Do you need to file?
BOI non-compliance can result in daily fines of $591 per day and potential jail time.
Take this short quiz to understand if your business is subject to this reporting requirement. After answering a few quick questions, we’ll provide your results with no strings attached.
Take this short quiz to understand if your business is subject to this reporting requirement. After answering a few quick questions, we’ll provide your results with no strings attached.
Get started on your Beneficial Ownership filing today!
An initial filing is required during 2024—as well as updates every time company or owner information changes—or face harsh civil and criminal penalties
for non-compliance.
for non-compliance.
What you need to know about the Corporate Transparency Act (CTA) and Beneficial Ownership Information (BOI) Reporting
On January 1, 2024, the Corporate Transparency Act (CTA) went into effect requiring millions of businesses operating in the United States to report their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
Violations of this law can result in a civil penalty of up to $591 per day the violation continues and criminal penalties of up to $10,000 and time in prison.
As your trusted compliance partner, BizFilings stands ready to help you navigate this new requirement with an end-to-end solution that includes a secure “built-for-purpose” compliance platform and the capability to seamlessly handle all your Beneficial Ownership Information filings.
FAQs
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When is the initial beneficial owner information report required to be filed with FinCen for companies existing prior to January 1st, 2024?A domestic reporting company created before January 1, 2024 or an entity that became a foreign reporting company before January 1, 2024, must file a report not later than January 1, 2025.
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When is the initial beneficial owner information report required to be filed with FinCen for entities created on or after January 1st, 2024?Any domestic reporting company or foreign reporting company created on or after January 1, 2024, must file a report within 90 calendar days of either receiving actual notice that its creation has become effective or the Secretary of State or similar office first providing public notice it’s been created, such as through a publicly accessible registry, whichever occurs first.
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What is a beneficial owner?The final FinCEN rule defines a beneficial owner as follows: “the term “beneficial owner,” with respect to a reporting company, means any individual who, directly or indirectly, either exercises substantial control over such reporting company or owns or controls at least 25 percent of the ownership interests of such reporting company.
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Which types of organizations are considered reporting companies?Beneficial Ownership Information reports must be filed by domestic reporting companies and foreign reporting companies. A domestic reporting company is defined as an entity that is a corporation, LLC or other entity created by the filing of a document with a secretary of state or similar office under the laws of a state or Indian tribe. A foreign reporting company is an entity that is a corporation, LLC, or other entity created under the law of a foreign country and registered to do business in any state or tribal jurisdiction by filing a document with a secretary of state or similar office under the law of a state or Indian tribe.
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Are single member LLC’s exempt?Every LLC, single or multiple member, has to file a BOI report unless it qualifies for one of the 23 exemptions. There is no exemption for single member LLCs among the 23 exemptions.
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Do you need to file each time you begin doing business in a new state and register with a new Secretary of State?After the initial BOI report is filed, an updated BOI report is required only upon a change in the information reported about the company or its beneficial owners. Domestic reporting companies do not report information about the states where they have registered to do business. Foreign reporting companies only report information about which state was the first state where they registered to do business.
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What information about the company has to be reported?The report must set forth the reporting company’s (1) full legal name, (2) any trade or “doing business as” names, (3) complete current street address of the principal place of business, (4) jurisdiction of formation, and (5) taxpayer identification number.
If you’re nearing or are currently past your filing deadline, don’t wait another minute. Get your BOI reporting requirement completed now, so you can get back to what matters most – growing your new business.
BizFilings is not a law firm and cannot provide legal advice, including providing advice as to whether any specific entity will be required to file a report. BizFilings cannot provide its own interpretation of the statute or FinCEN’s final report ruling, however many of the questions can be answered by referring to the text of the final rule, sections of which have been provided where appropriate. You can also direct questions to FinCEN. Questions can be submitted to FinCEN at www.fincen.gov/contact