The Corporate Transparency Act (CTA) requires most U.S. businesses to disclose Beneficial Ownership Information (BOI) to FinCEN, a step to improve transparency and combat financial crimes like money laundering and tax evasion.

As of today, November 26, 2024, Fort Lauderdale, Florida business owners have 36 calendar days (or 26 business days) left to submit their BOI reports to FinCEN. Failure to comply can result in penalties of $500 per day—act now to avoid unnecessary fines!

Essential Steps for Fort Lauderdale Business Owners:

1. Determine if your business must file.

Most LLCs, corporations, and similar entities are required to file unless exempt (e.g., banks, charities, or publicly traded companies).

2. Identify your beneficial owners.

Beneficial owners include individuals who own at least 25% of the company or exert substantial control. Streamline the process with ZenBusiness.

3. Collect necessary details.

Prepare the required information, including names, addresses, dates of birth, and government-issued ID details for each beneficial owner.

4. Submit your BOI report electronically.

• Existing companies (formed before 2024): Deadline is 01/01/2025.

• New companies (formed in 2024): File within 90 days of formation.

• New companies (formed in 2025+): File within 30 days of formation.

Let ZenBusiness assist you in filing accurately and on time.

Important BOI Reporting Information:

Who Needs to File?

Most LLCs, corporations, and small businesses qualify as “reporting companies.” However, certain businesses are exempt, such as banks, nonprofits, and publicly traded companies. For instance, a Fort Lauderdale-based event planning LLC must file, while a local nonprofit food pantry does not.

Who is a Beneficial Owner?

A beneficial owner is someone who:

1. Owns 25% or more of the business, OR

2. Exercises significant control over operations.

For example, if two siblings co-own a Fort Lauderdale landscaping business, each with 50%, both are considered beneficial owners.

What Information is Required?

Businesses must provide:

• Company details: Name, address, and EIN.

• Beneficial owner details: Name, date of birth, residential address, and a government-issued ID (e.g., passport or driver’s license).

This ensures compliance with federal regulations and transparency requirements.

How and When to File?

BOI reports must be submitted electronically through FinCEN’s secure online portal. Deadlines depend on your company’s formation date:

• Existing businesses (pre-2024): File by 01/01/2025.

• New businesses (2024): File within 90 days of registration.

• New businesses (2025+): File within 30 days of registration.

Consequences of Non-Compliance:

Failing to file or submitting false information can lead to:

• Daily fines of $500, up to a maximum of $10,000.

• Potential imprisonment for intentional violations.

FinCEN offers a 90-day safe harbor to correct filing errors without penalty.

ZenBusiness Makes BOI Compliance Simple:

ZenBusiness provides:

• Expertise to identify beneficial owners quickly and accurately.

• A streamlined filing process to save you time and ensure compliance.

Start your BOI filing with ZenBusiness today!

Additional BOI Resources:

• FinCEN BOI FAQ

• ZenBusiness’s BOI Filing Services

• Is My Business Exempt from the Corporate Transparency Act?

• Corporate Transparency Act Deadlines

• BOI Compliance—Learn More with This Guide

• BOI Filing Information for Small Businesses

File your BOI report before the January 1, 2025 deadline to avoid costly penalties and stay compliant!