FinCEN's BOI Filing Deadline: 01/01/2025 - Myrtle Beach, SC Businesses Must File to Avoid Fines
The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN, ensuring transparency and reducing financial crimes.
As of today, November 27, 2024, Myrtle Beach, South Carolina, business owners have 35 calendar days (or 25 business days) left 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 required to file. Exemptions include publicly traded companies and certain regulated entities.
2. Identify Your Beneficial Owners.
Beneficial owners are individuals who hold substantial control or 25% or more ownership of your business. For example, a Myrtle Beach vacation rental business owner with a 50% stake would qualify.
3. Gather the Required Information.
Collect:
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Business name, address, and EIN.
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Beneficial owners’ names, addresses, DOBs, and ID details.
4. File Your BOI Report.
Deadlines:
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Existing businesses: File by 01/01/2025.
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New companies (2024): File within 90 days of formation.
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New companies (2025+): File within 30 days of formation.
ZenBusiness can help you file your BOI report easily and efficiently.
Key BOI Filing Details:
Who Needs to File?
"Reporting companies" include most LLCs, corporations, and small businesses. Exemptions exist for publicly traded companies and specific regulated businesses. For instance, a Myrtle Beach surf shop would likely need to file, but a national retail franchise would not.
What Is a Beneficial Owner?
A beneficial owner is defined as someone who:
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Holds substantial control over the company, OR
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Owns 25% or more of it.
For example, a 35% stakeholder in a Myrtle Beach seafood restaurant who actively manages operations qualifies as a beneficial owner.
What Information Is Needed?
You’ll need details about your business and beneficial owners, including:
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Business name, address, EIN.
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Owners’ names, addresses, DOBs, and identification documents.
How and When to File:
Submit BOI reports electronically through FinCEN’s portal. Deadlines:
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Existing companies: 01/01/2025.
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2024 startups: File within 90 days of formation.
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2025+ startups: File within 30 days of formation.
Let ZenBusiness simplify the filing process for you today.
Penalties for Non-Compliance:
Failing to file can result in fines of up to $500 per day, with a maximum of $10,000, plus potential criminal charges. A 90-day safe harbor allows for corrections without penalties.
Additional Resources:
