What Do Goodlettsville, TN Businesses Need to Know Now About the CTA, BOI and FinCEN?
The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes.
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. Business owners can stay on track with the quick and accurate assistance of ZenBusiness.
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 Goodlettsville, TN 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 example, the owner of a landscaping business in Goodlettsville, who handles all major business decisions and holds a 50% stake in the company, qualifies as a beneficial owner.
3. Gather the Required Information.
Prepare:
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Business name, address, and EIN.
-
Beneficial owners’ names, addresses, DOBs, and ID details.
4. File Your BOI Report.
Deadlines:
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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.
ZenBusiness can lead your company in filing BOI reports by providing clear guidance and simplifying the compliance process with FinCEN requirements.
Additional Resources:
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We want to hear from you!
Join us in making a positive impact by completing our BOI survey before December 18, 2024—your participation counts, and for every 25 responses, our Chamber will receive a $100 donation! Take the survey here! Thank you for your support!
This Hot Deal is promoted by Goodlettsville Chamber of Commerce.
What Do Goodlettsville, TN Businesses Need to Know Now About the CTA, BOI and FinCEN?
The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes.
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. Business owners can stay on track with the quick and accurate assistance of ZenBusiness.
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 Goodlettsville, TN 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 example, the owner of a landscaping business in Goodlettsville, who handles all major business decisions and holds a 50% stake in the company, qualifies as 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.
ZenBusiness can lead your company in filing BOI reports by providing clear guidance and simplifying the compliance process with FinCEN requirements.
Additional Resources:
We want to hear from you!
Join us in making a positive impact by completing our BOI survey before December 18, 2024—your participation counts, and for every 25 responses, our Chamber will receive a $100 donation! Take the survey here! Thank you for your support!
This Hot Deal is promoted by Goodlettsville Chamber of Commerce.
