Biz Builder - Go Further, Faster
marketing • Entrepreneurship • Startups • GROWTH • LEADERSHIP
Biz Builder - Go Further, Faster
marketing • Entrepreneurship • Startups • GROWTH • LEADERSHIP
Tips, tools, and inspiration for aspiring and growth stage entrepreneurs. Dive in for insights on marketing, leadership, and tools to help build your business.
A No-Cost Guide to Beneficial Ownership (BOI) Filing
Hey there my fellow small business owners! I wanted to chat with you about something important: the federal requirement for businesses to file a Beneficial Ownership Information (BOI) report by January 1, 2025. Don't worry—the process is straightforward and won't cost you a dime if you handle it yourself.
What is the BOI Report?
Starting January 1, 2024, the Corporate Transparency Act mandates that many businesses submit a BOI report to the Financial Crimes Enforcement Network (FinCEN). This report identifies individuals who own or control at least 25% of the company or have significant managerial authority. (An easy to read article on this can be found here: https://www.relevantlaw.com/resources/articles/comprehensive-guide-boi-reporting)
Who Needs to File?
Most corporations, limited liability companies (LLCs), and similar entities formed in the U.S. or registered to do business here are required to file. However, there are exceptions, such as larger companies meeting specific criteria.
How to File
Filing is simple:
Gather Information: You'll need details like names, addresses, and identification numbers of the beneficial owners.
Access FinCEN's Filing System: FinCEN provides an online portal for submissions.
Submit the Report: Follow the prompts to complete and file your report.
Beware of Third-Party Services
You might receive official-looking letters from companies offering to file the BOI report for a fee. I got one recently that seemed legitimate, stating a $135 charge. Turns out, that was their fee to file on my behalf. Remember, filing directly with FinCEN is free. If you're pressed for time, consider asking your lawyer or a trusted advisor to assist instead of paying an unknown company.
Privacy Concerns
Rest assured, the information you provide to the federal government is not public record at this time.
Deadline Alert
The deadline to file is January 1, 2025. It's crucial to act promptly to avoid any penalties.
How to file your BOI
If you haven’t filed yet, I recommend you visit the government FINCEN site as soon as possible. The FINCEN filing info can be found at this link: https://boiefiling.fincen.gov/
Let's ensure you're all set before the deadline!
P.S. Just a friendly reminder: I'm not an attorney or financial professional; this is simply my personal heads-up for business clients, members, and friends. For specific guidance on this topic, please consult your attorney, CPA, or another trusted advisor.
A No-Cost Guide to Beneficial Ownership (BOI) Filing
Hey there my fellow small business owners! I wanted to chat with you about something important: the federal requirement for businesses to file a Beneficial Ownership Information (BOI) report by January 1, 2025. Don't worry—the process is straightforward and won't cost you a dime if you handle it yourself.
What is the BOI Report?
Starting January 1, 2024, the Corporate Transparency Act mandates that many businesses submit a BOI report to the Financial Crimes Enforcement Network (FinCEN). This report identifies individuals who own or control at least 25% of the company or have significant managerial authority. (An easy to read article on this can be found here: https://www.relevantlaw.com/resources/articles/comprehensive-guide-boi-reporting)
Who Needs to File?
Most corporations, limited liability companies (LLCs), and similar entities formed in the U.S. or registered to do business here are required to file. However, there are exceptions, such as larger companies meeting specific criteria.
How to File
Filing is simple:
Gather Information: You'll need details like names, addresses, and identification numbers of the beneficial owners.
Access FinCEN's Filing System: FinCEN provides an online portal for submissions.
Submit the Report: Follow the prompts to complete and file your report.
Beware of Third-Party Services
You might receive official-looking letters from companies offering to file the BOI report for a fee. I got one recently that seemed legitimate, stating a $135 charge. Turns out, that was their fee to file on my behalf. Remember, filing directly with FinCEN is free. If you're pressed for time, consider asking your lawyer or a trusted advisor to assist instead of paying an unknown company.
Privacy Concerns
Rest assured, the information you provide to the federal government is not public record at this time.
Deadline Alert
The deadline to file is January 1, 2025. It's crucial to act promptly to avoid any penalties.
How to file your BOI
If you haven’t filed yet, I recommend you visit the government FINCEN site as soon as possible. The FINCEN filing info can be found at this link: https://boiefiling.fincen.gov/
Let's ensure you're all set before the deadline!
P.S. Just a friendly reminder: I'm not an attorney or financial professional; this is simply my personal heads-up for business clients, members, and friends. For specific guidance on this topic, please consult your attorney, CPA, or another trusted advisor.
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