With the arrival of the new FinCEN Beneficial Ownership Interest Reporting requirement and the upcoming North Carolina Annual Report filing deadline, we understand that our business clients are being confronted with important compliance concerns during these early months of 2024. Fortunately, our attorneys are ready and equipped to assist you with these important compliance matters.
- 2024 Annual Report: For most North Carolina businesses, annual reports are due on April 15. Failing to file this report can have serious consequences potentially leading to the dissolution of the company, loss of liability protection, and a time-consuming and costly reinstatement process if you seek to restore your business’s registration. To avoid these consequences, let us help you take this task off your to-do list. It is much easier and cheaper to file an annual report now, than to wait and pay increased fees to reinstate your company after it has been administratively dissolved or revoked.
We are pleased to offer our services to file your 2024 Annual Report on your behalf. Our flat fees for this service are $303 for LLCs, which includes payment of the North Carolina Secretary of State’s $203 filing fee, or $123 for corporations, which includes payment of the North Carolina Secretary of State’s $23 filing fee. Our experienced team will ensure that your report is submitted accurately and on time, allowing you to focus on the continued success of your business.
- FinCEN Beneficial Ownership Interest Report: As you may have heard, the federal government’s Financial Crimes Enforcement Network (FinCEN) rolled out the new Beneficial Ownership Interest (BOI) Reporting requirement beginning on January 1, 2024. This FinCEN BOI reporting requirement mandates that most businesses file certain information about their owners, key employees, and company applicants (persons who create the company) with FinCEN’s private database. A company that is now inactive but was active after January 1, 2020, is still considered an active entity for the sake of the reporting requirement and does not fall under the exemption of being an inactive entity. Furthermore, the government has established steep fines and penalties for non-compliance. To learn more about the FinCEN BOI Report, please find Skufca Law’s detailed report here. We have worked to understand the complexity of this new requirement and are ready to help our business clients file this report as a companion service to filing your annual report or our ongoing legal services for your business. Please note the following fee schedule for this service:
| SERVICE | FEE | DESCRIPTION |
| FinCEN Identifier | $150/ Person | The law allows for Beneficial Owners and Company Applicants to obtain a unique identifying number to provide on their BOI Report rather than the individual’s personal information. While the individual must disclose personal information to FinCEN to obtain the ID number, obtaining a FinCEN ID is helpful because it simplifies both the initial reporting process and the maintenance of any report associated with the FinCEN ID in the future. Obtaining a FinCEN ID is especially important for individuals who own multiple LLCs or who own an LLC with other people. We recommend that everyone who needs to be included on a BOI Report obtain a FinCEN Identifier. |
| BOI Report | $100/ Report | This report will include the FinCEN identifier (or otherwise certain personal information) for each owner, key employee, and company applicant for a business. Identifying a “beneficial owner” for the sake of this law is not as straight forward as it may seem, but we will help you identify who needs to be reported for your business to ensure your business is in compliance. |
Please note that we cannot offer FinCEN reporting assistance as a standalone service due to guidance from the North Carolina Bar.
If you would like Skufca Law to file these reports on your behalf, please email ron@skufcalaw.com by Monday, March 4, 2024, and we will then reach out to you with next steps.
We appreciate the opportunity to support your business in meeting its compliance obligations. If you have any questions or concerns, please do not hesitate to contact us.
Thank you for choosing Skufca Law.