The Corporate Transparency Act (CTA) requires High Point businesses to report Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, as part of efforts to combat financial crimes and improve corporate transparency.

As of today, November 27, 2024, High Point business owners have 35 calendar days (or 25 business days) left to file their BOI reports with FinCEN—delays could result in fines of $500 per day!

Critical Steps for Compliance

1. Determine If Your Business Must File

Deadline: ASAP
Most LLCs, corporations, and similar entities qualify as "reporting companies" unless exempt (e.g., nonprofits or publicly traded entities).

2. Identify Your Beneficial Owners

Deadline: December 10, 2024
A beneficial owner is defined as someone who:

• Exercises substantial control over the company, OR

• Holds at least 25% ownership.

Need help identifying beneficial owners? Click to learn how ZenBusiness simplifies the process.

3. Gather Necessary Information

Deadline: December 17, 2024
Prepare these details for your BOI report:

• Business information: Name, EIN, address.

• Owner information: Names, birth dates, addresses, and government ID details.

4. Submit Your BOI Report

Deadline: January 1, 2025

• Existing companies: File by 01/01/2025.

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

• New companies formed in 2025 or later: File within 30 days of formation.

ZenBusiness can help you file accurately and on time—learn more here.

Key Details on BOI Filing

Who Needs to File?

Most corporations, LLCs, and other small businesses must file unless exempt.
Example: A High Point-based interior design LLC will likely need to submit a BOI report.

Who is a Beneficial Owner?

A beneficial owner is someone who:

1. Controls company operations and decisions, OR

2. Owns 25% or more of the business.
   Example: For a local café in High Point, the manager overseeing all operations and a partner holding 30% shares are both beneficial owners.

What Information is Required?

You’ll need to provide:

• Business Details: Name, address, and EIN.

• Owner Details: Full names, residential addresses, DOBs, and government ID information.

Submit the report electronically via FinCEN's online platform.

Non-Compliance Penalties

Failure to comply can result in:

• Daily fines of $500 (up to $10,000 total).

• Criminal charges, including possible imprisonment.

Mistakes? FinCEN offers a 90-day safe harbor to correct errors.

Get Expert Help with ZenBusiness

ZenBusiness ensures High Point businesses file BOI reports seamlessly and accurately, saving time and stress. Learn more about how ZenBusiness can help you comply.

Additional Resources

• FinCEN BOI FAQ

• ZenBusiness: BOI Filing Services

• Who Is Exempt from the Corporate Transparency Act?

• Corporate Transparency Act (CTA) Deadline Information

• What to Know About BOI Compliance

• BOI Filing for Small Businesses

• Complete the Beneficial Ownership Information Form Correctly

• State-Specific Requirements for Beneficial Ownership Reporting

• Navigating Beneficial Ownership Reporting

Stay ahead of the January 1, 2025 deadline—file your BOI report today!