Leading the Industry in BOI Filings and CTA Compliance

Leading the Industry in BOI Filings and CTA Compliance
Platinum is the trusted partner for businesses of all sizes, providing expert guidance and a sophisticated BOI Manager Platform to streamline the process of organizing, monitoring, submitting, and updating beneficial ownership data to FinCen.
Leading the Industry in BOI Filings and CTA Compliance
Corporate Transparency Act

Understanding the Corporate Transparency Act and its Significance

Corporate Transparency Act
The Corporate Transparency Act is a legislation aimed at promoting transparency and preventing illicit activities by requiring certain businesses to disclose their beneficial ownership information. This section provides a comprehensive explanation of the act, its origin, and its objectives.

What Businesses are Affected by the Corporate Transparency Act?

What Businesses are Affected by the Corporate Transparency Act
The Corporate Transparency Act has a significant impact on various businesses, including those involved in financial services, real estate, and professional services. Compliance with this act is crucial for these businesses to ensure transparency and accountability.
Reporting Companies
Get insights into the businesses affected by the Corporate Transparency Act.
Non-Reporting Companies
Learn how to meet the compliance requirements of the Corporate Transparency Act.
What Businesses are Affected by the Corporate Transparency Act

CTA Exemptions

CTA’s 23 Exemptions

Certain types of entities may be exempt from the Corporate Transparency Act’s reporting requirements.
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Large Operating Company

Large Operating Companies may be exempt from certain CTA reporting obligations.

Inactive Entity

Inactive entities may be exempt from certain reporting obligations under the Corporate Transparency Act.

Understanding Beneficial Ownership Information and Reporting under the CTA Act

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Who is a Beneficial Owner?

A beneficial owner is an individual who enjoys the benefits of ownership, such as receiving profits or controlling assets, even though the legal ownership may be held by another entity.
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Who is a Company Applicant?

A company applicant is an individual who applies on behalf of a company for compliance with the Corporate Transparency Act. They provide the necessary information and documentation to meet the reporting requirements.

Penalties for Non-Compliance: A Closer Look at the Consequences

Learn about the key aspects of Beneficial Ownership Information and its importance in complying with the Corporate Transparency Act.
Civil Penalties
$500 per day is the civil penalty for willful failure to file or willful filing of false/fraudulent information on a BOI Report.
Criminal Penalties
Criminal penalties include up to 2 years in prison and/or fines up to $10,000
Platinum BOI Manager

Streamline Compliance with the BOI Manager Platform

The BOI Manager Platform simplifies compliance with the Corporate Transparency Act (CTA) by providing a comprehensive solution for organizing, monitoring, submitting, and updating beneficial ownership data to FinCen. With our expert team and knowledge of the CTA laws, our platform is designed to meet the requirements of both small business owners and large enterprises.

Easy-to-use Platform for Businesses

Our BOI Manager Platform is designed to be user-friendly, providing small businesses with a simple and efficient way to manage their beneficial ownership data. With intuitive features and a streamlined interface, you can easily organize, monitor, submit, and update your information to ensure compliance with the Corporate Transparency Act.

Robust Solutions for Enterprises

For large enterprises with multiple reporting entities, our BOI Manager Platform offers robustness and scalability. With advanced functionalities and the ability to handle bulk filings, you can effectively manage and maintain your beneficial ownership data across your organization, ensuring compliance with the Corporate Transparency Act.

Efficient Data Management

With our BOI Manager Platform, you can efficiently handle your beneficial ownership data management. From organizing and storing information to submitting and updating data, our platform streamlines the process, saving you time and effort while ensuring compliance with the Corporate Transparency Act.
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FAQS

Find answers to commonly asked questions about our Corporate Transparency Act Compliance Service.

The Corporate Transparency Act (CTA) is a major advancement in U.S. business regulation aimed at enhancing transparency and fighting illegal activities such as money laundering, fraud, and the financing of terrorism. This act mandates certain legal entities to provide information about their beneficial owners.

The Corporate Transparency Act (CTA) applies to the majority of corporations, limited liability companies (LLCs), and similar entities established or registered to conduct business in the United States. These entities must disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).

  1. Determine Applicability: First, determine if your company is subject to the CTA or if it qualifies for one of the available exemptions.
  2. Identify Beneficial Owners: Beneficial owners are individuals who own or control at least 25% of the company or who exercise significant control over the company.
  3. Collect Required Information: For each beneficial owner, gather the following information:
    1. Full legal name
    1. Date of birth
    1. Current residential or business address
    1. A unique identifying number and image of an identification document such as a passport or driver’s license.
  1. File Report with FinCEN: Submit the information to FinCEN using their reporting system, or a third-party filing service such as Platinum Filings.
  2. Keep Information Updated: Update FinCEN of any changes in beneficial ownership or the information reported within 30 days.
  3. Maintain Records: Keep records of the reported information and any supporting documents.

Beneficial Ownership Information refers to the details about the individuals who ultimately own, control, or benefit from a company or other legal entity. This information includes the names, addresses, and other identifying details of these individuals. It helps authorities and stakeholders understand who is behind a business, ensuring transparency and preventing illegal activities like money laundering, tax evasion, and corruption.

A Beneficial Ownership Information Report can be submitted online through FinCEN’s secure BOI E-Filing System.

If you need to manage many entities and/or beneficial owners, the BOI Manager at Platinum Filings allows users to easily manage their entities simplifying the collection and updating of beneficial owner data.

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