Many small- and mid-sized businesses must now report their beneficial owner(s) to the U.S Treasury’s Financial Crimes Enforcement Network (FinCEN). This is true whether you are organized in Illinois or in another State, this is federal requirement, not an Illinois requirement. Entities with fewer than 20 employees or less than $5 million in gross receipts / sales are considered small entities and required to file a BOI report.

Existing businesses (created or registered as of 12/31/23) are required to file by 12/31/24.

New businesses (created or registered in 2024) are required to file within 90 calendar days of creation/registration (new entities in 2025 and after will have 30 days to register).

There are severe penalties for not filing in the required timeframe (the company can be fined up to $591 PER DAY with a maximum penalty of $10,000) and if willful failure to file can face up to two years in prison.

The easiest way to file a BOI report is electronically on the FinCEN website https://www.fincen.gov/boi. You will need to upload a copy of the beneficial owner(s) identification.

To learn more, attend the Corporate Transparency Act (CTA) Webinar on December 4, 2024 at 1 pm CST with special guest, Phil Lam, from the Department of Treasury or find additional information on the FinCEN website (www.fincen.gov/boi). 

Click HERE for more information on BOI (Beneficial Ownership Information) requirements

As the year draws to a close, the Frankfort Chamber of Commerce is seeking enthusiastic speakers, sponsors, and hosts for next year’s Meet, Greet, & Network (MGN) events. These monthly networking gatherings spotlight a new speaker each month and take place at various local businesses.

Sponsorship Opportunities

Event Sponsor:

• You are recognized on MGN promotions in our newsletter, on our website, and on social media.
• You get 5 minutes at the event to promote your business or organization.
• Signage at check-in and on all tables.
• Event Sponsorship investment is $100.

Location Sponsor:

• You are recognized on MGN promotions in our newsletter, on our website, and on social media.
• You get a few minutes to speak at the beginning of the event.
• Provide refreshments for attendees.
• Location should be big enough to hold 55-65 people. If you have a preferred month you would like to host, please let me know.

Presenter Opportunity:

• You are recognized on MGN promotions on our website and on social media.
• You get 10 minutes to give an educational presentation that does not promote your business, but gives attendees something to take away that they can implement in their business right away; a way to make their business better. This helps position you as an expert in your field.
• Potential presenters will be provided with guidelines and asked to submit an outline for review and approval. If you have a preferred month you would like to speak, please let us know.

If you're interested in any of these opportunities please email Jesse Herder at jesse@frankfortchamber.com or call the office at (815) 469-3356.