What Makes a Community Bank Different?
Unlike large banks that often take deposits in one state and lend out the funds in other states, a community bank gathers deposits from the local area and makes loans to customers in the neighborhoods where their depositors live, work, and play. A community bank helps local businesses and communities flourish by creating jobs locally. Community banks leverage your money to strengthen and grow your community. In this way, the bank's success is tied to the local community and the businesses it serves.Your relationship with a community bank can benefit you throughout your entrepreneurial journey. A community bank can provide support when you need to fend off hardship or provide the resources you need to capitalize on a business opportunity.
Community banks are also agile, with local decision-making and quick turnaround. When you bank with Beacon Business Bank, a community bank, you have a like-minded partner whose goal is to find a financial solution that works for you.
And, you can take pride in knowing that you are helping your local community thrive.
New Beneficial Ownership Information (BOI) Reporting and How it Affects Your Business?
As of January 1, 2024, certain businesses must comply with new Beneficial Ownership Information (BOI) reporting requirements as part of the Corporate Transparency Act of 2021.
Corporate Transparency Act of 2021
In 2021, Congress enacted the Corporate Transparency Act, intended to make it harder for bad actors to hide or benefit from ill-gotten gains through shell companies or other opaque ownership structures and to deter money laundering, terrorism, and other illegal activities. The new law requires certain companies (Reporting Companies) to report information about their Beneficial Owners to the Financial Enforcement Network (FinCEN).
In 2021, Congress enacted the Corporate Transparency Act, intended to make it harder for bad actors to hide or benefit from ill-gotten gains through shell companies or other opaque ownership structures and to deter money laundering, terrorism, and other illegal activities. The new law requires certain companies (Reporting Companies) to report information about their Beneficial Owners to the Financial Enforcement Network (FinCEN).
What is a Reporting Company?
- Domestic entities: Corporation, Limited Liability Company (LLC), Limited Liability Partnership (LLP), certain Trusts, or any other entity created by the filing of a Secretary of State or any similar office under the law of a state or Indian tribe; or
- Foreign Corporation, LLC, LLP, or other entity registered to do business in any U.S. state or tribal jurisdiction.
Who is a Beneficial Owner?
- Anyone who exercises substantial control over a reporting company;
- Anyone who owns 25% or more of the equity interest of a reporting company or
- Anyone who receives substantial economic benefits from the assets of a reporting company.
