TOLEDO, Ohio (WTVG) – Small business and companies that are LLCs might soon need to register for a new program with the Department of Treasury.
It’s a program they may not have ever heard of, but is a legit one.
The idea is pretty basic: find out exactly who’s running a company so that people aren’t hiding behind shell companies, but it has some people worried about giving out personal information.
Anderson Towing in Sylvania Township is the epitome of a small business. When Chuck Anderson heard he may need to give contact information for his business to the US Treasury Department, it didn’t sound right.
“I was kinda worried about giving that out. I didn’t know if it was a scam or something,” said Anderson.
He’s referring to the beneficial ownership information report. It’s coming from the Department of Treasury, from a federal law for companies to provide their ownership information.
Which companies need to do it? According to the Treasury …