Beneficial Ownership Information (BOI)

WHAT IS A BOI REPORT?

A BOI (Beneficial Ownership Information) is a new reporting requirement that requires companies in the U.S. to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). Not filing a report before the deadline can lead to serious legal penalties.

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Who needs to file a BOI report?

Most for-profit businesses registered to operate in the US, including corporations, LLCs, partnerships, and certain other legal structures, are required to file a BOI report. There are some exemptions for certain types of businesses, like publicly traded companies or certain investment funds.

New Businesses: Entities formed or registered on or after January 1^st , 2024, must file within 90 days of receiving notice of their formation or registration.
Existing Businesses: Entities formed or registered before January 1^st , 2024, have until December 1^st, 2024, to file their initial BOI report.

BOI REPORT DEADLINE:

PENALTIES:

Failure to submit BOI Reports before December 1^st, 2024 can result in severe penalties from FinCEN

A person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues.’
A person who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000.

BOI filings are crucial for combating financial crime. By requiring businesses to disclose their true owners, government agencies can more effectively track the flow of money, identify suspicious activities, and disrupt illicit financial networks. This helps prevent money laundering, terrorist financing, and other financial crimes. Ultimately, BOI filings enhance transparency and accountability within the business world.

IMPORTANCE OF BOI REPORTING:

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General Formation Questions

What type of business entity should I choose (LLC, Corporation, etc.)?

We can help you understand the differences between common business structures and choose the one that best suits your needs.

What documents do I need to form my business?

The required documents vary depending on your chosen entity and state. We will guide you through the process and ensure you have everything needed.

How long does it take to form my business?

Turnaround times can vary depending on your state, but we typically process formations in as few as a few days.

What are the costs involved?

We offer transparent flat-rate fees with no hidden costs. See our pricing page for details.

Security and Privacy Questions

How do you protect my business information?

We take security and privacy very seriously. Our platform utilizes industry-leading security measures to safeguard your data. We also adhere to all data privacy regulations.

EIN and FinCEN Questions

What is an EIN and why do I need one?

An EIN (Employer Identification Number) is like a social security number for your business. It’s required for various purposes like opening a bank account, filing taxes, and hiring employees. We can help you obtain your EIN quickly and easily.

What is a FinCEN report and do I need to file one?

A FinCEN report is required for certain types of businesses, such as money services businesses. We can advise you on FinCEN reporting requirements and assist with filing, if necessary.

Service and Support Questions

Do you offer customer support?

Yes, we offer excellent customer support via phone, email, and live chat. Our friendly and knowledgeable team is always happy to help!

What happens if I make a mistake during the formation process?

Don’t worry, we have a team of specialists to review your information and ensure everything is accurate.

EFiling Experts

5.0

Based on 6 reviews

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Alejandro Maya

02:34 01 Sep 24

Amazing service!

Ceelazz

13:13 09 Aug 24

Working with Efiling Experts was a great experience. They were super helpful, answered all my questions, and made the whole process easy. I’d definitely recommend them to anyone who needs filing services.

Andrew Zhdanov

13:09 09 Aug 24

Seriously this is one of the best filing companies i’ve used. They filed my BOI report in less than a day at a way more affordable price than other companies. Thank you!

Nico

18:19 06 Aug 24

Amazing service, they formed my LLC in 3 days.

May-Toe

18:07 06 Aug 24

Excellent service from EFiling Experts. I’ve tried many other companies to assist me in filing, but no other company has done it this well. Would certainly recommend.

Bruno Muller

12:15 05 Aug 24

As an accredited local guide, Efiling experts was crucial in helping me file for my first LLC and the team was really helpful and supportive.