Formation & Compliance

Starting a business is an exciting venture, but it requires careful planning, legal considerations, and ongoing compliance to ensure its success. Understanding the steps involved in business formation and compliance can save time, reduce risks, and position your company for growth. This comprehe...

Running a small business comes with numerous responsibilities, but one of the most critical—and often most overlooked—tasks is staying compliant with federal, state, and local regulations. Compliance can cover a broad spectrum, from filing taxes and submitting legal documents to following labor ...

For small business owners, compliance often feels like an overwhelming maze of regulations and legal requirements. From tax filings to employee protections and environmental regulations, businesses are subject to a wide variety of rules—each with significant penalties for non-compliance. But sta...

Confused about impending BOI reporting deadlines? Not sure how the Corporate Transparency Act (CTA) applies to you and your small business? Have we got a podcast for you! Recently, our very own Justin Lund sat down with Fund&Grow to chat about the fines and penalties facing entrepreneurs who...

Navigating the world of business regulations can be complex, especially when it comes to compliance requirements like the Beneficial Ownership Information (BOI) report. If you're unsure whether your business needs to file a BOI report, Propel is here to help with an easy-to-use quiz designed to ...

In today’s fast-paced business environment, staying compliant with ever-changing regulations is not only challenging but also time-consuming. For many businesses, especially small and medium-sized enterprises (SMEs), managing compliance internally can divert valuable resources away from core act...

Establishing and maintaining a clear business identity is essential for small businesses, and obtaining an Employer Identification Number (EIN) plays a pivotal role in this process. Issued by the IRS, an EIN is a nine-digit identifier that functions similarly to a Social Security number but is d...

Choosing the right business structure is a pivotal decision for any entrepreneur, impacting your legal obligations, tax responsibilities, and personal liability. Let's explore the various options available to help you make an informed choice that aligns with your business goals. Sole Prop...

The Corporate Transparency Act (CTA) of 2020 marked a watershed moment in the fight against financial crime in the United States. A cornerstone of this act is the Beneficial Ownership Information (BOI) reporting requirement. This regulation mandates that certain businesses identify and report in...

Deciding whether to let a business entity expire, particularly when it's no longer needed, involves considering various legal, financial, and administrative implications. Here’s a detailed exploration of what it means to let a business entity expire and the potential risks involved. Letti...

Dissolving a business entity is a significant step that involves a series of legal and administrative actions. Whether you're closing your business due to retirement, moving on to new ventures, or other reasons, it's important to understand the proper procedures to ensure that the dissolution is...

After dissolving a business, it can be unclear what remaining compliance obligations need to be fulfilled, particularly regarding the Beneficial Ownership Information (BOI) report under the Corporate Transparency Act (CTA). Understanding these requirements is crucial for any business owner, even...

John had always dreamed of starting his own business. He took the first steps by incorporating a limited liability company (LLC) in his home state, filing the necessary paperwork, and paying the requisite fees. But life had other plans, and John’s LLC never actually conducted any business. The c...

The requirements for Beneficial Ownership Information (BOI) reporting primarily stem from federal legislation, specifically the Corporate Transparency Act (CTA), which mandates reporting to the Financial Crimes Enforcement Network (FinCEN). However, states and local governments may have addition...

Filing a Beneficial Ownership Information (BOI) report incorrectly can lead to several consequences, ranging from administrative burdens to legal penalties. It's crucial to understand the implications and take corrective actions promptly if an error is identified. Here's a detailed breakdown of ...

The BOI report does not need to be updated on a fixed annual or periodic schedule. Instead, updates are required on an ongoing basis whenever there are changes in the information previously reported. Circumstances Requiring Updates If there is a change in who qualifies as a beneficial ...

Businesses subject to the Corporate Transparency Act (CTA) must file their initial Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) by the deadline specified by the CTA regulations. As of the current regulations, businesses are not required ...

Correcting mistakes in a Beneficial Ownership Information (BOI) report involves identifying the error, gathering the correct information, and submitting the revised data to the Financial Crimes Enforcement Network (FinCEN) according to the guidelines provided. Here’s a step-by-step guide on how ...

In addition to Beneficial Ownership Information (BOI) reporting, businesses have several other reporting requirements to comply with various federal, state, and local regulations. These requirements vary based on the nature, size, and location of the business. Here are some of those key reportin...

Compliance with the Corporate Transparency Act (CTA) involves several key steps to ensure that businesses accurately report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). Here is a detailed guide on how businesses can comply with the CTA. Understa...

An inactive entity refers to a business entity that has ceased operations, does not engage in any business activities, and does not have significant assets or liabilities. In the context of Beneficial Ownership Information (BOI) reporting, certain inactive entities may be exempt from reporting r...

