Beneficial Ownership Information Report
Most LLCs, corporations, and similar business entities must file a Beneficial Ownership Information (BOI) Report as part of the new Corporate Transparency Act. For just $25, we provide an easy, secure, and stress-free way of filing your BOI report. Plus, you’ll get:
- Expert guidance and support
- Privacy protection—we’ll never sell your information to third parties
- Low, transparent pricing—just $25
Understanding the details of a new federal mandate can be overwhelming. When you hire us to file your BOI report, we guarantee that your filing will be submitted on time and accurately. It’s the best way to eliminate worry and stress.
WHAT WE OFFER
When you order our BOI Report Service, our team of professionals will make sure your filing is done accurately and on time—that’s our promise to you. Here’s a quick breakdown of everything included with our service.
- Security: We use up-to-date, secure technology to submit your BOI report.
- Dependability: Our team of experts will ensure your BOI report is submitted on time.
- Privacy Protection: We’ll never sell your information to third parties. Ever.
- Expert Guidance: You got questions? No problem! Our customer service team is always available to guide you.
- Transparent Pricing: Our price is just $25—zero hidden fees.
Although hiring a professional company like ours can save you time and money, we understand if you’d rather file on your own. Keep reading to learn more about FinCEN and the BOI filing requirements.
WHAT IS FINCEN?
FinCEN is short for the Financial Crimes Enforcement Network, a bureau of the US Department of Treasury that investigates illegal financial activities in the US.
When it comes to investigating financial crimes, FinCEN’s motto is “follow the money.” They investigate how criminals launder the proceeds of their crimes or try to spend money they’ve made illegally.
By following the financial trails criminals leave behind, FinCEN “follows the money” all the way to the top of criminal organizations. This bureau investigates more than money laundering, though. They also take a look into tax fraud, bank fraud, organized crime, and narcotics trafficking. And recently, FinCEN has been applying their “follow the money” techniques to investigate and disrupt terrorist groups who use the US financial system to support their organizations.
FinCEN and the Corporate Transparency Act
In the US, it’s not very common for states or territories to require information about the people who control or own a company. Unfortunately, this makes it easier for people to take advantage of this anonymity and launder money through the US using bogus companies. In an effort to further prevent and investigate financial crimes, the Corporate Transparency Act (CTA) was enacted in 2021.
Under this new law, most US companies are required to maintain transparency with the government by submitting an informational report to FinCEN. This information is not publicly available. Only FinCEN and the federal, state, and local agencies they partner with have access to this information to use in their investigations.
Do I have to Submit a BOI Filing to FinCEN?
More than likely. If you own a private business formed or registered with a local, tribal, state, or foreign authority, you will probably be required to submit a BOI report to FinCEN. However, there are some exceptions. Exempt businesses include:
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Sole proprietorships, general partnerships, or other entities that are not created by a government filing.
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Large corporations that have 20 or more full-time employees in the US, have an operating presence at a physical office in the US, and have filed a tax return the previous year showing more than $5 million in US-sourced gross receipts or sales.
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Companies that are involved in highly regulated industries, have an obvious US presence, or are inactive. (You can find a more detailed list about which specific companies meet these requirements on FinCEN’s website.)
If none of the above apply to your business, you’re going to have to complete and submit a BOI report. In other words, the majority of LLCs, corporations, and similar entities need to file.
Not sure how to proceed? For just $25, our professional team will submit the BOI report on behalf of your business. Plus, you get unlimited support and guidance—just contact our customer service team. We’re always available to answer your questions.
When is the BOI Filing Due?
The deadline for your BOI report depends on when you created or registered your company.
Companies formed or registered on or after January 1, 2024
Your BOI report is due within 30 days of filing your formation documents with the state or similar authority on or after January 1, 2024 (businesses formed within the 2024 calendar year have up to 90 days to file)
Companies formed or registered before January 1, 2024
Your BOI report is due by January 1, 2025
It’s important to submit your BOI filing on time. Failure to do so can lead to some pretty serious legal repercussions. You could be fined $591 every day until you file your report. All told, you may be fined up to $10,000 and risk the possibility of being imprisoned for up to 2 years.
Hiring a professional filing service (like us) can help you avoid such severe consequences. We’ll make sure your business remains in compliance with the Corporate Transparency Act (CTA). All for just $25.
BOI Filing Requirements
Your BOI report needs to include specific information about your company, beneficial owners, and possibly a company applicant (or two).
The report should include the following information about the company:
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Type of report (Initial, Correction, Update, or New Exempt entity)
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Company name (Legal name registered with an authority; any other name the company uses, like a DBA or trade name)
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US address (Current street address of your company’s principal place of business or, if your company’s principal place of business is outside the US, the address where the company currently conducts business in the states)
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Tax ID (EIN, SSN, or ITIN)
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Place of formation (Jurisdiction where your company was originally formed)
You also need to include information about your beneficial owner(s) and company applicants:
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Full legal name
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Date of birth
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Residential address
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An accepted form of ID
BOI reports require a photo image of identification for all beneficial owners and company applicants. Accepted identification includes a state-issued driver’s license, a state, local, or tribe-issued ID, a US passport or, if none of the previous forms of identification are available, a foreign passport. Make sure the copy of the identification includes:
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ID number
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Jurisdiction
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ID photo
Does this all sound overwhelming? Hire us to file your BOI report. For $25, you get peace of mind, guaranteed accuracy, and expert support from our team of professionals.
Common Questions about BOI FinCEN Filings
Who is considered a beneficial owner?
FinCEN considers someone a beneficial owner if they have “substantial control” over or own or control 25% or more of a company. By FinCEN’s definition, there are quite a few ways to have “substantial control” over a company. This includes anyone who:
- Is a senior officer, like a CEO or President
- Has authority to appoint or remove officers or a majority of the board of directors
- Is represented on the board
- Controls or owns the majority of the company’s voting power or rights
- Has rights to any interests or financing arrangements
- Influences important business decisions
- Controls other entities that have influence within the company
- Has a relationship, formal or informal, with anyone acting as a nominee
Who is considered a company applicant?
A company applicant is the person who directly filed your company’s formation or registration documents and, if not the same person, the person responsible for directing or controlling that filing. Your company can report up to two individuals as company applicants.
If you are the person who submitted the filing to create your business, you only need to provide your personal information. However, let’s say you hired someone else to complete your filing for you, like a lawyer or a business formation service. You will include both your personal information on the report, because you directed the filing, and the information of the person who completed the filing for you.
You only need to include company applicant information on your BOI report if your company is created or registered on or after January 1, 2024.
How often do I have to submit BOI filings with FinCEN?
FinCEN has no annual requirements for BOI reports, meaning that after you file your initial BOI report with FinCEN, you don’t need to file another one unless the information on your report becomes outdated.
If information about your company, beneficial owners, or company applicants changes, you need to update your BOI report with FinCEN within 30 days.
Is there a BOI filing fee?
Nope! You can file your BOI report with FinCEN for free, which also means you can file updates for your BOI report for free, too
Should I get a FinCEN identifier?
A FinCEN identifier can save many businesses time and trouble. Once assigned a unique FinCEN identifier, you’ll be able to use this ID on other FinCEN filings without having to resubmit your personal information and provide proof of ID.
Requesting a FinCEN identifier is optional, but it is especially useful if you have to file BOI reports for multiple companies, your company has many beneficial owners, or you expect you will need to update your report later on. There is no extra form or fee for a FinCEN identifier. You can simply opt in to receive an identifier on your BOI report.