Urgent Compliance Required: FinCEN BOI Filing for Dover, NH Due by 01/01/2025

The Corporate Transparency Act mandates U.S. companies to reveal their true owners to combat financial crimes, with Beneficial Ownership Information detailing these individuals.

As of today, 12/04/2024, Dover, NH 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” would be someone who either has substantial control over a company or owns at least 25% of it. 

An example for Dover business owners: A co-owner of a local salon who owns 40% of the business and is actively involved in making strategic decisions 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.

If you’re looking for ways to simplify this process,  ZenBusiness offers help with the BOI reporting process, ensuring businesses comply accurately 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. 

An example for Dover business owners: A local coffee shop in Dover, NH would likely need to file a BOI report.

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.

An example for Dover business owners: A managing partner of a family-owned bookstore who owns 35% of the business and oversees daily operations 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.

Those looking for comprehensive support can use ZenBusiness BOI filing services, ensuring small business owners complete the requirements and avoid penalties with ease.

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:

• Beneficial Ownership Report Guide

• State Requirements for Beneficial Ownership Reporting

• Completing the Beneficial Ownership Information Form

• FinCEN’s Compliance Guidelines

• Who’s Exempt from the Corporate Transparency Act?

• BOI Filing Services for LLCs

We want to hear from you!

Join us in making an impact! Fill out our BOI survey by December 18, 2024, and note that for every 25 responses, our Chamber will receive a $100 donation! We value your contribution!

*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.