FinCEN Beneficial Ownership Reporting
Stay ahead of regulations with expert guidance on Beneficial Ownership Information (BOI) reporting.
Stay Compliant with Beneficial Ownership Reporting
Navigating regulatory requirements can be complex, but compliance is crucial. The Financial Crimes Enforcement Network (FinCEN) now requires certain businesses to disclose Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA). At Nexus Works LLC, we help businesses stay compliant, avoid penalties, and simplify the reporting process.
What is Beneficial Ownership Reporting?
FinCEN's BOI reporting rule requires corporations, LLCs, and other legal entities to disclose information about individuals who: ✔ Own at least 25% of the company.
✔ Have substantial control over the entity's decisions.
This regulation aims to enhance transparency, prevent financial crimes, and ensure responsible business operations.
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Frequently Asked Question
These FAQs provide a balanced overview of company
services and approaches.
What is FinCEN Beneficial Ownership Reporting?
FinCEN’s Beneficial Ownership Information (BOI) Reporting requires certain businesses to disclose individuals who own or control at least 25% of the company to enhance financial transparency and prevent fraud.
Who is required to file a BOI report?
Corporations, LLCs, and other legal entities registered in the U.S. must report their beneficial owners unless they qualify for an exemption, such as publicly traded companies and regulated financial institutions.
Who qualifies as a beneficial owner?
A beneficial owner is anyone who:
Directly or indirectly owns 25% or more of the business.
Exercises substantial control over business decisions.
What happens if I don’t file a BOI report?
Failure to comply may result in civil and criminal penalties, including fines of up to $500 per day and possible imprisonment for repeated violations.
How often do I need to update my BOI report?
You must update your report within 30 days of any changes in ownership, control, or company information.
How can Nexus Works LLC help with BOI compliance?
We provide expert guidance, document preparation, and seamless filing to ensure your business stays compliant while you focus on growth.
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