Act Now: Secure Your Business with BOI Filing for 2024

If your business was formed in 2024, it's essential to stay compliant by filing a Beneficial Ownership Information (BOI) form with the Financial Crimes Enforcement Network (FinCEN) within 90 days of registration. This new requirement is aimed at enhancing transparency and combating financial crimes. Failure to file could lead to significant penalties, including civil fines and criminal consequences.

Understanding the BOI Filing Requirement

The BOI filing requirement mandates that certain businesses disclose information about their beneficial owners to FinCEN. Beneficial owners are individuals who directly or indirectly own or control 25% or more of the business entity. This information helps law enforcement agencies prevent illicit financial activities such as money laundering and terrorism financing.

Penalties for Non-Compliance

Failure to comply with the BOI filing requirement can result in severe consequences:

• Civil Penalties: Up to $500 per day for each day the violation continues.
• Criminal Penalties: Up to two years imprisonment and a fine of up to $10,000.

How ADLI Law Can Help

Navigating regulatory requirements like the BOI filing can be daunting, but ADLI Law is here to assist you every step of the way:

• Comprehensive Legal Guidance: Our experienced attorneys can provide expert advice on BOI filing requirements, ensuring your compliance with federal regulations.
• Document Preparation: We can assist in preparing and filing your BOI form accurately and on time.
• Risk Mitigation Strategies: ADLI Law helps you mitigate risks associated with non-compliance, protecting your business from potential penalties and legal challenges.

Ensure your business meets its BOI filing obligations smoothly and efficiently. Contact ADLI Law today to learn how we can support your compliance efforts and safeguard your business's reputation.