OH Businesses May Need to File BOI Reports by 01/01/2025
The Corporate Transparency Act (CTA) requires businesses in Chardon, OH, to report Beneficial Ownership Information (BOI) to FinCEN to combat financial crimes such as tax evasion and money laundering.
As of today, 11-26-2024, Chardon business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—act quickly to avoid $500 daily fines!
Steps for Chardon Businesses
1. Confirm Your Business’s Filing Requirement
Deadline: ASAP
Most LLCs and corporations must file unless exempt. Exemptions include banks, charities, and publicly traded companies.
2. Identify Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are individuals who either:
Own 25% or more of the company, or
Have substantial control over its operations.
3. Gather Required Information
Deadline: 12-17-2024
Key details include:
Business Information: Name, EIN, address.
Owner Information: Names, home addresses, birth dates, and ID numbers.
4. File Your BOI Report
Deadlines:
Existing Companies: File by 01/01/2025.
New Companies (2024): File within 90 days of registration.
New Companies (2025 and beyond): File within 30 days of registration.
Click here to learn how ZenBusiness can streamline this process for your business.
Understanding the Filing Process
Who Needs to File?
A “reporting company” is typically a small business such as a locally owned coffee shop or landscaping service in Chardon. Exemptions apply to banks, nonprofits, and publicly traded firms.
What Is a Beneficial Owner?
A beneficial owner is someone who either:
Owns 25% or more of the company, or
Exercises significant control over its decisions.
Example: If a family-run bookstore in Chardon has three owners, each holding equal shares, all three qualify as beneficial owners.
What Information Is Needed?
Businesses must submit:
Business Details: Name, EIN, and physical address.
Beneficial Owner Information: Full name, residential address, date of birth, and identification document details.
How and When to File
Reports must be filed electronically through FinCEN’s online portal. Deadlines vary:
Existing Businesses (pre-2024): File by 01/01/2025.
New Businesses (2024): File within 90 days of formation.
New Businesses (2025 and later): File within 30 days of formation.
Penalties for Non-Compliance
Failure to file on time or submitting incorrect information may lead to fines of $500 per day and imprisonment. A 90-day grace period is available for correcting errors.
Why Use ZenBusiness?
ZenBusiness offers expert BOI reporting services to ensure accuracy and compliance, saving time and avoiding costly penalties. Get started with ZenBusiness today.
Additional Resources
We want to hear from you! Take our quick survey by December 18, 2024 to share your knowledge about Beneficial Ownership Information (BOI) filing. It only takes a few minutes. Plus for every 25 responses, our Chamber will receive a $100 donation! [Click here to take the survey now!] Thank you for your time and valuable feedback.
*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.