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Jefferson Chamber of Commerce

FinCEN's BOI Filing Deadline: 01/01/2025 - Metairie, LA Businesses Should File to Avoid Potential Penalties!

November 27, 2024
EconomicPress ReleaseGeneral News Article

The Corporate Transparency Act (CTA) requires most businesses to submit Beneficial Ownership Information (BOI) to FinCEN, promoting transparency and preventing financial crimes.

As of today, November 27, 2024, Metairie, Louisiana, 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 $500 per day fines!

 


 

What You Need to Do:

1. Determine if Your Business Must File.

Most LLCs, corporations, and similar entities are considered "reporting companies" and must file. Exemptions include publicly traded companies and certain regulated entities.

2. Identify Your Beneficial Owners.

A beneficial owner is anyone with substantial control or 25% or more ownership in your company. For instance, a Metairie boutique owner with a 40% stake and operational control would qualify.

3. Gather the Necessary Information.

You’ll need:

  • 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): Within 90 days of formation.

  • New companies (2025+): Within 30 days of formation.

Let ZenBusiness guide you through the filing process with ease.

 


 

Key BOI Filing Details:

Who Needs to File?

A "reporting company" includes most LLCs, corporations, and small businesses. Exemptions apply to large, publicly traded companies and certain regulated entities. For example, a family-owned Metairie restaurant would need to file, but a national hotel chain would not.

What Is a Beneficial Owner?

Beneficial owners are individuals who either:

  1. Have substantial control over the company, OR

  2. Own 25% or more of it.

For instance, a co-owner of a Metairie IT consulting firm with a 30% stake and decision-making power qualifies as a beneficial owner.

What Information Is Needed?

Businesses must report:

  • Business name, address, EIN.

  • Beneficial owners’ names, addresses, DOBs, and ID details.

How and When to File:

BOI reports must be submitted electronically to FinCEN by the following deadlines:

  • Existing companies: 01/01/2025.

  • 2024 startups: Within 90 days of formation.

  • 2025+ startups: Within 30 days of formation.

Click here to see how ZenBusiness can make your filing simple and stress-free.

Penalties for Non-Compliance:

Failure to file can result in fines of up to $500 per day or $10,000 total, along with criminal penalties. A 90-day safe harbor allows corrections without penalty.

 


 

Additional Resources:

  • FinCEN BOI FAQ

  • BOI Filing for Small Businesses

  • ZenBusiness BOI Filing Services

  • Corporate Transparency Act: Reporting Requirements for Small LLCs and Corporations

We want to hear from you! Take our quick survey by December 18, 2024 to share your knowledge about Beneficial Ownership Information (BOI) filing. It only takes a few minutes. Plus for every 25 responses, our Chamber will receive a $100 donation! [Click here to take the survey now!] Thank you for your time and valuable feedback.

*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...
ZenBusiness
  • Sallie Clark
  • November 27, 2024
  • (512) 765-4985
  • Send Email
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