How to File a Beneficial Ownership Information Report

Filing a beneficial ownership information (BOI) report is an important step for businesses to ensure compliance with the Corporate Transparency Act (CTA) and enhance transparency in corporate operations. This guide will walk you through the process of preparing and submitting a BOI report, ensuring that you meet all the necessary requirements.

Step 1: Determine If You Need to File

Before filing, confirm whether your company is required to submit a BOI report. This determination involves understanding the specific criteria and exemptions under the Corporate Transparency Act. Here’s a quick overview of who needs to file and who doesn’t:

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Entities Required to File

Corporations and Limited Liability Companies (LLCs)

Most Corporations and LLCs: These are typically required to file a BOI report if they are formed or registered in the U.S. This includes both domestic and foreign entities that have registered to do business in any U.S. state or territory.
Foreign Companies Registered in the U.S.: If your company is organized under the laws of another country but is registered to do business in the U.S., you are generally required to file a BOI report.

Other Business Entities

Partnerships: This includes limited partnerships, limited liability partnerships (LLPs), and limited liability limited partnerships (LLLPs) if they are created by filing a document with a state authority.
Business Trusts and Similar Entities: Entities that are created through state filings, such as certain business trusts, may also be required to file. The requirement hinges on the specific state laws and how the entity was established.
Nonprofits and Charities: Some nonprofit organizations and charities may also need to file, depending on their structure and whether they meet the criteria of having a beneficial owner.

Exemptions From Filing

The CTA outlines 23 specific exemptions for entities that do not need to file a BOI report. Some examples of exempt entities include:

Certain Publicly Traded Companies
Certain Large Corporations
Government Entities
Banks and Financial Institutions
Certain Tax-Exempt Organizations
Inactive Entities

For a complete list of exemptions and to understand the nuances of each category, review the specific exemptions outlined in the Corporate Transparency Act on the FinCEN website.

Step 2: Understand Filing Deadlines

Timely submission of your BOI report is essential to remain compliant. Missing these deadlines can result in significant penalties, so it is crucial to adhere to the following timelines based on your company’s formation date:

Existing companies (formed before January 1, 2024) must file by January 1, 2025.
New companies formed in 2024 must file within 90 days of formation or registration.
Companies formed on or after January 1, 2025 must file within 30 days of formation or registration.

Failing to meet these deadlines can lead to civil or criminal penalties, including fines ranging from $500 per day for non-compliance up to $10,000, or imprisonment of up to two years in severe cases of willful failure to file. Therefore, it is imperative for businesses to prioritize filing their BOI reports on time to avoid these consequences.

Step 3: Gather Necessary Information

To file a BOI report, you must collect the following information for each beneficial owner:

Full legal name as it appears on official identification documents
Date of birth
Current residential or business address
Unique identifying number from an acceptable ID, such as a passport or driver’s license

Step 4: File Your BOI Report

You can file your BOI report directly through FinCEN by creating an online account and inputting the required information for all beneficial owners. You can also file your BOI report with FastFilings. It’s this simple:

Provide us with your beneficial owner information.

Answer a few basic questions about who owns or controls your business to personalize your report.

We’ll prepare and file your report.

FastFilings will prepare your report to meet federal requirements and file it on your behalf.

You’ll receive a confirmation when filing is complete.

Once the report is filed with FinCEN, you’ll receive confirmation that your submission is complete.

By choosing FastFilings, you can simplify the filing process, save time, and ensure compliance.

Step 5: Update Information as Needed

If there are any changes to the beneficial ownership information (such as changes in ownership or control), you must update your BOI report within 30 days of the change. Keeping information current is vital for maintaining compliance and avoiding potential legal issues.

Ready to File Your BOI Report?

Filing a beneficial ownership information report is a vital compliance step that promotes corporate transparency and helps prevent financial crimes. Accurate beneficial ownership reporting is essential for meeting regulatory requirements and maintaining your company’s reputation. For a seamless filing experience, consider using FastFilings.

FastFilings offers an easy and efficient way to file your BOI report online to ensure accuracy and compliance. With FastFilings, you benefit from a streamlined process designed to save you time and hassle. Learn more about our filing services and how we can assist with your beneficial ownership info submission.

File Your BOI Report!

Need help filing your BOI report?

Get Started!