Today's Question: What information must be disclosed about beneficial owners?

This episode is all about PRIVACY. There’s been a lot of confusion around this, and no one wants to share any more personal information than is absolutely necessary. And they don’t want to share it with just anyone.

So today, I’ll break down exactly what details need to be provided, why they’re required, and some DIY options to help you stay compliant without involving a ton of sharing of your personal data. This is especially helpful if you’re like most entrepreneurs who value privacy but still want to make sure you’re fully covered with beneficial ownership reporting.

"Alright, let’s dive into the specifics. When it comes to beneficial ownership, the government wants to know certain details to help prevent financial crimes like money laundering and fraud. Here’s a quick rundown of what’s generally required:

1. Full Legal Name – Each beneficial owner needs to be identified by their complete legal name, as it appears on official documents.
2. Date of Birth – This is to confirm the identity and age of the beneficial owner. Nothing too complicated here, but it’s non-negotiable.
3. Residential Address – This means an actual, physical home address, not a P.O. box or business address. This can be sensitive for some business owners, so I’ll get into how you can DIY this process to minimize exposure of your personal info in a moment.

Now, these requirements are aimed at keeping things transparent about who actually controls and benefits from the company—not just who’s listed on the paperwork. While it may seem like a lot, knowing exactly what’s needed upfront can help you strategize and prepare, so there are no surprises down the line.

So why all this personal data? It really comes down to accountability and security. Governments across the globe are trying to minimize activities like money laundering, tax evasion, and other financial crimes. Requiring business owners to disclose who’s really behind each business helps prevent people from using companies as a way to hide funds or avoid responsibility.

Think of it like this: you need an IDs (usually a drivers license) to open a bank account, to prove you are a real human. It’s now the same with an entity - you open a company, you need to show that you are a real human.

Beneficial ownership registration is meant to bring some of the same transparency into the business world. While I understand that not everyone is excited to share all of this information, knowing why it’s needed helps. It’s about making sure businesses operate fairly and responsibly. It is not about penalizing you as the owner (even though it might feel like it sometimes).

Before we get into the tips I have for you, let’s talk about whether this even applies to your business. Some of you may be thinking, ‘I’m a solo entrepreneur or a small business owner—does beneficial ownership really matter for me?’ Here’s the thing: if you have any kind of legal entity like an LLC or corpo

I’m Janelle Peyton, and welcome to 10onTuesday—the podcast where I answer one burning legal question in 10 minutes or less. No fluff, no confusing legal-eze—just real answers in plain english to help you grow and protect your business.

This podcast is for smart, driven people like you—intelligent, entrepreneurial, and ready to take your business to the next level.

If you found today’s insights valuable, head over to www.peytonlaw.com for show notes and helpful resources.

Just a quick reminder: the information shared in this podcast is for general informational purposes only and isn’t legal advice specific to your situation. Listening doesn’t create an attorney-client relationship. For advice tailored to your business, please consult a qualified attorney.