We’re Back – and Just in Time for BOI Compliance Updates

After a short break, we're thrilled to be back with fresh insights on all things commercial finance! We’ve got an exciting lineup of articles planned, starting with this important reminder on the new Beneficial Ownership Information (BOI) filing requirements. As we approach the deadline, let’s check out what you need to know – because, as always, staying informed is the key to staying ahead.

As we approach year-end, business owners are being called to meet a new compliance requirement: the Beneficial Ownership Information (BOI) form, mandated under the Corporate Transparency Act. This regulation aims to enhance transparency by revealing key details about who owns and controls U.S.-based companies. With the deadline coming up, now is the time to ensure your business is prepared, as steep penalties await those who miss the mark.

Who Needs to File the BOI Form?

Most LLCs, corporations, and partnerships must submit the BOI form if they qualify as “reporting companies.” Exceptions do apply, mainly to larger entities, heavily regulated companies, and nonprofits, but it’s important for business owners to confirm their filing status to avoid complications.

Key Details to Submit

The BOI report requires specific information on each beneficial owner, including:

• Full legal name
• Date of birth
• Residential address
• Unique ID number (from a driver’s license, passport, or other approved identification)

For reporting companies, details such as the entity’s legal name, trade names, address, jurisdiction of formation, and taxpayer identification number are also mandatory.

Deadline and Cost

For entities established or registered before January 1, 2024, the deadline to file the initial BOI report is January 1, 2025. Companies formed after this date must submit their BOI information within 90 days of formation. Filing is free through the Financial Crimes Enforcement Network’s (FinCEN) secure online portal.

The Penalties Are Real

Businesses that fail to submit the BOI form or provide inaccurate information risk facing serious penalties. Non-compliance can lead to hefty fines, with potential consequences extending into thousands of dollars for continued neglect. Ensuring that your BOI report is accurate and filed on time could spare your business from unnecessary financial stress.

For more information on filing your BOI report, head to FinCEN’s official site, which provides step-by-step guidance for an easy online submission.

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Holiday Bankroll Line of Credit Features and Qualifications:

• Flexible Approval Amounts: Access up to $1.5 million in funding.
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• 36-Month Term: Fixed terms allow predictability and stability.

Qualifications:

• Minimum credit score of 640.
• At least two years in business.
• Positive bank statements (no recent negative balances or non-sufficient funds).
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Let CCC’s Holiday Bankroll Line of Credit keep your business running smoothly through the end of the year and beyond. Reach out to learn more about this opportunity and see how CCC can support your success this holiday season!

Book an appointment or visit us online to apply!

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