Beneficial Ownership Information Reporting
Register Your Business Today and Stay Compliant with the Corporate Transparency Act!
Failure to Register could result in a $10,000 fine!
Why Act Now?
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.
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!
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.
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.
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.
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
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Supernus Law
Contact.
⟐Email: Info@SupernusLaw.com
⟐Phone Number: 815-710-0200
About.
The Supernus Business & Law Center will work directly with you to insure that your business is properly filed. We know that every small business needs to report their beneficial ownership interest in order to avoid very severe fines and penalties. Supernus's goal is simple: to help every small business stay compliant at a price they can afford.
You can trust the Supernus Business & Law Center to correctly and timely file your BOI Report. Upon completion you will receive a Certificate of Completion proving your compliance with the new law.
If you need help filing your BOI Report, Supernus is here to help. Simply click the link and fill out the form and we'll take care of the rest.