In today’s business landscape, staying compliant with regulations isn’t just about following the rules—it’s about safeguarding the future of your company. One of the latest requirements affecting businesses is the Beneficial Ownership Information (BOI) filing under the Corporate Transparency Act (CTA). While there’s been an injunction filed and speculation about the potential overturn of this requirement, we strongly recommend that businesses comply until the Supreme Court makes a definitive decision.
At 8:28 Management, we believe in empowering businesses to thrive, and compliance is a critical piece of that puzzle. Let’s break this down so you can confidently move forward.
What is the Beneficial Ownership Information Requirement?
The Beneficial Ownership Information mandate requires certain U.S. businesses to report key details about individuals who own or control the company. This includes:
Full Legal Name
Birthdate
Residential Address
Identification Numbers from documents like a driver’s license or passport.
The goal? To enhance corporate transparency, combat illicit activities like money laundering, and build trust in the business community.
Who Needs to File?
Most corporations, limited liability companies (LLCs), and similar entities created or registered in the United States must file. However, there are exemptions, such as publicly traded companies and entities with over 20 full-time employees and $5 million in revenue.
If you’re unsure whether your business is required to file, we can help you determine your status.
What Happens If You Don’t File?
Failing to comply with the CTA can lead to serious consequences:
Hefty Fines: Up to $500 per day for non-compliance.
Criminal Penalties: Potential for legal action that could harm your business’s reputation.
Even if the injunction leads to a reversal of this rule, filing now ensures your business is protected and prepared.
Why File Now?
We get it—there’s a lot of uncertainty. But waiting for the Supreme Court’s decision could leave your business vulnerable. Filing now:
Provides Peace of Mind: Compliance removes the guesswork.
Avoids Last-Minute Rushes: Get ahead of potential deadlines.
Protects Your Business: Staying proactive shows your commitment to integrity and transparency.
How 8:28 Management Can Help
This process can feel overwhelming, but it doesn’t have to be. At 8:28 Management, we specialize in simplifying business compliance. Our team will handle the BOI filing for you, so you can focus on running your business. Here’s what we offer:
Expert Guidance: Clear answers to your questions about BOI requirements.
Hassle-Free Filing: We’ll ensure all details are accurately submitted.
Ongoing Support: If rules change, we’ll keep you updated and compliant.
Take Action Today
The best time to ensure compliance is now. Don’t let uncertainty about the injunction keep you from doing what’s right for your business. Let us handle the details so you can operate with confidence.
Contact us today to get started. Together, we’ll navigate this new requirement and set your business up for success.
At 8:28 Management, we’re not just about compliance—we’re about your peace of mind. Let’s tackle this together!
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