The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN, fostering transparency and preventing financial misconduct.
As of today, November 27, 2024, Maquoketa, Iowa, business owners have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—don’t delay, or you could face fines of $500 per day!
Most LLCs, corporations, and similar small businesses are "reporting companies." Exemptions include publicly traded and some regulated entities.
Beneficial owners are individuals with substantial control or 25% or more ownership of the company. For example, a Maquoketa bed-and-breakfast owner with a 50% stake would qualify.
Collect:
Business name, address, and EIN.
Beneficial owners’ names, addresses, DOBs, and ID details.
Deadlines:
Existing businesses: File by 01/01/2025.
New companies (2024): File within 90 days of formation.
New companies (2025+): File within 30 days of formation.
ZenBusiness is here to make your BOI filing simple and stress-free.
"Reporting companies" include most small LLCs, corporations, and similar businesses. Exemptions apply to publicly traded and regulated entities. For example, a Maquoketa family-owned hardware store would likely need to file, while a large utility company would not.
A beneficial owner is defined as anyone who:
Has substantial control over the business, OR
Owns 25% or more of it.
For instance, a co-owner of a Maquoketa farm supply shop with a 35% ownership share qualifies as a beneficial owner.
You’ll need:
Business name, address, EIN.
Owners’ names, addresses, DOBs, and identification documents.
Reports must be submitted electronically via FinCEN. Deadlines:
Existing companies: File by 01/01/2025.
2024 startups: File within 90 days of formation.
2025+ startups: File within 30 days of formation.
Learn how ZenBusiness can assist you with the filing process today.
Failure to file may result in fines of up to $500 per day, with a maximum of $10,000, and potential criminal charges. FinCEN offers a 90-day safe harbor for corrections without penalties.
Help us and our Chamber by completing a quick BOI survey by December 18, 2024! It only takes a few minutes, and for every 25 responses, our Chamber earns a $100 donation. [Click here to take the survey!] We appreciate your time and participation!
*As of December 3, 2024, a Texas federal district court has issued a preliminary injunction for all states to block the CTA and its relevant regulations. However, filing your BOI will help you avoid fines if this injunction is overruled.
This Hot Deal is promoted by Maquoketa Area Chamber of Commerce.