FinCEN's BOI Filing Deadline: 01/01/2025 - Portsmouth, NH Businesses Should File Now to Avoid Fines

The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN to increase transparency and prevent illicit financial activities.

As of Nov. 27, 2024, Portsmouth, New Hampshire, business owners have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—don’t delay, 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 "reporting companies." Exceptions include 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 the business. For instance, the owner of a Portsmouth-based marketing agency 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 help make filing fast and accurate for you.

 

 

Key BOI Filing Details:

Who Needs to File?

"Reporting companies" include most LLCs, corporations, and small businesses in Portsmouth. Exemptions apply to publicly traded and regulated entities. For example, a family-owned Portsmouth restaurant would likely need to file, while a national retail franchise would not.

What Is a Beneficial Owner?

A beneficial owner is someone who:

  1. Holds substantial control over the business, OR

  2. Owns 25% or more of it.

For instance, a co-owner of a Portsmouth tech startup with a 30% share and decision-making authority 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 businesses: File by 01/01/2025.

  • 2024 startups: File within 90 days of formation.

  • 2025+ startups: File within 30 days of formation.

Let ZenBusiness assist with your BOI filing to ensure compliance.

Penalties for Non-Compliance:

Failure to file can lead to fines of $500 per day, up to $10,000, and potential criminal penalties. A 90-day safe harbor allows corrections without penalties.

 

 

Additional Resources:

FinCEN's BOI Filing Deadline: 01/01/2...