FinCEN’s BOI Filing Deadline for Claremont, CA: Avoid $500 Per Day Fines by 01/01/2025
The Corporate Transparency Act (CTA) requires most businesses in Claremont, CA, to report Beneficial Ownership Information (BOI) to FinCEN to promote transparency and curb financial misconduct.
As of today, 11-26-2024, Claremont business owners have 36 calendar days (or 27 business days) to file their BOI reports with FinCEN—act now to avoid daily fines of $500 for non-compliance!
Action Steps for Claremont Businesses
1. Confirm If Your Business Must File
Deadline: ASAP
Reporting companies include most LLCs, corporations, and similar entities. Exemptions exist for banks, publicly traded companies, and nonprofits.
2. Identify Your Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are individuals who:
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Own 25% or more of the business, or
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Exercise substantial control over its operations.
3. Gather the Required Information
Deadline: 12-17-2024
Collect:
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Company details: Name, EIN, and address.
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Beneficial owner details: Name, address, date of birth, and ID information.
4. File Your BOI Report
Deadlines:
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Existing businesses: File by 01/01/2025.
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New businesses (2024): File within 90 days of formation.
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New businesses (2025 onward): File within 30 days.
ZenBusiness simplifies the BOI filing process. Click here to learn how.
Understanding BOI Filing
Who Needs to File?
Most Claremont businesses, such as a family-owned landscaping LLC, must file unless exempt. Exemptions apply to entities like nonprofits or banks.
What Is a Beneficial Owner?
A beneficial owner is anyone with substantial control or at least 25% ownership in a company. For instance, in a local bakery co-owned by two partners with 50% shares, both would be considered beneficial owners.
What Information Is Required?
BOI reports must include:
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Full legal names.
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Current residential addresses.
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Dates of birth.
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Government-issued ID details.
How and When to File
Reports must be filed electronically via FinCEN’s portal. Deadlines vary:
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Businesses formed before 01/01/2024: File by 01/01/2025.
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Businesses formed in 2024: File within 90 days of formation.
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Businesses formed in 2025 or later: File within 30 days of formation.
Penalties for Non-Compliance
Failure to file can result in penalties of $500 per day or imprisonment. Mistakes can be corrected within FinCEN’s 90-day safe harbor period.
Why Choose ZenBusiness?
ZenBusiness offers comprehensive BOI filing services, ensuring compliance and saving you time. Their platform provides accurate, stress-free filing solutions. Get started here.
Additional Resources
File your BOI report promptly to meet the January 1, 2025, deadline and keep your business compliant!
