DO YOU OWN A BUSINESS IN UTAH?

Is Your Utah Business Ready for the Corporate Transparency Act?

Here's What You Need to Know!

Why Small Businesses in Utah Shouldn't Wait to File Their BOI for the Corporate Transparency Act (CTA)

If you're a small business owner in Utah, you've probably heard of the Corporate Transparency Act (CTA) by now. No? Well, here's the scoop: The CTA requires certain small businesses to file Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN) by the end of 2024. It's one of those tasks that might be easy to procrastinate on—especially if you're already juggling a thousand other things—but trust us, you don't want to wait!     

Who Needs to File?

Not sure if this applies to you? Here's the rundown: If your business is a corporation, LLC, or similar entity registered in the U.S., you'll likely need to file your BOI. This filing involves reporting key information about the individuals who own or control 25% or more of your company or who exercise significant control over it. Essentially, it's about transparency—making sure the government knows who's really running the show.

And if you're a new business entity, heads up! You've only got 90 days from the date of formation or registration to file your BOI. That's right—time flies when you're starting a business, but don't let this crucial step slip through the cracks.

Why Should You Care About Filing BOI?

Think of it this way: filing your BOI is like flossing your teeth. It's easy to forget, but if you skip it, the consequences can be painful. In this case, instead of a lecture from your dentist, you could be looking at some hefty fines and penalties.

Here's what happens if you don't file your BOI by the deadline:

• Civil penalties: You could face fines of up to $500 per day until you file. Yep, that's not a typo—$500 per day.
• Criminal penalties: If you're really unlucky, ignoring this could even land you in hot water with criminal charges, leading to even bigger fines or even jail time. Ouch!  

The Simple Solution: Hire EVN Law

Before you start hyperventilating, take a deep breath. We've got good news! The filing process doesn't have to be a headache. That's where EVN Law comes in. We know the CTA requirements inside and out and can make sure your BOI is filed correctly and on time—whether you're a brand-new business or you've been operating for years.

When you hire EVN Law, you're not just getting a law firm—you're getting peace of mind. We handle the paperwork, so you don't have to stress. Plus, we'll keep you updated every step of the way, making sure everything is as smooth as possible.

Don't Procrastinate—Act Now!

We get it; filing BOI isn't the most exciting thing on your to-do list, but the consequences of not filing are way worse. So, why not get it done now? Think of it as checking one more thing off your list so you can get back to focusing on what really matters—running your business.

Ready to file? Contact EVN Law today, and let's get your BOI handled before that December 2024 deadline creeps up on you. And if you're a new business, let's make sure you're on top of that 90-day window. Trust us—you'll be glad you did.