Attention Businesses in Kingsport, TN: FinCEN's BOI Filing Deadline is 01/01/2025. File Now to Avoid Hefty Fines!

The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN to enhance financial transparency and deter financial crimes.

As of today, November 27, 2024, Kingsport, Tennessee, business owners have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—don’t delay, or you could face $500 per day fines!

What You Need to Do:

1. Determine if Your Business Must File.

Most LLCs, corporations, and small businesses qualify as "reporting companies." Exemptions apply to publicly traded companies and certain regulated entities.

2. Identify Your Beneficial Owners.

Beneficial owners are individuals with substantial control or 25% or more ownership of your business. For example, the owner of a Kingsport-based boutique with a 30% stake qualifies as a beneficial owner.

3. Gather the Required Information.

Prepare:

• Business name, address, and EIN.

• Beneficial owners’ names, addresses, DOBs, and ID details.

4. File Your BOI Report.

Deadlines:

• Existing businesses: File by 01/01/2025.

• New companies (2024): File within 90 days of formation.

• New companies (2025+): File within 30 days of formation.

ZenBusiness can simplify your BOI filing process and ensure compliance—take a look.

Key BOI Filing Details:

Who Needs to File?

"Reporting companies" include most LLCs, corporations, and small businesses in Kingsport. Exemptions apply to publicly traded and regulated entities. For example, a Kingsport-based coffee shop would need to file, while a national coffee chain would not.

What Is a Beneficial Owner?

A beneficial owner is someone who:

1. Holds substantial control over the company, OR

2. Owns 25% or more of it.

For instance, a co-owner of a Kingsport-based event planning company with a 35% stake qualifies as a beneficial owner.
Learn all about beneficial owners and their role.

What Information Is Needed?

You’ll need:

• Business name, address, EIN.

• Owners’ names, addresses, DOBs, and identification documents.
  Follow our step-by-step guide to completing the BOI form.

How and When to File:

BOI reports must be submitted electronically with FinCEN. Deadlines:

• Existing companies: File by 01/01/2025.

• 2024 startups: File within 90 days of formation.

• 2025+ startups: File within 30 days of formation.

Penalties for Non-Compliance:

Failure to file can result in fines of $500 per day, up to $10,000, and potential criminal penalties. FinCEN provides a 90-day safe harbor for corrections without penalties.

Additional Resources:

• FinCEN BOI FAQ

• Read About the ZenBusiness Beneficial Ownership Filing Services

• Beneficial Owner Definition by ZenBusiness

• State Requirements: BOI Filing

• What to Know About Completing the Beneficial Ownership Information Form

Your input makes a difference! Take a few minutes to complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation. [Take the survey here!] Thank you for supporting our Chamber and sharing your feedback!

*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.