The Corporate Transparency Act (CTA) requires Delano, California businesses to disclose Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, to enhance corporate transparency and fight financial crimes.
As of today, November 26, 2024, Delano business owners have 36 calendar days (or 26 business days) to file their BOI reports with FinCEN—don’t delay, as failing to file could result in fines of $500 per day or more!
What Delano Businesses Need to Do
1. Determine If Your Business Must File
Deadline: ASAP
Most small corporations, LLCs, and similar entities need to file, except for exempt organizations like publicly traded companies and nonprofits.
2. Identify Your Beneficial Owners
Deadline: December 10, 2024
A beneficial owner is someone who:
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Controls operations, OR
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Owns 25% or more of the company’s shares.
Learn how ZenBusiness can assist with identifying beneficial owners.
3. Gather the Required Information
Deadline: December 17, 2024
Collect details such as:
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Business information: Name, EIN, address.
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Beneficial owner information: Name, birth date, residential address, and ID.
4. File Your BOI Report
Deadlines depend on the company’s formation date:
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Existing businesses: 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): File within 30 days of formation.
ZenBusiness offers seamless BOI filing solutions to ensure accuracy and compliance.
What Delano Business Owners Should Know
Who Needs to File?
Most businesses in Delano, including LLCs and corporations, need to file unless exempt.
Example: A Delano landscaping company must file, while a nonprofit animal shelter does not.
What Is a Beneficial Owner?
A beneficial owner has either:
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Substantial control over the company, OR
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25% or more ownership of the company.
Example: The owner of a Delano bakery with full decision-making authority and a 30% silent partner both qualify as beneficial owners.
What Information Is Required?
Businesses must report:
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Entity details: Name, EIN, and address.
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Owner information: Names, dates of birth, addresses, and ID numbers.
Consequences of Non-Compliance
Failing to file or submitting inaccurate information can lead to:
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Daily fines of $500, up to $10,000.
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Potential criminal charges or imprisonment.
However, a 90-day safe harbor allows corrections without penalty.
ZenBusiness Can Help
ZenBusiness provides expert support to ensure BOI filing compliance, saving you time and minimizing errors. Click here to start your filing with ZenBusiness today.
Additional Resources
Delano businesses, file your BOI reports now to avoid penalties—time is running out!
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.
