Corporate Transparency Act FinCEN Filing
If you are the owner of an LLC or Corporation in Oklahoma, you need to know about the new federal Corporate Transparency Act filing requirement with FinCEN. This new requirement may shock you, but failing to comply carries penalties of $500 per day up to $10,000 and 2 years in jail. Don’t worry though, I’m here to help you get in compliance and stay in compliance.
The Corporate Transparency Act require virtually all small business LLCs and Corporations to complete a Beneficial Ownership Information filing with the Financial Crimes Enforcement Network (FinCEN). What goes into that filing?
Information about the business like its name, all registered DBAs, EIN, address, and more.
Personal information on every owner with at least a 25% ownership interest. Personal information includes full name, residential address, driver’s license or passport number (and a picture of the identification).
The same personal information for anyone who is not a 25%+ owner but has “substantial control” over the entity, which includes senior officers, important decision-makers, and others.
When do you have to file?
For any entity formed before January 1, 2024, you have to complete the filing by the end of 2024. But please, don’t wait. I get it, we all procrastinate, but let’s knock this thing out.
Any CHANGES to the information listed above (change of address for you or the business, a new driver’s license, a new DBA, etc.) must be reported on an amended report within 30 days of the change.
For any new entity formed in 2024, you have to complete a report within 90 days. Any entity formed in 2025 and beyond, a report must be done within 30 days.
The bottom line, get this taken care of sooner than later. If you wait, you might forget and will be that person scrambling to file on December 31. That’s no fun for anyone.
How do you report? You have two options:
Handle it all yourself and file over at www.fincen.gov.
You can contact GDL Legal PLLC and use our custom FinCEN BOI filing system that is user-friendly, simple, and will not only get you in compliance but will help you stay in compliance through reminders and our simple amendment process.
Why file with GDL Legal PLLC and not on your own?
We want your life to be as easy as possible. There are significant penalties for not doing this stuff correctly, and we want to help you avoid any risk of penalties.
You have enough to worry about as a small business owner. Let us worry about this part. We will help you gather all the information needed for reporting. We will help you determine who is a “beneficial owner,” including all those “senior officers” and “decision makers” FinCEN wants included. We will provide oversight and review the filings to ensure they are correct. We will file the report for you. After all that, we will handle amendments in case you having something that changes and we will send reminders to make sure you don’t forget to do an amendment.
What if you have questions about filing? I will answer them all. That’s included in the cost of filing with GDL Legal PLLC. No extra hourly cost or additional fees.
Who does the filing? You get the full service of an attorney, Geoffrey Long, to help navigate the process and complete the filing.
How much will it cost?
We want to keep your costs minimal, so your filing cost with us is $350 for your first entity.
Have more than one entity? Save a little with multiple entity discounts.
What about an amendment? We make amendments easier than filing on your own with our custom reporting system and affordable at $100 for an amended report.
Ready to file? Email me at geoff@gdl.legal or call/text me at 405-613-3630.