Timely service addresses new federal government mandate for thousands of small business owners to file a beneficial ownership report this year
ZenBusiness®, the intuitive business management platform trusted by a half million small businesses, has launched a Beneficial Ownership Filing service for its customers. The new offering is a direct response to the federal government’s Corporate Transparency Act. New regulations mandate the reporting of beneficial ownership information for approximately 30 million existing businesses and 5 million new companies formed annually over the next decade. ZenBusiness’s Beneficial Ownership Filing service aims to simplify the complicated process of gathering and submitting the necessary beneficial ownership information by their designated deadlines.
The Corporate Transparency Act effective as of January 1, 2024, requires most LLCs and corporations with fewer than 20 employees to submit official documentation on beneficial business ownership in an effort to prevent fraud and illegal activities. Beneficial owners are individuals who ultimately own or control a company, either directly or indirectly. Thousands of small businesses are not even aware of the new regulations enacted by the federal government that require them to fill out a new set of paperwork. The repercussions for not complying include hefty civil or criminal penalties.
As of January 1st, most businesses are required to file a report with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. All 2024 formation businesses must file a BOI (Beneficial Ownership Information) within 90 days of their formation completion. Any company that was founded prior to 2024 has 1 year to file its BOI.
“As small business champions, it is important to us to be able to bring this new regulation to the attention of our customers and guide them in submitting the necessary information to protect their businesses,” said Sameer Gulati, Chief Product Officer, ZenBusiness. “Our customers trust that we keep our fingers on the pulse of the latest small business news and alert them with updates and information as soon as possible. We’re confident that we can help relieve some of the burden off of our customers by facilitating this process and allowing them to dedicate their valuable time to their core businesses.”
ZenBusiness’s new Beneficial Ownership Filing product translates complicated language in the benefit ownership form and simplifies the filing process so that business owners can save time to focus on growing their businesses. It also promotes business protection, peace of mind, and ease in meeting federal requirements to avoid penalties and legal issues. As part of the service, ZenBusiness will file the BOI with FinCEN on customers’ behalf. Throughout the process, ZenBusiness customers will receive:
- Step-by-step guidance from compliance experts
- Document gathering and organization
- Secure submission of information to the Financial Crimes Enforcement Network
- Proof of submission
- Ongoing access to records
The ZenBusiness Beneficial Ownership Filing service enriches ZenBusiness’s suite of tools dedicated to helping small business owners protect their businesses. For more information about The Corporate Transparency Act and to learn more about ZenBusiness’s Beneficial Ownership Filing service, please visit ZenBusiness Beneficial Ownership Filing, ZenBusiness Blog and ZenBusiness.com.
About ZenBusiness
ZenBusiness is committed to unleashing the entrepreneur in everybody. We have the tools, expertise, and educational programs to help you Own What’s Yours.™ Our platform of interconnected products makes it easy to start, run, and grow your business. Whether you're just starting out, taking the first steps, or ready to scale up, our expert team guides you along a proven path to success with ease and confidence. Over half a million people have turned to ZenBusiness for their entrepreneurial journey. For more information, visit www.zenbusiness.com and follow us on X (formerly Twitter) and Instagram.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240117908716/en/
Contacts
Angela Nibbs
zenbusiness@maven-pr.com