The Corporate Transparency Act (CTA) is a piece of U.S. legislation aimed at enhancing transparency in the corporate sector to combat illicit activities such as money laundering, terrorism financing, and tax evasion. Here is a detailed overview of the CTA: Creation and Legislative Background ...

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury. It is responsible for collecting, analyzing, and disseminating financial intelligence and enforcing compliance with financial laws to combat money laundering, terrorist financing, and o...

The Beneficial Ownership Information (BOI) report is a regulatory requirement in various jurisdictions aimed at increasing transparency and combating illicit activities such as money laundering, tax evasion, and financing of terrorism. It involves disclosing information about the individuals who...

Filing a Beneficial Ownership Information (BOI) report is a crucial step for many businesses, ensuring compliance with regulatory requirements and promoting transparency. Whether you’re a seasoned business owner or a new entrepreneur, understanding the process of filing a BOI report is essential...

Navigating the sometimes confusing landscape of business regulations is crucial for compliance and operational success. Among these regulations, the requirement to file a Beneficial Ownership Information (BOI) report stands out. As of January 1, 2024, this new report was instituted to help ensur...

Carpenters, like many other professionals, may wonder about their obligations regarding various legal and administrative requirements. One such requirement that has caused some confusion is the BOI report. The term "BOI report" refers to the Beneficial Ownership Information report, a filing requ...

The Corporate Transparency Act (CTA), enacted in the United States, has far-reaching implications beyond the domestic sphere. As it mandates the disclosure of beneficial ownership information for certain businesses, it aligns the U.S. with global standards and influences international efforts to...

The Corporate Transparency Act (CTA) introduces new compliance requirements for businesses, particularly regarding the disclosure of beneficial ownership information. While the Act aims to enhance transparency and prevent financial crimes, it also presents several challenges for businesses striv...

Money laundering poses a significant threat to global financial systems, facilitating a range of illicit activities from drug trafficking to terrorism. The Corporate Transparency Act (CTA), introduced in the United States, aims to curb these practices by mandating the disclosure of beneficial ow...

The Corporate Transparency Act (CTA), enacted as part of the Anti-Money Laundering Act of 2020, represents a significant step forward in the fight against financial crimes in the United States. A critical component of the CTA is the requirement for certain corporations, limited liability compani...

Plumbers! You're probably wondering if you need to file the BOI report, and you're not alone. The Beneficial Ownership Information report is a new requirement that almost all businesses, including plumbing companies and self-employed plumbers, must comply with. As if filing taxes and renewing yo...

At Propel, we’re proud to be champions of small business – helping entrepreneurs get more business done by handling all the back office and administrative tasks that so often burden small teams and sole proprietorships. We handle it all, from bookkeeping and HR to business strategy and formation...

The Corporate Transparency Act is a new law requiring millions of companies to file a Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network (FinCEN), effective as of January 1, 2024. Luckily, Propel has your back! We’ve helped hundreds of small businesses file...

The Corporate Transparency Act (CTA), enacted as part of the National Defense Authorization Act for Fiscal Year 2021, requires certain entities to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). This regulation aims to increase transpar...

With the implementation of the Corporate Transparency Act (CTA) and the requirement for businesses to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN), many companies are seeking efficient and reliable ways to meet these obligations. Prop...

With the implementation of the Corporate Transparency Act (CTA) under the broader framework of the National Defense Authorization Act for Fiscal Year 2021, many small businesses are questioning whether they are required to file Beneficial Ownership Information (BOI) reports with the Financial Cr...

The Financial Crimes Enforcement Network (FinCEN) has implemented stringent regulations requiring businesses to file Beneficial Ownership Information (BOI) reports as part of its broader strategy to combat money laundering, terrorism financing, and other financial crimes. The Corporate Transpare...

By now, you’ve probably already heard about the new federal filing requirement under the Corporate Transparency Act which mandates that virtually every small business registered in the United States must file a beneficial ownership information (BOI) report with the Financial Crimes Enforcement N...

The Corporate Transparency Act (CTA), integrated within the Anti-Money Laundering Act as part of the 2021 National Defense Authorization Act, aims to combat money laundering, terrorism financing, organized crime, and related financial offenses by requiring numerous corporations, limited liabilit...

The business world is buzzing with the released deadlines for filing beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). While the requirements stem from the Anti-Money Laundering Act passed in 2021 as part of the National Defense Authorization Act, the B...

Effective January 1, 2024, beneficial ownership information (BOI) for corporations, LLCs, and many other business entities must be disclosed and reported to the Financial Crimes Enforcement Network (FinCEN). The aim is to combat money laundering, terrorism financing, organized crime, and related...

In compliance with new regulations outlined in the Corporate Transparency Act (CTA), numerous corporations, limited liability companies, and other entities are now mandated to disclose beneficial ownership and pertinent information to the Financial Crimes Enforcement Network (FinCEN). But what’s...