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Everything You Need to Know About BOIReporting
About BOIReporting
What is the Corporate Transparency Act?
The Corporate Transparency Act (the “CTA” for short) is a new law that requires certain domestic and foreign entities, called “reporting companies,” which includes LLCs and corporations, to submit their beneficial ownership information (that is, the names, addresses and other information about the beneficial owners of the company) to FinCEN. FinCEN is a federal governmental entity.
What companies are exempt from the CTA reporting requirements?
Some businesses are exempted from reporting under the Corporate Transparency Act (CTA). To name a few, exemptions are granted to:
Among the covered entities are the following:
Banks
Credit unions
Insurance companies
Large operating companies having the following attributes:
Having at least twenty full time employees in the U.S.
Gross receipts or sales of over $5 million
Physical place of business in the United States
Charities and Churches
Dormant qualifying entities:.
What information do I need to report?
Under the CTA, you are under obligation to report information on the company and its beneficial owners, which includes the following:
Company Information:
Full legal name
Who is a Company Applicant or a Beneficial Owner?
A beneficial owner is defined as any individual who, directly or indirectly, owns or controls 25% or more of the ownership interests in such company or exercises substantial control over the entity.
Company Applicant: The person lodging the articles of incorporation or registration to form the company (for newly incorporated companies). This may include specialists such as lawyers or service agents responsible for the incorporation of the company.
When do I need to file?
Newly incorporated companies: You need to file your return within thirty days after incorporation or registration. Existing companies: The reporting deadlines will, however depend on when the reporting regulations take effect, but existing companies will have one year from the effective date of the CTA regulations to submit their initial report.
Updating Information: In case any of the reported information changes; for instance, ownership or addresses, the same should be updated within 30 days of that change.
Business Lending Services
What types of business loans does CNB Bank & Trust, N.A. offer?
CNB Bank & Trust offers various business loans, including term loans, lines of credit, commercial real estate loans, SBA loans, and equipment financing to meet your business needs.
How do I apply for a business loan?
You can apply for a business loan by visiting any CNB Bank & Trust branch, contacting a loan officer, or starting the application online through our website.
How long does it take to get a business loan approved?
The approval process typically takes a few business days, but the timeline can vary based on the loan type, the amount requested, and the documents provided.
Is financing available for a start-up business?
Yes, CNB Bank & Trust provides financing options for start-up businesses, including SBA loans and other tailored lending solutions designed for new ventures.
How much can I borrow for my business?
The loan amount is based on your business’s financial health, creditworthiness, and the specific loan product. A loan officer will work with you to determine your eligibility and borrowing capacity.
Digital Banking
How will I log in to CNB Digital Banking?
You can log in to CNB Digital Banking using your username and password on the CNB Bank & Trust website or mobile app.
What is a Secure Access Code (SAC)?
A Secure Access Code (SAC) is a one-time, multi-factor authentication code used to verify your identity when logging in from an unrecognized device.
How will my SAC code be sent to me?
Your SAC code will be sent to you via your chosen contact method, such as text message, email, or a phone call.
How do I sign up for Digital Banking if I am a new user?
If you're a new user, you can sign up for Digital Banking by visiting the CNB Bank & Trust website or mobile app and selecting the "Enroll" option to create an account.
How much does Digital Banking cost?
CNB Digital Banking is free for all personal and business banking customers.
Mortgage
Are there any special requirements for condominiums?
Yes, financing for condominiums may have specific requirements, such as the condominium association’s financial health and insurance coverage. Contact CNB Bank & Trust for details on condo eligibility.
Does CNB Bank & Trust, N.A. provide financing for manufactured homes?
Yes, CNB Bank & Trust offers financing options for manufactured homes, subject to specific eligibility criteria. Speak with a loan officer for more information.
How long does it take for the property appraisal to be completed?
Property appraisals typically take 7 to 10 business days to be completed, depending on the property location and market conditions.
I'm purchasing a home, do I need a home inspection AND an appraisal?
Yes, both are recommended. A home inspection assesses the condition of the property, while an appraisal determines its market value for lending purposes.
I've heard that some lenders require flood insurance on properties. Will you?
Yes, if the property is located in a federally designated flood zone, CNB Bank & Trust will require flood insurance as part of the loan approval process.
Personal Banking Checking Services
Are there any fees associated with a personal checking account?
Fees may apply depending on the account type, such as maintenance fees or overdraft fees. Please refer to the specific account details or speak with a representative for more information.
What is the minimum balance required for a personal checking account?
Minimum balance requirements vary by account type. Some accounts may have no minimum balance, while others may require a specific amount to avoid fees.
Can I access my personal checking account online?
Yes, you can access your personal checking account online through CNB Digital Banking, available on the CNB Bank & Trust website.
Is there a mobile app for managing my checking account?
Yes, CNB Bank & Trust offers a mobile app that allows you to manage your checking account, transfer funds, and deposit checks conveniently.
Are there ATM fees for using my checking account debit card?
CNB Bank & Trust does not charge ATM fees at its own ATMs, but fees may apply when using non-CNB ATMs. Some accounts may offer ATM fee rebates.