FinCEN’s BOI Reporting Deadline: Dayton, Ohio Businesses Must Act by 01/01/2025

The Corporate Transparency Act (CTA) requires Dayton businesses to submit Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, as part of efforts to combat financial crimes like money laundering and tax evasion.

As of today, November 26, 2024, Dayton business owners have 36 calendar days (or 26 business days) to file their BOI reports with FinCEN—don’t delay, as non-compliance could lead to fines of $500 per day.

Steps Dayton Businesses Need to Take

1. Determine If Your Business Must File

Deadline: ASAP
Most corporations, LLCs, and similar entities need to file unless exempt (e.g., publicly traded companies or nonprofits).

2. Identify Your Beneficial Owners

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

• Has substantial control over the business, OR

• Owns at least 25% of the company’s shares.

Use ZenBusiness to simplify the process of identifying beneficial owners.

3. Collect Required Information

Deadline: December 17, 2024
Gather:

• Business details: Name, EIN, address.

• Beneficial owner details: Names, dates of birth, residential addresses, and government-issued ID information.

4. File Your BOI Report

Deadlines vary:

• 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.

ZenBusiness can help ensure your BOI report is accurate and on time.

What Dayton Businesses Should Know

Who Must File?

Businesses that meet the “reporting company” definition must file, including most small corporations and LLCs.
Example: A locally owned bakery in Dayton must file a BOI report, while a local nonprofit charity is exempt.

What Is a Beneficial Owner?

A beneficial owner is defined as anyone who:

1. Exercises significant control over the company, OR

2. Owns 25% or more of the business.
   Example: In a Dayton-based landscaping company, the general manager with operational control and a silent partner owning 30% of the business both qualify as beneficial owners.

What Information Is Needed?

To complete your BOI report, you’ll need:

• Business information: Legal name, EIN, address.

• Beneficial owner details: Names, dates of birth, home addresses, and ID details.

Penalties for Non-Compliance

Failure to file or providing false information can result in:

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

• Potential criminal charges, including imprisonment.

There’s a 90-day safe harbor to correct any errors without penalty.

Simplify Compliance with ZenBusiness

ZenBusiness offers expert services to help Dayton businesses navigate BOI reporting, ensuring accuracy and avoiding costly penalties. Get started now.

Additional BOI Resources

• FinCEN BOI FAQ

• ZenBusiness BOI Filing Services

• Who’s Exempt from the Corporate Transparency Act?

• Corporate Transparency Act Deadlines for 2025

• A Guide to BOI Compliance

• BOI Filing for Small Businesses

• Completing the Beneficial Ownership Information Form

Don’t wait—file your BOI report today to ensure compliance and avoid penalties.