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Ensuring compliance with financial regulations is crucial for businesses to uphold integrity and security in their operations. The Corporate Transparency Act mandates that many businesses file beneficial ownership information reports with FinCEN, the Financial Crimes Enforcement Network, a bureau of the U.S. Department of Treasury. To learn more about the CTA and what it means for many business owners, take a look at our CTA FAQs page. 

The Incorporators has partnered with FinCEN Report, a third-party service that walks you through the process of filing your BOI report. 

In an era of heightened emphasis on corporate transparency and accountability, legislation like the Corporate Transparency Act (CTA) plays a pivotal role in ensuring that businesses disclose accurate and up-to-date information about their ownership structure.

The CTA, enacted to combat money laundering, terrorist financing, and other financial crimes, imposes significant penalties for non-compliance.

Let’s review the consequences of failing to comply with the Corporate Transparency Act, covering scenarios such as forgetting to file, filing incorrect information accidentally, filing incorrect information intentionally, and not filing at all.

With the upcoming regulatory changes bought forth by the enactment of the Corporate Transparency Act, companies established on or after January 1, 2024 will be required to submit Beneficial Ownership Information (BOI) to FinCEN, a bureau of the U.S. Department of Treasury. 

Newly formed entities will be required to submit company applicant details with their BOI reports. One company applicant is required but two may be listed. 

Losing proof that your company exists in Delaware can be a stressful situation. This critical documentation is essential for establishing your business's legal existence and is required for many business transactions. However, accidents happen, and important papers can be misplaced or destroyed.

If you find yourself unable to locate any proof that your Delaware company exists, don't panic. There are steps you can take to recover your company's identity and ensure its continuity in Delaware.

In anticipation of the upcoming holidays, we'd like to take a moment to share our holiday hours with you. 

On Friday, December 23rd, we will be closing at 2pm EST.

We will be closed on Monday, December 26th in observance of Christmas Day and Monday, January 2nd in observance of New Year's Day. 

With the rise of public consciousness regarding sustainability and corporate responsibility, more business owners are looking for ways to further their mission and business with an eye for the future. The state of Delaware has long been a leader in corporate governance so it’s no surprise that they’ve adapted to the times by adding an entity type to meet the needs of the modern business owner.

New business owners often struggle to determine if forming an LLC or incorporating is the right option for them.

LLCs and S-Corps are commonly cited options, particularly for solopreneurs. But while they have some overlapping benefits (like pass through taxation), they have several notable differences. 

This is part five of our series, Start an LLC with Me. So far, we’ve started a Delaware LLC, gotten an EIN number, opened a business bank account, and gotten a business license.

For many business owners, all the official parts of the setup process are complete! These days it’s common to have a website and social media accounts for a business before it’s official. You may have already set up a few of these things (my partner and I had before we officially started our LLC).

Let’s look at some of the most important unofficial parts of setting up your business.