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If you own or manage a business, it's time to mark your calendars for an important compliance deadline: the submission of your Beneficial Ownership Information (BOI) report to FinCEN (Financial Crimes Enforcement Network), a division of the U.S. Department of Treasury. 

The reporting requirements, mandated by the Corporate Transparency Act (CTA), aim to prevent financial crimes like money laundering, tax evasion, and fraud. The CTA seeks to improve transparency about who owns and operates entities based in the United States. 

There are many reasons why a business owner may choose to no longer utilize their LLC. Most often it is because the business was unsuccessful at producing revenue or because the business owner retired or moved on from the business entirely.

One important step in closing your Delaware LLC is to officially cancel your LLC charter with the state of Delaware. It’s important to correctly close your LLC in order to avoid fines and penalties for an LLC you are no longer utilizing. 

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.