Hi all-
As the year comes to a close, we want to remind you of an important deadline that could significantly impact your business: Beneficial Ownership Information (BOI) Reporting Forms are due to us by December 16, 2024.
This reporting requirement, established under the Corporate Transparency Act (CTA), applies to many businesses, including corporations, LLCs, and other entities registered under U.S. law. Compliance with BOI reporting is not just a procedural matter—it’s a legal obligation.
What You Need to Know:
- Who: Businesses with fewer than 20 full-time employees, less than $5 million in gross receipts, or that are not publicly traded are generally required to file.
- What: You will need to provide names, addresses, birth dates, and other identifying information of beneficial owners.
- When: Forms must be submitted to us no later than December 16, 2024. If we receive forms later than this date, we cannot guarantee they will be completed in time. You can fill out the form here.
Why It Matters:
Failing to file the required forms or providing false information can result in significant penalties, including:
- Fines of up to $10,000
- Imprisonment for up to two years
- Additional sanctions that may affect your business operations
Take Action Now
Don’t wait until the last minute—ensuring compliance now can help avoid unnecessary stress and potential penalties. If you need assistance with your BOI reporting, our team at HD Growth Partners is here to help guide you through the process.