Corporate Transparency Act Effective January 1 , 2024
   Under new legislation , businesses that meet certain criteria must submit a Beneficial Ownership Information ( BOI ) Report to the U . S . Department of Treasury ' s
   Financial Crimes Enforcement Network ( FinCEN )
    , providing details identifying individuals who are associated with the reporting company .
   Definition:
   A beneficial owner is an individual who either directly or indirectly:
   1 .   Exercises substantial control over the reporting company , or
   2 .   Owns or controls
   at least 25%of the reporting company ' s ownership interests .
   FinCEN has prepared a page of
   Frequently Asked Questions ( FAQs ) in response to inquiries received related to the Beneficial Ownership Information Reporting Rule .
   Companies that
   MUSTfile are:
   Domestic C and S corporations , excluding 501 ( c ) 3s
   Domestic LLCs , including single member
   Domestic entities that file with a state such as LLPs , trusts , etc .
   Foreign companies registered to do business in the United States
    
   Companies
   NOTrequired to file are:
   Sole proprietorships
   General partnerships not registered with a state
   Large companies ( over $5M gross , 20+ full - time employees , and U . S . presence )
   Publicly traded companies
   Federally regulated entities such as banks , etc .
    
   Deadlines and Fine
   Companies created and registered prior to January 1 , 2024 or earlier have until
   December 31 , 2024to file
   Companies created in 2024 have
   90 daysto file
   Fine for not filing is
   $500 per day
   Additional Resources
   Introduction to Beneficial Ownership Information Reporting
   Small Entity Compliance Guide
   Additional Information
   The City of Englewood is unable to provide details on these filing requirements .   Businesses must contact the
   U . S . Department of Treasury ' s Financial Crimes Enforcement Network
    for additional information and assistance .
   

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