The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN, promoting financial transparency and combating illicit activities.

As of today, November 27, 2024, San Antonio, Texas, business owners have 35 calendar days (or 25 business days) remaining to file their BOI report with FinCEN—don’t wait, or you could face fines of $500 per day!

What You Need to Do:

1. Determine if Your Business Must File.

Most LLCs, corporations, and small businesses are considered "reporting companies." Exemptions apply to publicly traded companies and certain regulated entities.

2. Identify Your Beneficial Owners.

Beneficial owners are individuals with substantial control or 25% or more ownership of your company. For instance, the managing partner of a San Antonio-based catering company with a 30% ownership stake qualifies.

3. Gather the Required Information.

Collect:

• Business name, address, and EIN.

• Beneficial owners’ names, addresses, DOBs, and ID details.

4. File Your BOI Report.

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 can make your filing process simple and stress-free.

Key BOI Filing Details:

Who Needs to File?

"Reporting companies" include most LLCs, corporations, and small businesses in San Antonio. Exemptions apply to publicly traded and regulated entities. For example, a local San Antonio coffee shop is likely required to file, but a national bank would not.

What Is a Beneficial Owner?

A beneficial owner is someone who:

1. Exercises substantial control over the company, OR

2. Owns 25% or more of it.

For instance, a 40% stakeholder in a San Antonio real estate firm who makes key business decisions qualifies as a beneficial owner.

What Information Is Needed?

You’ll need:

• Business name, address, EIN.

• Owners’ names, addresses, DOBs, and identification documents.

How and When to File:

BOI reports must be submitted electronically to 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.

Click here to let ZenBusiness help you file your BOI report with ease.

Penalties for Non-Compliance:

Failure to file can lead to fines of $500 per day, up to $10,000, and potential criminal penalties. A 90-day safe harbor allows corrections without penalties.

Additional Resources:

• FinCEN BOI FAQ

• ZenBusiness BOI Filing Services

• BOI Filing for Small Businesses

• Corporate Transparency Act: Reporting Requirements for Small LLCs and Corporations

We want to hear from you! Take our quick survey by December 18, 2024 to share your knowledge about Beneficial Ownership Information (BOI) filing. It only takes a few minutes. Plus for every 25 responses, our Chamber will receive a $100 donation! [Click here to take the survey now!] Thank you for your time and valuable 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.