Register Your Business Today and Stay Compliant with the Corporate Transparency Act!

BOI REPORTING
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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:

  1. A corporation, LLC, or other business entity registered with the Illinois Secretary of State’s Department of Business Services, and
  2. 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 You Exempt?

Who Counts as a Beneficial Owner?

Some entities don’t need to worry about BOI reporting. This includes tax-exempt not-for-profits, publicly traded companies, banks, credit unions, investment advisors, brokers, public utilities, and subsidiaries of exempt entities. For a full list of exemptions, check out the FinCEN FAQs.

A beneficial owner is anyone who:

  • Owns at least 25% of an entity, or
  • Has substantial control over the entity (think senior officers, key decision-makers, or people with the power to appoint and remove officers).
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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.

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Contact.

⟐Email: Info@SupernusLaw.com
⟐Phone Number: 815-710-0200

About.

The Supernus Business & Law Center will work directly with your family to insure that you will receive the best estate planning available. We know that every family needs proper estate planning, which is why Supernus offers affordable estate plans for every family situation and every price range. Supernus's mission is simple: to help every family have access to quality estate planning at a cost they can afford. We provide expert estate planning, Wills and Trusts, Powers of Attorney, Guardian Nominations, Buy-Sell Agreements, Asset Protection, and many other family planning services you may need.

You can trust the Supernus Business & Law Center to create a comprehensive plan for your estate that is uniquely tailored for your own specific situation that will enable you to leave behind more asset value and fewer complications for your loved ones.

If you are looking for an estate planning attorney, looking to make a Will or Living Trust, or need Asset Protection Supernus is here to help. Simply fill out the form above and request a free consultation. 

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