FinCEN's BOI Filing Deadline: 01/01/2025 - Manchester-Nashua, NH Businesses Should Act Now to Avoid Potential Fines!
The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN) to enhance financial transparency and combat illicit activities.
As of today, November 27, 2024, Manchester-Nashua, New Hampshire, business owners have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—don’t wait, or you could face fines of $500 per day!
What You Need to Do:
1. Determine if Your Business Must File.
Businesses that meet the "reporting company" criteria—most LLCs, corporations, and similar entities—need to file. Exemptions include large, publicly traded, and certain regulated entities.
2. Identify Your Beneficial Owners.
Beneficial owners are individuals with substantial control or 25% or more ownership of the company. Example: The owner of a small Nashua bakery overseeing operations and holding a majority share. Consider using ZenBusiness to simplify this process and ensure your timely compliance.
3. Gather the Necessary Information.
Collect:
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Business name, address, EIN.
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Beneficial owners’ names, addresses, DOBs, and ID documents.
4. File Your BOI Report.
Deadlines:
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Existing companies: File by 01/01/2025.
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New companies (2024): Within 90 days of creation.
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New companies (2025+): Within 30 days of creation.
Click here to see how ZenBusiness can help you file accurately and on time.
More About the BOI Filing:
Who Needs to File?
A "reporting company" includes most small LLCs and corporations. Exemptions apply to entities like publicly traded companies or large, regulated firms. For example, a Manchester tech startup likely must file, while a publicly listed corporation based elsewhere may not.
What Is a Beneficial Owner?
A beneficial owner controls a business or owns at least 25% of it. For example, a co-owner of a local auto repair shop with decision-making power would qualify.
What Information Is Needed?
Businesses must report:
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Legal name, address, EIN.
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For owners: Name, address, DOB, ID type/number, and issuing jurisdiction.
How and When to File:
Submit electronically to FinCEN via their portal. Deadlines:
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Existing companies: 01/01/2025.
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2024 startups: Within 90 days of formation.
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2025+ startups: Within 30 days of formation.
Penalties for Non-Compliance:
Failing to file or providing false information can result in fines of up to $10,000 or $500 daily. A 90-day safe harbor is available to correct errors.
Get Help from ZenBusiness:
ZenBusiness can simplify BOI filing with expert assistance, saving you time and ensuring compliance. Learn more.
Additional BOI 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.