Filing a Beneficial Ownership Information (BOI) report is a critical step for businesses to comply with the Financial Crimes Enforcement Network (FinCEN) regulations. Starting in 2024, certain entities are required to disclose their ownership structure to enhance transparency and prevent illicit activities. Preparing for this process might seem daunting, but with the right documents and information in hand, it can be straightforward.
This guide outlines everything you need to file your BOI report efficiently.
Who Needs to File a BOI Report?
Before diving into the required documents, it’s important to confirm whether your entity must file. According to FinCEN, the following types of entities are required to submit a BOI report:
Domestic corporations, limited liability companies (LLCs), and other entities created by filing documents with a state or tribal authority.
Foreign entities registered to do business in the U.S.
Certain entities, like large operating companies and specific exempt organizations, may not be required to file. You can take our free Assessment here to find out if you need to file. We also recommend to always verify your filing obligations with FinCEN guidelines or consult a legal professional.
Key Documents and Information to Gather
To file your BOI report, you’ll need detailed information about your entity and its beneficial owners. Below is a comprehensive checklist:
1. Entity Information
Legal Name: The registered name of your business.
Trade or DBA Name (if applicable): Any "Doing Business As" names.
Address: Principal place of business or the primary business location.
Taxpayer Identification Number (TIN): Such as an Employer Identification Number (EIN) or equivalent.
2. Beneficial Owner Information
A beneficial owner is defined as any individual who owns or controls at least 25% of the company or exercises significant control over it. For each beneficial owner, you’ll need:
Full Legal Name: As it appears on official identification.
Date of Birth: For accurate identification.
Residential Address: The owner’s personal residence, not a business address.
Identification Number and Document:
U.S. citizens: Driver’s license or passport.
Non-U.S. citizens: Foreign passport or similar government-issued ID.
Document Copy: A scanned or photocopied image of the ID used.
3. Company Applicant Information
If your entity was created or registered after January 1, 2024, you must also provide information about the individual who filed the formation or registration documents. For each company applicant, collect:
Full Legal Name.
Date of Birth.
Residential Address.
Identification Number and Document (e.g., passport or driver’s license).
Document Copy.
Tips for Preparing Your BOI Report
Verify Information Accuracy: Double-check all names, dates, and ID numbers to ensure there are no errors that could delay processing.
Secure Sensitive Data: Since the report includes personal information, ensure you’re storing and transmitting data securely to protect against unauthorized access.
Use a Professional Service: Consider using a trusted compliance service to simplify the process and avoid mistakes.
Meet Deadlines: FinCEN imposes strict deadlines for filing, so mark your calendar to ensure timely submission.
How to File Your BOI Report
Here at FINCEN Filing Solutions we have a dedicated team ready to assist other businesses in maintaining compliance with the CTA. Our filing platform is easy to use, and our team is on standby to help make sure your filing is accurate and approved.
We not only ensure accuracy and compliance in your filing, but we believe our website is informative and user friendly and for this convenience we do charge a fee.
Here at FINCEN Filing Solutions we have a dedicated team ready to assist other businesses in maintaining compliance with the CTA. Our filing platform is easy to use, and our team is on standby to help make sure your filing is accurate and approved
You can begin your filing here: Begin Filing with FINCEN Filing Solutions Now
Additionally one can file a BOI report is done electronically via FinCEN’s secure filing system. After gathering your documents and information:
Log in or create an account on the FinCEN filing portal.
Follow the prompts to input the required details.
Upload scanned copies of necessary identification documents.
Review your submission for accuracy.
Submit your report and retain the confirmation for your records.
Avoiding Common Mistakes
Incomplete Information: Missing details about beneficial owners or the company applicant can lead to rejections.
Using Outdated IDs: Ensure all identification documents are valid and not expired.
Ignoring Changes: If there’s a change in ownership or control, you must update the BOI report within 30 days.
Final Thoughts
The BOI reporting requirements are an important step toward increased corporate transparency. By preparing the required documents and staying informed, you can complete the process smoothly and remain in compliance with FinCEN regulations.
Need help filing your BOI report? Our service simplifies the process, ensuring your information is accurate, secure, and submitted on time. Contact us today to get started!
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