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. Read more for details on how this may impact your business in the future. 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 the Osceola, FL area 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, in the Osceola area, the owner of a local wedding planning business who makes all strategic decisions and holds a 40% ownership stake 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. ZenBusiness offers guidance and tools for Florida business owners who are reporting BOI, simplifying the process to help businesses comply with FinCEN regulations. Penalties for Non-Compliance: 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. FinCEN provides a 90-day safe harbor period for corrections without penalties. No action is needed immediately, but if you decide to move forward, you can avoid hassles by filing with ZenBusiness in Florida. Additional Resources: We want to hear from you! Join us in making a positive impact by completing our BOI survey before December 18, 2024—each response counts, and for every 25 responses, our Chamber receives a $100 donation! Take the survey here! Your support is invaluable! 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.The CTA, BOI and FinCEN: What Does this Mean for Osceola, FL Area Businesses?
The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to combat financial crimes.
