The CTA, BOI and FinCEN: Clearing the Confusion for Businesses in Gulf Breeze, FL
The Corporate Transparency Act may require certain U.S. companies to disclose beneficial 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 embrace proactivity by filing now 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 Gulf Breeze, 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 Gulf Breeze, a partner who owns 40% of a pet grooming salon and is responsible for major business decisions such as expansions and financial planning is considered a beneficial owner.
3. Gather the Required Information.
Prepare:
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Business name, address, and EIN.
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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.
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New companies (2024): File within 90 days of formation.
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New companies (2025+): File within 30 days of formation.
ZenBusiness brings a streamlined approach to BOI reporting, offering businesses accurate information and efficiency so they can ensure compliance with FinCEN requirements.
Additional Resources:
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Join us in making an impact by completing our BOI survey before December 18, 2024—each response counts, and for every 25 responses, our Chamber will receive a $100 donation! Take the survey by clicking here! 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.
