Under the Corporate Transparency Act (CTA), businesses in Grovetown, Georgia must file Beneficial Ownership Information (BOI) with FinCEN by January 1, 2025, to comply with federal regulations aimed at curbing financial crimes.
As of today, November 26, 2024, Grovetown business owners have 36 calendar days (or 26 business days) to meet the BOI reporting deadline with FinCEN—failure to comply may result in fines of $500 per day.
Steps to Ensure Compliance
1. Determine If Your Business Must File
Deadline: ASAP
Most corporations, LLCs, and similar entities must file unless exempt (e.g., publicly traded companies, banks, and charities).
2. Identify Beneficial Owners
Deadline: December 10, 2024
A beneficial owner is defined as anyone who:
-
Has substantial control over the company OR
-
Owns 25% or more of the company.
ZenBusiness can simplify this process for you.
3. Gather Required Information
Deadline: December 17, 2024
You’ll need to provide:
-
Company details: Name, address, and EIN.
-
Beneficial owner information: Names, addresses, birth dates, and ID documents.
4. File Your BOI Report
Deadline: January 1, 2025
-
Existing companies must file by 01/01/2025.
-
Companies formed in 2024 must file within 90 days of creation.
-
New companies (formed 2025 or later) have 30 days to file.
Let ZenBusiness help you file your report with ease.
BOI Filing Explained
Who Needs to File?
Most small businesses in Grovetown, including LLCs and corporations, qualify as "reporting companies." However, certain entities such as charities, banks, and publicly traded businesses are exempt.
Example: A local Grovetown boutique registered as an LLC before 2024 must file a BOI report.
What Is a Beneficial Owner?
A beneficial owner is anyone with:
-
Substantial control over decision-making, or
-
25% or more ownership interest.
Example: If two partners each own 50% of a Grovetown coffee shop, both are considered beneficial owners.
What Information Do You Need?
You’ll need to report:
-
Company details: Name, address, EIN.
-
Beneficial owner details: Names, addresses, dates of birth, and ID documents.
Filing is done electronically via FinCEN’s online portal.
Penalties for Non-Compliance
Non-compliance or submitting false information may lead to:
-
Daily fines: $500 per day, up to $10,000.
-
Imprisonment for intentional violations.
However, a 90-day safe harbor allows businesses to correct errors without penalty.
Why Use ZenBusiness?
ZenBusiness provides expert assistance in preparing and filing BOI reports, saving you time and ensuring accuracy. Start your filing now by clicking here.
Additional Resources
Act now to meet the January 1, 2025 deadline and avoid costly penalties!
This Hot Deal is promoted by Columbia County Chamber of Commerce.
