Hey there, fitness pros! We know you'd rather be pumping iron than pushing paper, but there's a bit of
business upkeep we need to chat about to keep your gym or personal training biz flexing strong in the eyes of the law.
Who Needs to Lift This Weight?
If you’ve set up your fitness business as something more official than just you, your weights, and your killer playlist (think LLC, Corporation, etc.), there are new rules to follow from the money watchdogs at FinCEN. If your business is just you, rocking the sole proprietor life, you can skip this exercise.
Are You Already on the VIP List?
Some big player entities get a cool pass and don’t need to worry about these rules. But if you're not a household name like the big public companies or banks, keep reading.
Who's the Head Trainer?
FinCEN wants to know about the main muscle in your business. If someone owns a big chunk of it (25% or more) or has the final say in how things are run, they’re who FinCEN’s interested in.
The Deadline Dash
Here’s the deal with deadlines:
If you started your business in 2024, you've got 90 days to get this done.
Start after that, and you've got 30 days.
Already been running your business before 2024? Lace up because you've got until January 1, 2025.
The Sign-up Sheet
When it's time to report, you’ll need the basic deets of your business, like its full name, the address where it gets its mail, and your tax ID. Plus, the personal details and ID for you and any other head honchos.
The Penalty for Skipping Out
Not doing this is like skipping leg day – bad news. You could face some nasty fines or even a lock-up in the legal slammer.
Check-in Process
Ready to tackle this? Here's your workout plan:
Have your tax ID and a snapshot of your ID ready.
Sprint over to the FinCEN BOI filing website.
Choose how you want to file (online is like the express lane).
Fill in the blanks with your info.
Submit and breathe easy – you’re all set!
Need the Play-by-Play?
For all the specifics and a Q&A that’s more detailed than a protein shake’s nutrition label, check out FinCEN’s website. And if you want all this in a downloadable form you can check out between clients or classes, just click the link below.
We've got your back so you can get back to what you do best – keeping us all in shape! Keep those business muscles as toned as your quads, and you're golden.
Is this only for fitness business or for any type of business??