The CTA, BOI and FinCEN: Answering Questions for Garner, NC Businesses
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 be proactive 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 bakery in Garner, NC would likely need to file a BOI report.
2. Identify Your Beneficial Owners.
A “beneficial owner” is someone who has substantial control over a company or owns at least 25% of it. For example, in a small pottery studio in Garner, an individual who owns 40% of the studio and is responsible for major business decisions such as selecting vendors and setting prices 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 offers efficient tools for BOI reporting, streamlining the process to help businesses comply with FinCEN regulations efficiently.
Additional Resources:
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