Sunbury, OH SBOs: What to Know 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 help via easy, streamlined BOI compliance tools. This is ideal for SBOs that want to circumvent trouble by breezing through their obligations in advance.

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 restaurant in Sunbury, OH would likely need to file a BOI report.

2. Identify Your Beneficial Owners.

A ‘beneficial owner’ is an individual who exercises substantial control over a company or owns at least 25% of it. For example, in Sunbury, the owner of a jewelry store who holds 40% of the business shares and makes major decisions regarding inventory and sales strategies is considered 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 assists SBOs in safeguarding against penalties by meeting guidelines now. Services such as these offer expertise, helpful tools and dedicated processes.

Additional Resources:

• FinCEN BOI FAQ

• Corporate Transparency Act

• State Requirements for Beneficial Ownership Reporting

• Details on Preliminary Injunction

• Corporate Transparency Act Deadlines for 2025

• Completing the Beneficial Ownership Information Form

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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.