Beneficial Ownership Information Reporting

Failure To Register Could Result In A $10,000 Fine!

Why Act Now?

We help you register your business and avoid THOUSANDS in fines that you did not know about.

Did you know the U.S. Congress has rolled out new federal reporting requirements for many small and mid-sized businesses? Don’t stress—Supernus Law is here to help you navigate these changes and keep your business in good standing. Let’s get your business registered and compliant with the Corporate Transparency Act today!

What Is BOI Reporting?

In 2021, the Corporate Transparency Act was signed into law by Congress to bring more transparency and crack down on shady activities involving shell companies. This Act means that all limited liability companies (LLCs) and small corporations need to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN), a part of the U.S. Department of Treasury.

Starting January 1, 2024, businesses in Illinois have to report their beneficial owner(s) to FinCEN or face some pretty serious penalties. Don’t let that happen to you!

Do You Need To Report?

You might need to file a BOI report if your business is:

A corporation, LLC, or other business entity registered with the Illinois Secretary of State’s Department of Business Services, and
You are a Beneficial Owner, which means you
(a) own at least 25% of the entity, or
(b) have substantial control over the company (people who are senior officers, key decision-makers, or people with the power to appoint and remove officers).

Are There Penalties?

What Happens If You Don't Report?

Yes, there are penalties for failing to report and they are very severe! Owners who don’t comply could face serious fines and even criminal penalties, which could include the following:

Civil penalties (fines) of up to $500 each day you are late, and
A criminal fine of up to $10,000, and
up to 2 years in prison.

Frequently Asked Questions

How Do You File?

You can file your BOI report with FinCEN’s online system (but be prepared, the questions can be confusing).

You can obtain more information regarding BIO reporting, guidance on filing your report, as well as a list of frequently asked
questions, by visiting https://www.fincen.gov/boi-faqs#C_2

Need a Hand? Contact Supernus Law!

We get it—BOI reporting can be confusing and time-consuming. That’s where Supernus Law comes in! Let us handle the details for you. Give us a call at 815-710-0200 or shoot an email to Jed@SupernusLaw.com. We’ll gather all the necessary info and file your BOI report, ensuring your business stays compliant and worry-free.

Get in touch with Supernus Law today and make sure you’re all set with the Corporate Transparency Act!

When Do You Need to File?

The deadline for filing your BOI report depends on when your business was registered. If your business was registered:

Before January 1, 2024: File by January 1, 2025.
On or After January 1, 2024, and before January 1, 2025: File within 90 days of your business’s incorporation or organization confirmation.
After January 1, 2025: File within 30 days of confirmation.

What Happens If You Don't Report?

Ignoring BOI reporting can lead to hefty fines and even jail time. You could face:

Civil penalties of up to $500 per day.
Criminal penalties of up to two years in prison and a $10,000 fine.

Is Your Information Confidential?

Your BOI information is kept confidential and isn’t available to the general public. However, certain government officials and financial institutions might access it for national security, intelligence, law enforcement purposes, or compliance requirements—with your permission.

Is My Business Entity Exempt?

A limited set of entities are exempt from BOI reporting. Exempt entities include tax-exempt not-for-profit entities, publicly traded companies, banks/credit unions, investment advisors, brokers, and entities dealing with securities, public utilities, certain types of large operating companies, and subsidiaries of certain exempt entities.

A complete list of exemptions is available here: https://www.fincen.gov/boi-faqs#C_2

About the Attorney

Jedediah McClure is an attorney, former business professor, successful entrepreneur, and award-winning author. He has built multi-million dollar companies in multiple industries, is an accomplished public speaker, and has received wide-spread praise for his ability to educate and inspire others. He has been featured on NBC’s Dateline, Investigation Discovery, the New York Times, and Bloomberg’s BusinessWeek.

Because he has actually owned and run multiple businesses with hundreds of employees and millions of dollars in assets, he knows how to help his clients protect themselves and their assets in ways that truly impact them and their families.

Jedediah has devoted his life to helping small business owners and young professionals protect themselves and their families, build wealth, and make life better.

IMPORTANT CONSUMER INFORMATION

The choice of a lawyer is an important decision & should not be based solely upon advertisements.

These materials have been prepared by the Supernus Business & Law Center for informational purposes only and are not intended as legal advice. Transmission of this information is not intended to create, and receipt does not constitute, an attorney-client relationship between the sender and receiver. Internet subscribers and online readers should not act upon this information without first seeking professional legal counsel.

Jedediah McClure, J.D. is a best-selling and award-winning author, business professor, investor, entrepreneur, and former business executive turned attorney. He has built multi-million dollar companies in multiple industries, is an accomplished public speaker, and has received wide-spread praise for his ability to educate and inspire others. He has been featured on NBC’s Dateline, Investigation Discovery, the New York Times, and Bloomberg BusinessWeek.

PRIVACY STATEMENT TERMS & CONDITIONS DISCLAIMER