The Corporate Transparency Act (CTA) requires Bandon, OR businesses to disclose Beneficial Ownership Information (BOI) to FinCEN, ensuring transparency to deter financial crimes like money laundering and tax evasion.

As of today, 11-26-2024, Bandon business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—don't delay, as failing to comply could result in daily fines of $500.

Steps to Ensure Compliance

1. Confirm If Your Business Must File

Deadline: ASAP
Most corporations, LLCs, and similar entities in Bandon must file unless exempt, such as banks, nonprofits, or publicly traded companies.

2. Identify Your Beneficial Owners

Deadline: 12-10-2024
Beneficial owners are individuals who:

• Own 25% or more of the business, or

• Exercise significant control over operations or decisions.

3. Gather the Required Information

Deadline: 12-17-2024
Details needed include:

• Business: Name, EIN, address

• Owners: Full names, addresses, dates of birth, and ID numbers

4. Submit Your BOI Report

Deadlines:

• Existing companies: 01/01/2025

• Companies formed in 2024: 90 days after formation

• Companies formed in 2025 or later: 30 days after formation

ZenBusiness can help make filing easy—get started here.

More Information About BOI Filing

Who Must File?

Most Bandon businesses must file unless exempt. For example, a local boutique LLC would need to file, while a nonprofit food bank is likely exempt.

What Is a Beneficial Owner?

A beneficial owner is someone who:

1. Owns 25% or more of the business, or

2. Exercises control over its operations.

For instance, if three partners equally own a local coffee shop, each qualifies as a beneficial owner.

What Information Is Needed?

Businesses need to submit both their own information and that of their beneficial owners, including:

• Business: Name, address, EIN

• Owners: Names, addresses, birthdates, ID numbers

How to File

Reports are filed electronically through FinCEN's online system. Deadlines depend on when the company was formed:

• Formed before 2024: 01/01/2025

• Formed in 2024: 90 days after formation

• Formed in 2025 or later: 30 days after formation

Penalties for Non-Compliance

Failing to file or submitting false information can result in fines of $500 per day and potential imprisonment. However, there’s a 90-day safe harbor for correcting mistakes made in good faith.

ZenBusiness: Simplify BOI Compliance

ZenBusiness offers expert services to ensure your BOI report is accurate and filed on time. Avoid penalties and save time with their straightforward filing process. Learn more.

Additional Resources

• FinCEN BOI FAQ

• A Guide to BOI Compliance

• Steps for LLC Compliance

• Corporate Transparency Act—Overview

Don’t risk non-compliance. Start preparing your Bandon business for the January 1, 2025, BOI filing deadline today!
 

Help us and our Chamber by completing a quick BOI survey by December 18, 2024! It only takes a few minutes, and for every 25 responses, our Chamber earns a $100 donation. [Click here to take the survey!] We appreciate your time and participation!

*As of December 3, 2024, a Texas federal district court has issued a preliminary injunction for all states to block the CTA and its relevant regulations. However, filing your BOI will help you avoid fines if this injunction is overruled.