• FinCEN Requires Bay City, MI Businesses to File BOI Reports by 01/01/2025: Avoid $500 Daily Fines

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    The Corporate Transparency Act (CTA) mandates that businesses in Bay City, MI, file Beneficial Ownership Information (BOI) reports with FinCEN by January 1, 2025, to enhance transparency and combat financial crimes.

    As of today, 11-26-2024, Bay City business owners have 36 calendar days (or 27 business days) left to submit their BOI reports to FinCEN—act now to avoid daily fines of $500.

     

     

    Steps to Ensure Compliance

    1. Determine If Your Business Must File

    Deadline: ASAP
    Most corporations, LLCs, and similar entities are "reporting companies" unless exempt, such as banks, publicly traded companies, or charities.

    2. Identify Beneficial Owners

    Deadline: 12-10-2024
    Beneficial owners are individuals who:

    • Own 25% or more of the company, or

    • Exercise significant control over the business.

    3. Gather Required Information

    Deadline: 12-17-2024
    Prepare:

    • Company Details: Name, EIN, address

    • Owner Information: Names, addresses, birth dates, ID details

    4. File Your BOI Report

    Deadlines:

    • Existing companies: 01/01/2025

    • Businesses formed in 2024: 90 days after formation

    • Businesses formed in 2025: 30 days after formation

    Click here to let ZenBusiness streamline your filing process.

     

     

    Details About BOI Reporting

    Who Needs to File?

    Bay City businesses, such as local retail stores or service providers structured as LLCs, typically need to file unless exempt. Exemptions include entities like nonprofits and publicly traded companies.

    What Is a Beneficial Owner?

    A beneficial owner is someone with:

    1. 25% or more ownership, or

    2. Substantial control over business operations.

    For instance, in a Bay City catering company owned by three partners, anyone owning at least 25% or making key decisions qualifies as a beneficial owner.

    What Information Is Required?

    Your BOI report must include:

    • Company Details: Name, EIN, address

    • Owner Details: Names, addresses, birth dates, ID documentation

    How and When to File?

    BOI reports must be filed electronically via FinCEN's online portal. Deadlines depend on when your business was established:

    • Existing companies: 01/01/2025

    • New companies in 2024: 90 days after formation

    • New companies in 2025: 30 days after formation

    Penalties for Non-Compliance

    Failing to file or providing false information can lead to fines of $500 daily and possible imprisonment. FinCEN offers a 90-day safe harbor period for correcting errors without penalties.

     

     

    Simplify BOI Filing with ZenBusiness

    ZenBusiness offers expert assistance for BOI filing, ensuring accuracy and saving time. Don’t risk penalties—start your filing with ZenBusiness today.

     

     

    Additional Resources

    Act now to stay compliant and avoid costly fines!

    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.

    FinCEN Requires Bay City, MI Business...

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