FinCEN’s BOI Filing Deadline Approaches: Coatesville, PA Businesses Must Comply by 01/01/2025
The Corporate Transparency Act (CTA) requires Coatesville, PA businesses to submit Beneficial Ownership Information (BOI) to FinCEN to strengthen efforts against financial crimes.
As of today, 11-26-2024, Coatesville business owners have 36 calendar days (or 27 business days) to file their BOI report with FinCEN—act now to avoid fines of up to $500 per day!
Compliance Checklist for Coatesville Businesses
1. Confirm If Your Business Must File
Deadline: ASAP
Most LLCs, corporations, and similar entities must file unless they qualify for exemptions like nonprofits or publicly traded companies.
2. Identify 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 significant control over the business operations.
3. Prepare the Required Information
Deadline: 12-17-2024
Collect these details for your business and its beneficial owners:
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Full legal names
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Residential addresses
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Dates of birth
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Valid ID document details
4. Submit Your BOI Report
Deadlines:
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Existing companies (formed before 01/01/2024): File by 01/01/2025.
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New companies (formed in 2024): File within 90 days of formation.
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Companies formed in 2025 and beyond: File within 30 days of formation.
ZenBusiness can help simplify your filing—click here to start your report.
Understanding BOI Filing Requirements
Who Needs to File?
Most corporations, LLCs, and similar entities in Coatesville must file unless exempt. For instance, a Coatesville-based auto repair LLC would likely need to comply, while a local charity might be exempt.
What Is a Beneficial Owner?
Beneficial owners include anyone who controls a business or owns at least 25% of its equity. For example, in a small Coatesville bakery with two equal partners, both would be considered beneficial owners.
What Information Is Required?
You’ll need to provide both business and ownership details:
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Business: Name, EIN, and principal address.
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Owners: Full names, birth dates, addresses, and ID information.
How and When to File
Reports must be submitted electronically via FinCEN’s online system. Deadlines depend on when the company was formed:
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Existing companies: File by 01/01/2025.
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New companies (2024): File within 90 days.
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Companies formed in 2025: File within 30 days.
Penalties for Non-Compliance
Failure to file or submitting false information can result in fines of up to $500 daily and potential imprisonment. A 90-day safe harbor period allows corrections without penalties.
How ZenBusiness Can Support Coatesville Businesses
ZenBusiness provides seamless BOI filing services, ensuring your business complies with ease and accuracy. Their expertise saves time and helps prevent costly errors. Learn more about ZenBusiness filing services.
Additional Resources
Don’t wait—ensure your BOI filing is completed before the deadline to avoid penalties and maintain compliance!
Your input makes a difference! Take a few minutes to complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation. [Take the survey here!] Thank you for supporting our Chamber and sharing your feedback!
*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.
