LLC requirements in Georgia are revised for 2024
By Daniel McCoy
When launching a restaurant, many people choose to set up their new business as a limited liability company (LLC). For Georgia LLC owners, 2024 brings significant changes to requirements. Understanding these updates is crucial for staying compliant and avoiding penalties. Here are some key changes you need to know about:
The Big Impact: The Corporate Transparency Act (CTA)
The most notable change is the implementation of the federal Corporate Transparency Act (CTA). Effective January 1, 2024, the CTA mandates new reporting obligations for LLCs (limited liability companies) formed or registered to do business in Georgia after this date. This new Beneficial Ownership Information (BOI) form must be completed by every LLC. You can download a copy at fincen.gov under the “Filing Information” tab.
What You Need to Report under the CTA:
- Company Information: This includes your LLC’s legal name, any “doing business as” names, physical address and principal place of business.
- Beneficial Owners: Identify individuals with 25% or more ownership or control interest, including their full legal name, date of birth, residential address, and driver’s license number or passport number.
- Company Applicant: Report the full legal name and date of birth of the individual who filed the document creating or registering the LLC.
Deadlines and Penalties:
- New LLCs: File the initial report within 30 days of receiving confirmation of the LLC’s creation (or the state publishing it, whichever comes first).
- Existing LLCs: Submit your first report by December 31, 2024.
- Updates: Report any changes to the reported information within 30 days of the change.
- Non-compliance: Penalties include a $500 per day fine and potential criminal charges.
Who needs to file?
- New LLCs formed on or after January 1, 2024: These entities have 90 days after receiving confirmation of their creation (or state publication, whichever comes first) to file the Beneficial Ownership Information Report.
- Existing LLCs: Existing LLCs have a deadline of December 31, 2024, to file their Beneficial Ownership Information Report.
What information is required?
- Full legal name and date of birth of each beneficial owner.
- Residential address (city and state) of each beneficial owner.
- Driver’s license number or passport number (optional) of each beneficial owner.
- Percentage ownership interest of each beneficial owner.
Georgia New Hire Reporting Center
While not a new requirement, the Georgia New Hire Reporting Center seems to be a well-kept secret, so a reminder that any new employee or rehired employee after 60 days must be reported electronically to the Georgia New Hire Reporting Center (ga-newhire.com) and must be reported within 10 days of their hire date. This rule applies to all employees; full-time, part-time or temporary.
New Labor Law Poster
If you must meet Fair Labor Standards Act (FLSA) requirements, then you will need to download and post the new FLSA poster containing the PUMP Act information. This new act expands existing employer obligations to “provide reasonable break time for a nursing employee to express breast milk for their nursing child for one year after the child’s birth each time the employee needs to express breast milk. Employers must provide a place, other than a bathroom, which is shielded from view and free from intrusion from coworkers and the public, which may be used by the employee to express breast milk.”
The Occupational Safety and Health Administration (OSHA) sets a new standard for record keeping and reporting for employers based on company size and industry. The current requirements for electronic submission of Form 300A for establishments with 20-249 employees that must routinely keep OSHA injury and illness records remains. However OSHA has also expanded its definition of low-hazard industries now exempt from routinely keeping OSHA injury and illness records, including Full-service Restaurants (NAICS Code 7221), Limited-service Eating Places (7222) and Drinking Places (Alcoholic Beverages) (7224).
Keeping up with all the changes in rules and regulations related to running a restaurant is a challenge. Hopefully this information will help keep you up to date.
Stay Informed and Get Help
- Georgia Secretary of State: ga.gov
- Georgia Department of Revenue: georgia.gov
- S. Department of the Treasury: fincen.gov/boi
- Consult a professional: Consider seeking guidance from an accountant, lawyer or business advisor through organizations like the Georgia Small Business Development Center (org) to ensure compliance with all relevant reporting requirements.
Daniel McCoy joined the UGA-Small Business Development Center at Kennesaw State University as a business consultant in 2017 after a successful banking career and 10+ years in the retail industry. A Certifed Professional for the Society for Human Resource Management (SHRM), he has won the Flewellen Award for Consulting Excellence for four consecutive years. Over the last ve years, he has assisted in 140 business starts, raised $75 million in capital and logged over 4,000 consulting hours with more than 500 clients.
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