Ensure BOI Compliance for Your North Carolina Companies

The Corporate Transparency Act (CTA) mandates that most U.S. businesses, including Limited Liability Companies (LLCs) registered in North Carolina, report Beneficial Ownership Information (BOI) to FinCEN. This can be a complex process, but understanding the requirements and steps involved is crucial for compliance

BOI FinCen Reporting

The Corporate Transparency Act (CTA), enacted in 2021, introduced a new requirement for businesses to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This legislation aims to combat money laundering, terrorism financing, and other financial crimes by increasing transparency in corporate ownership.
At BOI FinCEN Reporting, we understand that navigating the intricacies of reporting this Beneficial Ownership Information (BOI) reporting can be time-consuming and overwhelming. That is why we have created a user-friendly platform designed to streamline the process and make the process of filing extra easy for you. Our mission is to empower businesses to meet their compliance obligations securely and efficiently.

Existing Business

Businesses formed before January 1, 2024 must file an initial BOI report no later than January 1, 2025.

New Business

Businesses formed on or after January 1, 2024 must file an initial BOI report within 90 days after formation.

Amendment Required

Within 30 days after any change in previously-reported data or any change in beneficial ownership.

Reporting Due Date

Penalty

Failure to comply with the set deadlines may bring a fine of:

Civil penalties up to $500 per day that a violation continues.
Criminal penalties include a $10,000 fine and/or up to two years of imprisonment.

Deadline : January 1, 2025

Days:

Hours:

Minutes:

Business Entity Details

The business entity can be a domestic company established in US or a foreign company registered to do business in US.

Required Information : Legal Name,Trading Names or DBA/Alternate Names, Tax Identification Number, Country and State of Formation, Current US Address

Beneficial Owner Details

Individual (s) who owns or control more than 25 percent of the business OR Individual who exercises substantial control in the entity such as CEO, CFO, Executives, Directors.

Required Information : Full Legal Name, Date of Birth, Address, Passport or Driver’s License

Company Applicant Details

The company applicant must always be an individual, not a firm or company. For entities formed prior to January 1, 2024 no need to disclose Company Applicant.

Required Information : Full Legal Name, Date of Birth, Address, Passport or Driver’s License

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.

How to file your BOI Report - A Step by Step Guide

1. Check Eligibility

Determine if your business needs to file a BOI report under the CTA.

2. Collect Information

Collect all necessary business and business owner details.

3. Provide Information

Enter all necessary information into our secure platform.

4. Verify and Submit

Review the entered data, ensure accuracy and submit.

Why Choose Us?

We deliver quality service and offer a super easy-to-use platform for BOI report filing that distinguishes us from other platforms and service providers.

Ease of Use

Intuitive platform designed for quick and accurate BOI reporting.

Comprehensive Guidance

Step-by-step instructions and resources for seamless BOI reporting.

Secure and Confidential

Top-tier encryption ensures your data remains protected and private.

Expert Support

Professional assistance available to address any questions or concerns.

Timely Updates

Stay informed with the latest changes in BOI reporting requirements.

Reliable Service

Dependable and efficient service to meet all your BOI reporting needs.

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.

Business Owners

Manage your own compliance through our intuitive and simplified BOI Reporting platform.

Business Consultants

Manage your clients compliance : Simplify BOI Reporting process for your clients.

Your subscription comes with:

Beneficial Owner Identification

Accurate identification of beneficial owners to meet FinCEN requirements.

Data Validation and Verification

Ensure the accuracy and completeness of the data you provide to avoid rejection of filings.

Form Completion Assistance

Guided form completion to ensure you enter all your details completely and accurately.

End-to-End Filing Service

Submit all BOI information through our platform and let us handle the rest. We’ll deal with FinCEN while you can focus on your business.

Secure Data Storage

Robust security measures to protect your information.

Customer Support

Dedicated support team to assist with questions and confusion.

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.

Uncovering the World of BOI!

Discover in-depth insights and practical advice on the Corporate Transparency Act and the Beneficial Ownership Information process through our informative blog articles.

Blog