What Businesses in Peru, IL Need to Know About the CTA, BOI and FinCEN

The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes.

While a Texas federal district court’s preliminary injunction puts this requirement on hold, many experts expect that to be overturned. In that event, failure to file could lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties.

However, filing your Beneficial Ownership Information (BOI) report will help you avoid fines if this injunction is overruled. Waiting could mean scrambling to meet compliance requirements or penalties. ZenBusiness shares BOI expertise and simple processes for businesses interested in taking proactive measures now, ensuring compliance with straightforward accuracy.

1. Determine if Your Business Must File.

A ‘reporting company’ is any small business, corporation, or LLC that is registered with the state, unless exempt. Exemptions apply to publicly traded companies, banks, and charities. For example, a local bakery in Peru, IL would likely need to file a BOI report.

2. Identify Your Beneficial Owners.

A “beneficial owner” is someone who either has substantial control over a company or owns at least 25% of it. For example, in the context of a pottery studio in Peru, if an individual owns 40% of the studio and is actively involved in major business decisions such as setting pricing strategies or overseeing daily operations, they would be considered 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.

Business owners can get peace of mind by filing now through ZenBusiness, whose acumen and simple instructions ensure compliance with FinCEN regulations.

Additional Resources:

• Completing the Beneficial Ownership Information Form

• Corporate Transparency Act

• FinCEN FAQ

• FinCEN BOI Filing Services

• FinCen Definition

• Details on Preliminary Injunction

• Corporate Transparency Act Deadlines for 2025

• BOI Filing Services for LLCs

We want to hear from you!

We need your help! Please fill out our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation! Take the survey here! Your participation is greatly appreciated!

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.