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ZenBusiness Beneficial Ownership Filing service is an easy way to meet new federal rules
Be confident you’re meeting new mandatory federal rules on time with the ZenBusiness Beneficial Ownership Filing service.
New regulations mandate the reporting of beneficial ownership information for approximately 30 million existing businesses and 5 million new companies formed annually over the next decade.
How it works
Beneficial Ownership Filing Service
Fill out our questionnaire and upload the required documents
We’ll review your filing and notify you if more info is needed
We’ll securely submit it to Financial Crimes Enforcement Network (FinCEN) and let you know when it’s accepted
Leave the stress of FinCEN reporting behind. Our experts ensure timely and complete filings for peace of mind.
The Corporate Transparency Act is a law that’ll require millions of the nation’s smallest business entities to report beneficial owner information (BOI) to the Financial Crimes Enforcement Network (FinCEN) starting in 2024. (FinCEN is a bureau of the U.S. Department of the Treasury.) The law was enacted because “illicit actors” often set up small LLCs and corporations as shell companies, or fronts, to hide the identities of owners who are engaged in money laundering, financing terrorism, and other illegal activities.
According to FinCEN, the term beneficial owner includes any individual who, directly or indirectly, either
or
According to FinCEN, an individual can exercise substantial control over a reporting company in four different ways. If the individual falls into any of the categories below, the individual is exercising substantial control:
Small businesses that match these criteria will be required to file BOI reports:
and
Organizations with more than 20 full-time employees and over $5 million in annual gross receipts are excluded from reporting requirements.
The regulations went into effect on January 1, 2024. Companies that were created or registered before January 1, 2024, will have one year (until January 1, 2025) to file their initial reports. Companies created or registered after January 1, 2024, will have 90 days after creation or registration to file their initial reports.
If there’s a change in beneficial owner information after the initial report is filed, a company will have to file an update within 30 days of the change.
No. The BOI reports are made to the US federal government through FinCEN in an effort to fight financial crimes. Information reported that is not already public will not become public by completing the mandatory BOI report.
When there’s a change to your business or beneficial ownership information, you’re required to update FinCEN within 30 days of the change. Examples of a change include:
-The business address changes
-A beneficial owner moves and changes their address
-A beneficial owner gets married and changes their name
-A beneficial owner’s passport or driver’s license needs to be renewed
-A beneficial owner was previously a minor and comes of age
Additional Resources:
FinCEN BOI FAQ: https://www.fincen.gov/boi-faqs
Compliance Guide: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide_FINAL_Sept_508C.pdf
FinCEN FAQ: https://www.fincen.gov/boi-faqs#M_3
FinCEN Beneficial Ownership Guide link: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional. Terms of Service for the Beneficial Ownership Filing service can be found here
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