FinCEN's BOI Reporting Deadline: Conway, SC Businesses Should File by 01/01/2025
The Corporate Transparency Act (CTA) mandates that most Conway, SC businesses disclose Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, to ensure compliance and prevent financial crimes.
As of today, 11-26-2024, Conway business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—don't delay or risk fines of $500 per day!
Action Steps for Conway Businesses
1. Confirm Filing Requirement
Deadline: ASAP
Determine if your company is a "reporting company," such as an LLC, corporation, or similar entity. Exemptions include charities, banks, and publicly traded businesses.
2. Identify Beneficial Owners
Deadline: 12-10-2024
Beneficial owners include:
-
Those owning 25% or more of the company.
-
Individuals with substantial decision-making authority.
3. Collect the Required Information
Deadline: 12-17-2024
Prepare:
-
Company details (name, EIN, and address).
-
Owner details (name, address, date of birth, and ID).
4. File BOI Reports
Deadlines:
-
Existing companies (formed before 01/01/2024): File by 01/01/2025.
-
Companies formed in 2024: File within 90 days of formation.
-
Companies formed after 01/01/2025: File within 30 days.
ZenBusiness can help streamline this process. Click here to get started.
Key Details for Conway Businesses
Who Must File?
A "reporting company" includes most corporations, LLCs, and similar entities. Exemptions apply to charities, publicly traded companies, and financial institutions. For example, a local Conway landscaping business operating as an LLC must comply.
What is a Beneficial Owner?
A beneficial owner is someone who:
-
Owns at least 25% of a company, or
-
Exercises significant control over decisions.
Example: A Conway coffee shop co-owner holding 30% equity and managing operations is a beneficial owner.
Information Needed for BOI Reporting
Businesses must submit:
-
Company details: Name, EIN, and address.
-
Owner details: Full name, address, date of birth, and ID information.
How and When to File
Reports are filed electronically with FinCEN. Deadlines depend on company formation:
-
Companies formed before 01/01/2024: File by 01/01/2025.
-
Companies formed in 2024: File within 90 days of registration.
-
Companies formed after 01/01/2025: File within 30 days.
Penalties for Non-Compliance
Failure to file or providing false information may result in:
-
Fines up to $500 per day.
-
Criminal charges and imprisonment.
A 90-day safe harbor allows corrections for genuine mistakes.
Why ZenBusiness is Your Solution
ZenBusiness simplifies BOI reporting with expert guidance, saving time and ensuring accuracy. Start your filing today with ZenBusiness.
Additional Resources
Take action now to avoid penalties and stay compliant.
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.
