BOI Compliance For Business Owners
The Corporate Transparency Act (CTA) requires most U.S. businesses to report Beneficial Ownership Information (BOI) to FinCEN. But navigating this BOI reporting process can feel overwhelming.
That is why we are here to help!
- Who is my Beneficial owner
Determine Beneficial Ownership
A beneficial owner is someone who has significant control over a company. This includes senior officers like the president, general counsel, or CFO, as well as individuals who can appoint or remove most of the company’s directors or make major decisions about the company’s business and finances. Additionally, anyone owning or controlling at least 25% of the company’s shares is considered a beneficial owner.
Beneficial owners must be individual people; trusts, corporations, and other entities do not qualify. In some cases, information about an entity may be reported instead of details about an individual beneficial owner.
An individual who has “substantial control” over your company
For a detailed information about the BOI reporting process, you can visit our Complete Guide on BOI.
Who Needs to Report and What Information is Needed?
Any entity i.e. a Corporation, Limited Liability Company (LLC) or Partnership that is not exempt must file a Beneficial Ownership Information (BOI) report with FinCEN. For detailed information about this, you can visit our Complete Guide on BOIR.
Our Easy-To-Use Platform Simplifies
BOI Report Filing
We understand the importance of your time and resources. That is why we have built a very user-friendly platform that offers step-by-step guidance through the BOI reporting process.
Why BOI FinCEN Reporting
If you are still on the fence about choosing us, then let us give you a few reasons.
With Us
- A single and convenient filing platform
- Complete your filing in a matter of minutes
- Step-by-step guidance, ensuring no mistakes
- Insightful guides and articles for your ease
- Maintain your focus on business, while we handle the bureaucracy
Without Us
- Spending hours going through long and confusing terms on government website
- Spending more hours on figuring out filing procedure
- No support or guidance
- Possibility of mistakes
- Tedious manual updating of all paperwork
Choose a Plan
That Works for You
We offer a range of packages catering to a wide range of needs. You can select one that is tailored
to you.
Companies With One Beneficial Owner
Manage your own compliance through our intuitive and simplified BOI Reporting platform.
- Easier Filing
- Guidance
- Error Detection
Companies With Two or More Beneficial Owners
Manage your clients compliance : Simplify BOI Reporting process for your clients.
- Multiple Filings
- Security
- Support
Your subscription comes with:
Frequently Asked Questions
What is a BOI Report, and who needs to file it?
BOI Report is a disclosure document that every reporting company that is not exempt must file. It requires the reporting company to provide Information for each of its Beneficial Owners and company applicants.
What information must be included in the BOI Report?
The BOI Report must disclose information for each Beneficial Owner. Entities formed or registered to do business on or after January 1, 2024, must also provide the same information for the Company Applicant.
Who is considered a "beneficial owner"?
A “beneficial owner” is an individual who meets either of the following tests:
- Ownership Test: Directly or indirectly owns or controls 25% or more of the ownership interests of the company.
- Control Test: Exercises substantial control over the company through other means, such as by holding a significant influence over important decisions.
Who is a Company Applicant for a Reporting Company?
For reporting companies created or registered on or after January 1, 2024, the Company Applicant is:
- The individual who directly files the document that creates or registers the company, and
- If more than one person is involved, the individual is primarily responsible for directing or controlling the filing.
What are the deadlines for filing an initial BOI report with FinCEN based on when a company was created or registered?
- For Companies Existing Before January 1, 2024: The initial BOI report must be filed by January 1, 2025.
- For Companies Created or Registered Between January 1, 2024, and January 1, 2025: The initial BOI report must be filed within 90 calendar days from receiving actual notice of creation or registration, or from the date public notice is provided by a secretary of state or similar office, whichever comes first.
- For Companies Created or Registered on or After January 1, 2025: The BOI report must be filed within 30 calendar days of receiving actual or public notice that the company’s creation or registration is effective.
- For Companies No Longer Qualifying for an Exemption: The BOI report must be filed within 30 calendar days of losing the exemption status.
Is there an annual renewal requirement for the BOI Report?
No, there is no annual renewal requirement. However, the reporting company must amend its BOI Report within 30 days if there is any change in the information of any Beneficial Owner.
What are the penalties for failing to file a BOI Report on time?
Failing to file a BOI Report on time may result in a fine of $500 per day. Willful failure to file or filing false information may be considered a felony.
