• Biddeford, ME Businesses: FinCEN's BOI Filing Deadline is 01/01/2025 - Take Action and File Now

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    November 28, 2024


    The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN to increase transparency and combat financial crimes.

    As of this day, November 27, 2024, Biddeford, Maine, business owners have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—act quickly to avoid $500 per day fines!

     

     

    What You Need to Do:

    1. Determine if Your Business Must File.

    Most LLCs, corporations, and small businesses qualify as "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 business. For example, the owner of a Biddeford-based artisan bread bakery with a 30% stake qualifies as a beneficial owner.

    3. Gather the Required Information.

    Prepare:

    • 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 guide you through the filing process to ensure that your business is in compliance.

     

     

    Key BOI Filing Details:

    Who Needs to File?

    "Reporting companies" include most LLCs, corporations, and small businesses in Biddeford. Exemptions apply to publicly traded and regulated entities. For instance, a Biddeford-based craft brewery would need to file, while a national chain brewery would not.

    What Is a Beneficial Owner?

    A beneficial owner is someone who:

    1. Holds substantial control over the company, OR

    2. Owns 25% or more of it.

    For example, a co-owner of a Biddeford event planning business with a 40% stake 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 with 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.

    Let ZenBusiness make your business BOI filing process simple and stress-free.

    Penalties for Non-Compliance:

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

     

     

    Additional Resources:

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