As of today, November 27, 2024, Fort Collins-Loveland, Colorado business owners have 35 calendar days (or 25 business days) left to file their BOI reports with FinCEN. Act promptly to avoid penalties of $500 per day! Most LLCs, corporations, and other small businesses are required to file unless exempt (e.g., banks, nonprofits, or publicly traded companies). A beneficial owner is anyone with at least 25% ownership or substantial control. Simplify this process with help from ZenBusiness. Prepare details like names, dates of birth, addresses, and government-issued ID information for all beneficial owners. Existing companies (pre-2024): Deadline is 01/01/2025. New companies (formed in 2024): File within 90 days of formation. New companies (formed in 2025+): File within 30 days of formation. Use a service like ZenBusiness to guide you through this process. "Reporting companies" include most small businesses, such as LLCs or corporations. Certain businesses are exempt, including banks, nonprofits, and publicly traded companies. For example, a local brewery in Fort Collins organized as an LLC must file, while a nonprofit in Loveland offering community services would not. A beneficial owner is someone who: Owns at least 25% of the business, OR Has substantial control over company operations. For instance, if two partners own 50% each of a Loveland tech startup, both are beneficial owners and must be reported. BOI reports require: Business information: Name, address, and EIN. Beneficial owner details: Name, date of birth, residential address, and a government-issued ID (e.g., driver’s license or passport). This ensures compliance and transparency. BOI reports must be submitted electronically through FinCEN’s secure portal. Deadlines depend on when your business was formed: Existing businesses (pre-2024): File by 01/01/2025. New businesses (2024): File within 90 days of registration. New businesses (2025+): File within 30 days of registration. Failing to file or providing false information may result in: Daily fines of $500, up to a maximum of $10,000. Potential imprisonment for willful violations. Mistakes? The law offers a 90-day safe harbor to correct errors without penalty. ZenBusiness provides: Expertise in identifying beneficial owners. A streamlined process to ensure accuracy and compliance. Get started with ZenBusiness today! Don’t delay—ensure compliance before the January 1, 2025 deadline to avoid costly penalties! 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. This Hot Deal is promoted by Berthoud Area Chamber of Commerce.FinCEN’s BOI Deadline: Fort Collins-Loveland Businesses Must File by 01/01/2025 to Avoid $500 Daily Fines
The Corporate Transparency Act (CTA) requires most U.S.-registered businesses to report Beneficial Ownership Information (BOI) to FinCEN, supporting efforts to combat fraud, money laundering, and tax evasion.
Next Steps for Fort Collins-Loveland Businesses:
1. Determine if your business needs to file.
2. Identify your beneficial owners.
3. Collect the required details.
4. Submit your BOI report electronically.
Key Information About BOI Filing:
Who Needs to File?
Who is a Beneficial Owner?
What Information is Needed?
How and When to File?
Penalties for Non-Compliance:
ZenBusiness Makes BOI Filing Simple:
Additional BOI Resources:
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