businesses across the nation.
The proposed rule mandates that businesses with 20 or fewer full-time employees register all beneficial owners. Non-compliance could lead to criminal penalties of up to two years in prison and civil penalties of $591 per day, capped at $10,000.
Rep. Davidson expressed concerns about the rule: “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.”
He further elaborated on potential legislative actions: “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.”
