FinCEN Says Cape Girardeau, MO Businesses Must File BOI Reports by 01/01/2025 to Avoid Fines
The Corporate Transparency Act (CTA) requires businesses in Cape Girardeau, MO, to submit Beneficial Ownership Information (BOI) to FinCEN to combat financial crimes like money laundering and tax evasion.
As of today, 11-26-2024, Cape Girardeau business owners have 36 calendar days (or 27 business days) to file their BOI reports with FinCEN—avoid delays or risk fines of up to $500 per day.
Steps for Cape Girardeau Businesses to Comply
1. Confirm Whether Your Business Must File
Deadline: ASAP
Most LLCs, corporations, and similar entities must comply unless exempt (e.g., banks, charities, publicly traded companies).
2. Identify Beneficial Owners
Deadline: 12-10-2024
Beneficial owners include individuals who:
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Own 25% or more of the business, or
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Have substantial control over company operations.
3. Gather Key Information
Deadline: 12-17-2024
Prepare these details for your filing:
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Company Information: Legal name, EIN, and physical address.
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Owner Information: Full names, addresses, birthdates, and ID documents.
4. Submit Your BOI Report
Deadlines:
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Existing Companies (before 2024): File by 01/01/2025.
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New Companies (2024): File within 90 days of formation.
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New Companies (2025 or later): File within 30 days of formation.
Let ZenBusiness guide you through the BOI filing process—get started now.
Important Details About BOI Filing
Who Needs to File?
Most Cape Girardeau businesses, including small local retailers and startups, are required to file unless exempt. Exempt entities include banks and nonprofits. For example, a Cape Girardeau landscaping service or boutique would likely need to comply.
What Is a Beneficial Owner?
A beneficial owner is anyone with:
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25% or more ownership, or
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Significant operational control over the company.
For instance, if a local Cape Girardeau bakery has two co-owners—one managing day-to-day operations and the other holding 30% equity—both qualify as beneficial owners.
What Information Is Needed?
Filings require both company and owner details, including:
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Business Data: Name, EIN, address.
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Owner Data: Full names, addresses, birthdates, and ID numbers.
How to File
BOI reports must be submitted electronically via FinCEN’s online system. Filing deadlines depend on when the business was formed:
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Pre-2024 businesses: File by 01/01/2025.
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2024 businesses: File within 90 days of creation.
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2025 and later businesses: File within 30 days of creation.
Penalties for Non-Compliance
Failure to comply may result in fines of $500 per day and possible imprisonment. A 90-day correction window allows for updates to any errors without penalty.
ZenBusiness Makes BOI Filing Easy
ZenBusiness simplifies BOI reporting for Cape Girardeau businesses, ensuring accuracy and timely submissions. With expert support, you can avoid errors and stay focused on your business. Start your BOI filing with ZenBusiness today.
Additional Resources
Stay ahead of the January 1 deadline—act now to ensure your business complies with the Corporate Transparency Act.
This Hot Deal is promoted by Cape Girardeau Area Chamber of Commerce.
