The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes.

As of today, 12/06/2024, Florissant, MO business owners have 26 calendar days (or 19 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN.

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 Florissant, MO 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 a candle shop in Florissant who has the final say in all major business operations and holds 40% of the company’s shares qualifies as 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 brings a simple and efficient approach to BOI reporting, providing businesses with accurate guidance to comply with FinCEN requirements.

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 may 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.

ZenBusiness’s BOI compliance assistance allows businesses to avoid any of the headaches involved in waiting. 

Additional Resources:

• Beneficial Owner Definition

• A Guide to BOI Compliance

• Beneficial Ownership Report Guide

• FinCEN’s Compliance Guidelines

• BOI Filing for Small Businesses

• Details on Preliminary Injunction

We want to hear from you!

We value your feedback! Please 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 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.