The Corporate Transparency Act (CTA) now requires El Campo businesses to report Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, to enhance transparency and prevent financial crimes like money laundering and tax evasion.
As of today, November 26, 2024, El Campo business owners have 36 calendar days (or 26 business days) left to submit their BOI reports—delaying could result in fines of $500 per day!
Action Steps for El Campo Businesses
1. Confirm Your Business’s Filing Requirement
Deadline: ASAP
Businesses classified as "reporting companies" must file, including most LLCs and corporations, except those exempt (e.g., banks, charities, and publicly traded companies).
2. Identify Your Beneficial Owners
Deadline: December 10, 2024
A beneficial owner is anyone who:
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Exerts significant control over the company, OR
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Owns 25% or more of the company’s equity.
Use ZenBusiness for help in identifying beneficial owners.
3. Gather Required Information
Deadline: December 17, 2024
Prepare these details for your BOI filing:
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Company information: Name, EIN, and address.
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Owner information: Names, addresses, birth dates, and government ID numbers.
4. Submit Your BOI Report
Deadlines based on company formation date:
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Existing companies (formed before January 1, 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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New companies (formed in 2025 or later): File within 30 days of formation.
ZenBusiness makes filing simple—get started by clicking here.
Additional Filing Information
Who Must File?
Most LLCs, corporations, and similar entities in El Campo are required to file, while exemptions apply to nonprofits, certain banks, and large publicly traded firms.
Example: A local El Campo landscaping LLC must file, while a community bank in town would likely be exempt.
What Is a Beneficial Owner?
Beneficial owners are individuals who:
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Make major decisions for the company, OR
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Own at least 25% of the company’s equity.
Example: A restaurant co-owner with 30% equity in an El Campo-based LLC qualifies as a beneficial owner.
What Information Is Needed?
BOI reports require:
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Company information: Name, EIN, and address.
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Owner information: Full legal names, addresses, dates of birth, and ID details (e.g., passport or driver’s license).
How and When to File
Reports must be electronically submitted via FinCEN’s online platform. Filing deadlines:
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Before January 1, 2024: File by 01/01/2025.
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Formed in 2024: File within 90 days of formation.
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Formed in 2025 or later: File within 30 days of formation.
Penalties for Non-Compliance
Non-compliance may lead to:
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Daily fines up to $500, capped at $10,000.
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Imprisonment for willful violations.
Errors can be corrected within FinCEN’s 90-day safe harbor period.
Get Help with ZenBusiness
ZenBusiness offers expert support to ensure your BOI compliance. From identifying beneficial owners to completing filings, ZenBusiness helps simplify the process. Start filing with ZenBusiness.
BOI Resources
Don’t risk penalties—file your BOI report today to ensure compliance and protect your business!
Take our quick BOI survey by December 18, 2024 and support our Chamber! It only takes a few minutes, and for every 25 responses, our Chamber will receive a $100 donation. [Click here to take the survey now!] Thank you for your support!
*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.
