Legal Direction Announces Beneficial Ownership Information Filing Services for NC Corporations, S-corporations and Limited Liability Companies
Legal Direction is able to assist North Carolina small business owners in determining whether they are a “Reporting Company” under the Corporate Transparency Act and in filing initial Beneficial Ownership Information (“BOI”) as required by this act.
Who Must File: Most companies that have filed a document with the Secretary of State or a similar office to create or register their entity are required to file BOI reports with the Financial Crimes Enforcement Network (FinCEN). Most corporations (including S corporations), LLCs and limited partnerships are subject to these reporting requirements. Sole proprietorships, trusts, and general partnerships generally do not require formal filing with the Secretary of State and are not considered “reporting companies”.
Exemptions: Certain entities are exempt from reporting, including tax-exempt organizations, a variety of financial businesses that already report similar information, banks, credit unions, accountants, and large operating companies (20 or more full-time US employees and over $5,000,000 of US-sourced gross receipts).
What Are The Due Dates for Filing the Initial BOI Report?
Entities created before January 1, 2024, will have until January 1, 2025 to submit the report.
Entities created on or after January 1, 2024 and before January 1, 2025, will have 90 days from creation or registration to submit the report.
Entities created on or after Jan. 1, 2025, will have 30 days from creation or registration to submit the report.
What Are the Penalties for Failure to File?
Assessment of a $500-per-day fine every day the violation continues (up to $10,000).
Up to a two-year prison sentence.
Can We File Your Initial BOI Report? Yes, our firm can file your report. We file BOI reports for US companies with up to three beneficial owners. Beneficial owners own at least 25% of the company or exercise substantial control over the company, such as a president, CEO, CFO, COO, general counsel or manager of an LLC.
Our Services: As your legal counsel, we will guide you through the reporting process, ensuring compliance with the CTA. Our services include:
Assessing whether your business falls under the reporting requirements.
Determining who the “beneficial owners” of the business are.
Collecting and organizing necessary information from your beneficial owners.
Preparing and submitting the required initial BOI reports to FinCEN.
Background: The Corporate Transparency Act, signed into law on January 1, 2021, aims to enhance anti-money laundering efforts and establish new reporting obligations for certain companies operating in the United States. Starting in 2024, many small businesses are required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The goal is to create a national database that can be used by national security and law enforcement agencies to prevent illicit activities involving shell companies.
For more information and pricing, please contact: Donna Ray Berkelhammer, info@thelegaldirection.com. This service is available to all qualifying companies and is not limited to existing or former clients of Legal Direction.
