The Corporate Transparency Act (CTA) now requires most U.S.-registered businesses to report essential information about their beneficial owners to FinCEN, with deadlines looming for compliance.
As of today, November 27, 2024, Carroll County, New Hampshire business owners have 35 calendar days (or 25 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN—act quickly to avoid fines of $500 per day!
Take These Steps Now:
1. Verify if your business needs to file.
Most corporations, LLCs, and similar entities must comply, unless they’re exempt (e.g., banks, charities, publicly traded companies).
2. Identify your beneficial owners.
A beneficial owner is anyone who owns 25% or more of the company or exercises substantial control. Services like ZenBusiness can simplify the process.
3. Gather required details.
Collect names, addresses, birthdates, and identification documents for each beneficial owner.
4. File your BOI report.
Deadlines depend on your company’s creation date:
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Existing companies (formed before 2024): File by 01/01/2025.
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New companies (formed in 2024): File within 90 days of registration.
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New companies (formed in 2025+): File within 30 days of registration.
Learn how ZenBusiness can help you with filing.
What Carroll County Businesses Need to Know
Who Needs to File?
Most small businesses, including LLCs and corporations, are "reporting companies" under the CTA. Exceptions include banks, nonprofits, and large public companies. For example, a family-run retail store in Carroll County likely needs to file, while a local charity would not.
Who is a Beneficial Owner?
A beneficial owner is someone who:
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Has substantial control over the business, OR
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Owns 25% or more of the company.
For instance, if a Carroll County bed-and-breakfast is owned equally by two siblings, both are beneficial owners under the law.
What Information is Required?
Businesses need to report:
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Company details: Name, address, EIN.
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Beneficial owners’ details: Names, addresses, dates of birth, and government-issued ID copies.
This information ensures transparency and compliance with anti-fraud measures.
How and When to File?
BOI reports must be submitted electronically via FinCEN’s portal. Deadlines are:
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Existing companies (pre-2024): File by 01/01/2025.
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New companies (2024): File within 90 days of registration.
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New companies (2025 and beyond): File within 30 days of registration.
Penalties for Non-Compliance
Businesses that fail to file or provide false information face:
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Daily fines of up to $500 (capped at $10,000).
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Potential imprisonment for willful violations.
Mistakes? You have a 90-day safe harbor to correct unintentional errors.
Let ZenBusiness Help You!
ZenBusiness specializes in BOI compliance, providing:
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Expertise in identifying beneficial owners.
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Easy, stress-free filing.
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Assurance your business remains compliant.
Start filing today with ZenBusiness.
Additional Resources:
Prepare now to meet the 01/01/2025 deadline and safeguard your business!
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.
