Stay Compliant: FinCEN BOI Filing for Clermont, FL Due by 01/01/2025
The Corporate Transparency Act mandates U.S. companies to report key details about their beneficial owners to combat financial crimes.
As of today, 12/04/2024, Clermont, FL 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 someone who either has substantial control over a company or owns at least 25% of it. For example, in Clermont, a partner who owns 40% of a local hardware store and is responsible for major business decisions, such as inventory purchases and staffing, qualifies as 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 a streamlined approach to BOI reporting, providing accurate guidance to help businesses comply with FinCEN requirements.
Who Needs to 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 tech startup in Clermont, FL 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.
In Clermont, a managing partner who owns 35% of a local coffee shop and oversees all major operational and financial decisions 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.
ZenBusiness offers a straightforward solution for small business owners to manage their BOI reporting with ease through their comprehensive filing services, ensuring compliance with FinCEN’s regulations while avoiding costly penalties.
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 an impact! Complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation. Take the survey here! Your participation means a lot to us!
*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.
