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The Corporate Transparency Act (CTA) mandates businesses in Burlington, WA to disclose Beneficial Ownership Information (BOI) to FinCEN, aiming to enhance financial transparency and deter illicit activities.As of today, 11-26-2024, Burlington business owners have 36 calendar days (or 27 business days) left to submit their BOI reports—avoid daily fines of $500 by filing on time!
Action Items for Burlington Businesses
1. Determine if Your Business Needs to File
Deadline: ASAP
Most corporations, LLCs, and similar entities qualify as "reporting companies." Exemptions include banks, publicly traded companies, and certain nonprofits.2. Identify Your Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are individuals who:-
Own at least 25% of the company, or
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Exercise significant control over its operations.
3. Gather Required Information
Deadline: 12-17-2024
Prepare:-
Business Information: Name, EIN, and primary address.
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Beneficial Owners’ Details: Full names, dates of birth, residential addresses, and government-issued IDs.
4. Submit Your BOI Report
Deadlines:
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Existing companies (pre-2024): File by 01/01/2025.
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Newly formed companies (2024): File within 90 days of creation.
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Companies formed in 2025 or later: File within 30 days of formation.
Get help from ZenBusiness to ensure compliance with ease.
Understanding BOI Filing Requirements
Who Must File?
"Reporting companies" include most small businesses like corporations and LLCs. For example, a Burlington coffee shop operating as an LLC must file a BOI report. Exemptions include large financial institutions and nonprofit organizations.
What Is a Beneficial Owner?
Beneficial owners are those with:
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25% or more ownership of a business, or
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Substantial control over company decisions.
For instance, if three partners own a Burlington tech startup, each holding a 33% share, all three must be listed as beneficial owners.
What Information Is Required?
The BOI report includes:
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Business Details: Name, EIN, and address.
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Beneficial Owners’ Information: Full names, birthdates, residential addresses, and identification documents.
How to File
Submit the BOI report electronically through FinCEN’s system. Filing deadlines depend on the company’s formation date:
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Pre-2024 businesses: File by 01/01/2025.
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2024 companies: File within 90 days of formation.
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Post-2025 businesses: File within 30 days of formation.
Penalties for Non-Compliance
Failure to file or providing false information may result in fines of $500 per day, up to $10,000, and even imprisonment. FinCEN provides a 90-day grace period to correct errors without penalty.
Let ZenBusiness Handle Your BOI Filing
ZenBusiness simplifies the BOI filing process, ensuring accuracy and compliance with FinCEN’s requirements. Save time and avoid stress by letting ZenBusiness assist with your filing. Start your filing now!
Helpful BOI Resources
Stay compliant—file your BOI report today!
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