While a Texas federal district court’s preliminary injunction puts this requirement on hold, many experts expect that to be overturned. In that event, failure to file could lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties. However, filing your Beneficial Ownership Information (BOI) report will help you avoid fines if this injunction is overruled. Waiting could mean scrambling to meet compliance requirements or penalties. ZenBusiness contributes BOI expertise and simple processes for those interested in taking care of these concerns now, ensuring compliance with straightforward accuracy. 1. Determine if Your Business Must File. A ‘reporting company’ is any small business, corporation, or LLC that is registered with the state, unless exempt. Exemptions apply to publicly traded companies, banks, and charities. For example, a local restaurant in Punta Gorda, FL would likely need to file a BOI report. 2. Identify Your Beneficial Owners. A ‘beneficial owner’ is someone who either has substantial control over a company or owns at least 25% of it. For instance, in Punta Gorda, a partner in a roofing contracting business who owns 40% of the company and has significant decision-making authority regarding hiring and project management is considered a beneficial owner. 3. Gather the Required Information. Prepare: Business name, address, and EIN. Beneficial owners’ names, addresses, DOBs, and ID details. 4. File Your BOI Report. Deadlines: Existing businesses: File by 01/01/2025. New companies (2024): File within 90 days of formation. New companies (2025+): File within 30 days of formation. Business owners can get peace of mind by filing now through ZenBusiness, whose specialized tools and uncomplicated instructions ensure compliance with FinCEN regulations. Additional Resources: We want to hear from you! We value your feedback! Please fill out our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation! Click here to participate! Thank you for your support! As of December 3, 2024, a Texas federal district court has issued a preliminary injunction for all states to block the CTA and its relevant regulations. However, filing your BOI will help you avoid fines if this injunction is overruled. This Hot Deal is promoted by DeSoto County Chamber of Commerce. What Small Businesses Need to Know About the CTA, BOI and FinCEN: Help for Punta Gorda, FL
The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes.
