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

As of today, November 27th, 2024, Oklahoma City, Oklahoma, business owners have 35 calendar days (that’s 25 business days) left to file their BOI report with FinCEN—don’t delay, or you could face $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 an Oklahoma City-based HVAC service with a 40% 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 assist with your business BOI filing to ensure compliance and save time.

Key BOI Filing Details:

Who Needs to File?

"Reporting companies" include most LLCs, corporations, and small businesses in Oklahoma City. Exemptions apply to publicly traded and regulated entities. For example, a family-owned catering business in Oklahoma City would need to file, while a national catering chain 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 instance, a co-owner of an Oklahoma City-based boutique marketing firm with a 35% 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 simplify BOI reporting and ensure your compliance is hassle-free.

Penalties for Non-Compliance:

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

Additional Resources:

• FinCEN BOI FAQ

• ZenBusiness Corporate Transparency Act Reporting Guide

• State Requirements for BOI Filing

• Who’s Exempt from the Corporate Transparency Act?

• A Guide to BOI Compliance

Help us and our Chamber by completing a quick BOI survey by December 18, 2024! It only takes a few minutes, and for every 25 responses, our Chamber earns a $100 donation. [Click here to take the survey!] We appreciate your time and participation!

*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.

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