• Thank you to our generous sponsors!

    The Long Beach LGBTQ+ Chamber of Commerce is deeply thankful for the generous support of our sponsors. Your commitment to our mission empowers us to uplift LGBTQ+ businesses, create inclusive opportunities, and strengthen the economic vitality of our community. Every program we run, every connection we build, and every milestone we reach is possible because of your partnership. You are not just sponsors—you are champions of equality, inclusion, and progress, and we are honored to work alongside you. To those who make our work possible: thank you. Your impact is felt every day in the lives and businesses you help support. If you’re inspired by the difference our sponsors are making, we welcome you to join them and become a part of this powerful movement.

  • Shifts in Deadlines for the CTA, BOI and FinCEN: Guidance for Businesses in Long Beach, CA

    CommunityPress ReleaseChamberGeneral News Article


    The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes.

    While a Texas federal district court’s preliminary injunction puts this requirement on hold, many experts expect that to be overturned. In that event, failure to file could lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties.

    However, filing your Beneficial Ownership Information (BOI) report will help you avoid fines if this injunction is overruled. Waiting could mean scrambling to meet compliance requirements or penalties. ZenBusiness offers professional BOI compliance tools and simple directions for those interested in addressing these worries now, guaranteeing completion with easy accuracy.

    1. Determine if Your Business Must File.

    A ‘reporting company’ is any small business, corporation, or LLC that is registered with the state, unless exempt. Exemptions apply to publicly traded companies, banks, and charities. For example, a local coffee shop in Long Beach, CA would likely need to file a BOI report.

    2. Identify Your Beneficial Owners.

    A ‘beneficial owner’ is someone who either has substantial control over a company or owns at least 25% of it. For example, in a small photography studio in Long Beach, the owner who holds a 40% share and makes key operational decisions is considered a beneficial owner.

    3. Gather the Required Information.

    Prepare:

    • Business name, address, and EIN.

    • Beneficial owners’ names, addresses, DOBs, and ID details.

    4. File Your BOI Report.

    Deadlines:

    • Existing businesses: File by 01/01/2025.

    • New companies (2024): File within 90 days of formation.

    • New companies (2025+): File within 30 days of formation.

    Business owners can stay on top of compliance by filing now through ZenBusiness, whose simple-to-use guidance and tools make meeting the FinCEN regulations easy.

    Additional Resources:

    We want to hear from you!

    Join us in making a positive impact! Complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation. Take the survey here! Your participation is greatly appreciated!

    As of December 3, 2024, a Texas federal district court has issued a preliminary injunction for all states to block the CTA and its relevant regulations. However, filing your BOI will help you avoid fines if this injunction is overruled.

     

    Shifts in Deadlines for the CTA, BOI ...

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