BOI Basic Must Know FACTS for your Salon Business

BOI: Beneficial Ownership Information

Deadlines

If your business existed as of January 1, 2024, you must file your BOI report by January 1, 2025.

If you created your business in 2024, you have 90 days from the date of filing with your state’s Secretary of State to submit your BOI report.

Entities Required to File

 All limited liability companies (LLCs) and corporations must file. For example, if you own multiple LLCs, each requires a separate BOI report.

Penalties for Non-compliance

 Failure to file on time can result in significant penalties, including fines of $591 per day, a potential $10,000 criminal penalty, and up to two years in prison.

Recent Updates from FinCEN

 Companies that ceased to exist before January 1, 2024, are not required to file a BOI report if they completed the dissolution process before that date.

Companies created or still existing on or after January 1, 2024, must file a BOI report, even if they ceased operations before their filing deadline.

Note: There are special considerations for disregarded entities.

***Reference: https://www.fincen.gov/boi

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