Urgent: FinCEN BOI Filing Deadline for Delano, MN is 01/01/2025
The Corporate Transparency Act mandates U.S. companies to disclose key details about their beneficial owners to combat financial crimes.
As of today, 12/04/2024, Delano, MN business owners have 27 calendar days (or 20 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN—don’t wait, or you could face fines of $500 per day!
1. Determine if Your Business Must File.
Most LLCs, corporations, and small businesses qualify as “reporting companies.” Exemptions apply to publicly traded companies and certain regulated entities.
2. Identify Your Beneficial Owners.
A “beneficial owner” is anyone who either has substantial control over a company or owns 25% of it or more.
Example for Delano: The owner of a local salon who makes strategic decisions and owns 40% of the business 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.
Business owners who wish to avoid the complexities of meeting regulations can tap into ZenBusiness BOI reporting services, making it quicker and easier to comply with FinCEN requirements.
Who Needs to File?
A “reporting company” is considered any small business, corporation, or LLC that is registered with the state, unless exempt. Exemptions apply to publicly traded companies, banks, and charities.
Example for Delano: A local coffee shop would likely need to file a BOI report.
What Is a Beneficial Owner?
A beneficial owner is someone who:
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Holds substantial control over the company, OR
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Owns 25% or more of it.
Example for Delano: A managing partner of a family-owned restaurant who has the authority to sign contracts and owns 35% of the business, qualifies as a beneficial owner.
What Information Is Needed?
You’ll need:
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Business name, address, EIN.
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Owners’ names, addresses, DOBs, and identification documents.
How and When to File:
BOI reports must be submitted electronically with FinCEN. Deadlines:
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Existing companies: File by 01/01/2025.
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2024 startups: File within 90 days of formation.
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2025+ startups: File within 30 days of formation.
Business owners looking for a simple approach can use ZenBusiness’s BOI filing services, ensuring they meet FinCEN requirements without the worry of sifting through intricate regulatory concerns on their own.
Penalties for Non-Compliance:
Failure to file can result in fines of $500 per day, up to $10,000, and potential criminal penalties. FinCEN offers a 90-day safe harbor for corrections without penalties.
Additional Resources:
We want to hear from you!
Join us in making a difference by completing our BOI survey before December 18, 2024! For every 25 responses, our Chamber will receive a $100 donation. Take the survey here! Your participation is greatly appreciated!
*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.
