The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN to increase financial transparency and deter illegal activities.
As of this day, November 27, 2024, Fort Worth, Texas, business owners have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—act now to avoid $500 per day fines!
Most LLCs, corporations, and small businesses qualify as "reporting companies." Exemptions apply to publicly traded companies and certain regulated entities.
Beneficial owners are individuals with substantial control or 25% or more ownership of your business. For example, the owner of a Fort Worth-based construction firm with a 30% stake qualifies as a beneficial owner.
Prepare:
Business name, address, and EIN.
Beneficial owners’ names, addresses, DOBs, and ID details.
Deadlines:
Existing businesses: File by 01/01/2025.
New companies (2024): File within 90 days of formation.
New companies (2025+): File within 30 days of formation.
ZenBusiness can help simplify your BOI filing process and ensure your business is compliant.
"Reporting companies" include most LLCs, corporations, and small businesses in Fort Worth. Exemptions apply to publicly traded and regulated entities. For example, a Fort Worth-based marketing agency would likely need to file, while a national consulting firm would not.
A beneficial owner is someone who:
Holds substantial control over the company, OR
Owns 25% or more of it.
For instance, a co-owner of a Fort Worth restaurant with a 40% stake qualifies as a beneficial owner.
You’ll need:
Business name, address, EIN.
Owners’ names, addresses, DOBs, and identification documents.
BOI reports must be submitted electronically with FinCEN. Deadlines:
Existing companies: File by 01/01/2025.
2024 startups: File within 90 days of formation.
2025+ startups: File within 30 days of formation.
Click here to let ZenBusiness assist with your filing for accuracy and ease.
Failure to file can result in fines of $500 per day, up to $10,000, and potential criminal penalties. FinCEN provides a 90-day safe harbor to correct errors without penalties.
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.
