FinCEN’s BOI Reporting Deadline: Denver-Aurora-Lakewood Businesses Must File by 01/01/2025

The Corporate Transparency Act (CTA) requires businesses in Denver-Aurora-Lakewood, Colorado, to file Beneficial Ownership Information (BOI) reports with FinCEN by January 1, 2025, to promote transparency and prevent financial crimes.

As of today, November 26, 2024, Denver-Aurora-Lakewood businesses have 36 calendar days (or 26 business days) to meet the filing deadline—act now to avoid daily fines of $500!

Action Plan for Local Businesses

1. Confirm Filing Requirements

Deadline: ASAP
Businesses required to file include most LLCs, corporations, and similar entities, except for exemptions like publicly traded companies or charities.

2. Identify Beneficial Owners

Deadline: December 10, 2024
A beneficial owner is someone who:

• Exercises substantial control, OR

• Owns 25% or more of the business.

ZenBusiness can assist in identifying beneficial owners quickly and efficiently.

3. Gather Information for Filing

Deadline: December 17, 2024
Prepare the following:

• Business info: Name, EIN, and address.

• Owner info: Full names, dates of birth, residential addresses, and ID numbers.

4. File the BOI Report

Deadlines depend on the company formation date:

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

• New businesses formed in 2024: File within 90 days of formation.

• New businesses formed after January 1, 2025: File within 30 days of formation.

Let ZenBusiness streamline your BOI filing process.

What Denver-Aurora-Lakewood Businesses Need to Know

Who Needs to File?

Most LLCs, corporations, and partnerships must report, unless exempt as publicly traded companies, banks, or nonprofits.
Example: A new Denver coffee shop with an LLC structure must file, while a local nonprofit organization is exempt.

What Is a Beneficial Owner?

A beneficial owner has:

1. Substantial control over business decisions, OR

2. A 25% or greater ownership stake.
   Example: The co-owner of a tech startup in Aurora holding 40% ownership and full decision-making authority is a beneficial owner.

What Information Must Be Submitted?

Businesses must report:

• Company details: Name, EIN, address.

• Owner details: Name, address, birth date, and ID.

Penalties for Non-Compliance

Failing to file or submitting incorrect information can result in:

• Fines of $500 per day, up to $10,000.

• Possible imprisonment.

• A 90-day correction period to fix errors without penalties.

ZenBusiness Can Help

ZenBusiness simplifies BOI reporting with accurate, time-saving solutions, giving business owners peace of mind. Start your BOI filing with ZenBusiness today.

Additional Resources

• FinCEN BOI FAQ

• ZenBusiness—BOI Filing Services

• Who’s Exempt from the Corporate Transparency Act?

• Corporate Transparency Act Deadlines

• A Guide to BOI Compliance

• BOI Filing Tips for Small Businesses

• Completing the Beneficial Ownership Information (BOI) Form

Don’t delay—file your BOI report today and ensure compliance with the CTA!