FinCEN's BOI Filing Deadline: 01/01/2025 - Port Charlotte, FL Businesses Should File Now to Avoid the Possibility of Fines!

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The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN to enhance transparency and combat financial crimes.

As of today, November 27th, 2024, Port Charlotte, Florida, business owners have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—don’t delay, or you could face $500 per day fines!

 

 

What You Need to Do:

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.

Beneficial owners are individuals with substantial control or 25% or more ownership of your business. For example, the owner of a Port Charlotte-based landscaping service with a 30% stake 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 can assist with the BOI filing process for your business and ensure ongoing compliance.

 

 

Key BOI Filing Details:

Who Needs to File?

"Reporting companies" include most LLCs, corporations, and small businesses in Port Charlotte. Exemptions apply to publicly traded and regulated entities. For example, a family-owned café in Port Charlotte would need to file, while a national coffee chain would not.

What Is a Beneficial Owner?

A beneficial owner is someone who:

  1. Holds substantial control over the company, OR

  2. Owns 25% or more of it.

For example, a co-owner of a Port Charlotte-based real estate agency with a 35% stake qualifies as a beneficial owner.

What Information Is Needed?

You’ll need:

  • Business name, address, EIN.

  • Owners’ names, addresses, DOBs, and identification documents.

How and When to File:

BOI reports must be submitted electronically with FinCEN. Deadlines:

  • Existing companies: File by 01/01/2025.

  • 2024 startups: File within 90 days of formation.

  • 2025+ startups: File within 30 days of formation.

Let ZenBusiness handle business BOI filing for accuracy and peace of mind.

Penalties for Non-Compliance:

Failure to file can result in fines of $500 per day, up to $10,000, and potential criminal penalties. FinCEN provides a 90-day safe harbor for corrections without penalties.

 

 

Additional Resources:

Help us and our Chamber by completing a quick BOI survey by December 18, 2024! It only takes a few minutes, and for every 25 responses, our Chamber earns a $100 donation. [Click here to take the survey!] We appreciate your time and participation!

*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.

FinCEN's BOI Filing Deadline: 01/01/2...