Help for Pascagoula, MS Businesses Confused 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. ZenBusiness offers BOI information and simple processes for businesses interested in taking proactive measures now, ensuring compliance with straightforward accuracy.
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 Pascagoula, MS 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. This can include decision-makers, managing partners, or co-owners with significant stakes. For example, the owner of an art gallery in Pascagoula who curates exhibitions, makes strategic business decisions, and owns 40% of the gallery 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 can find security and peace of mind by filing now through ZenBusiness, whose acumen and simple instructions ensure compliance with FinCEN regulations.
Additional Resources:
We want to hear from you!
Join us in making a positive impact by completing our BOI survey by December 18, 2024—every 25 responses earn our Chamber a $100 donation! Take the survey here! Your participation 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.
This Hot Deal is promoted by Jackson County Chamber of Commerce.
