The Corporate Transparency Act (CTA) now requires businesses in Bryan, TX, to report their Beneficial Ownership Information (BOI) to FinCEN, aiming to increase financial transparency and curb illicit financial activities.
As of today, 11-26-2024, Bryan business owners have 36 calendar days (or 27 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN—don't delay, as fines of $500 per day for late filing can quickly add up.
Steps for Bryan Business Owners to Stay Compliant
1. Determine If Your Business Must File
Deadline: ASAP
Most LLCs, corporations, and similar businesses need to file. Exemptions apply to banks, charities, and publicly traded companies.
2. Identify Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are individuals who either:
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Own 25% or more of the company, or
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Have substantial control over operations.
3. Prepare Key Information
Deadline: 12-17-2024
Gather the following details for both your business and its beneficial owners:
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Business: Name, EIN, physical address.
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Owners: Full names, birthdates, residential addresses, and government ID details.
4. Submit the BOI Report
Deadlines:
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Existing businesses: File by January 1, 2025.
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New businesses formed in 2024: File within 90 days of formation.
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New businesses formed in 2025 or later: File within 30 days of creation.
Learn how ZenBusiness can simplify your filing process here.
What Bryan Businesses Should Know
Who Must File?
A "reporting company" includes most small businesses, such as a locally-owned Bryan coffee shop or tech consultancy. However, entities like nonprofits, large publicly traded companies, and banks are exempt.
What Defines a Beneficial Owner?
A beneficial owner is any individual who:
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Owns at least 25% of the business, or
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Exercises substantial control over its decisions.
Example: If a small Bryan-based boutique has three partners, each owning 33%, all three are considered beneficial owners.
What Information Is Needed?
You’ll need to provide FinCEN with:
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Business Details: Name, EIN, address.
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Beneficial Owners: Full names, dates of birth, residential addresses, and a copy of a valid ID.
How to File the Report
Reports must be submitted electronically via FinCEN’s system. Deadlines are as follows:
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Existing companies formed before January 1, 2024 must file by January 1, 2025.
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Companies formed in 2024 have 90 days from their registration date.
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Companies formed after January 1, 2025 must file within 30 days of formation.
Penalties for Non-Compliance
Failing to file or providing false information can lead to severe consequences:
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Daily fines of $500 (up to $10,000).
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Potential imprisonment for serious violations.
However, FinCEN provides a 90-day safe harbor period to correct filing errors.
Why Choose ZenBusiness?
ZenBusiness offers a streamlined, user-friendly process to ensure BOI compliance. From identifying beneficial owners to preparing and submitting reports, their services help you save time and avoid costly errors. Get started with ZenBusiness here.
Additional Resources for Bryan Businesses
Don’t wait—secure your compliance today to avoid unnecessary penalties and safeguard your business’s future.
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