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

BOI REPORT DEADLINE:

PENALTIES:

Failure to submit BOI Reports before December 1st, 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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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.

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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.

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EFiling Experts
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Based on 6 reviews
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Alejandro MayaAlejandro Maya
02:34 01 Sep 24
Amazing service!
CeelazzCeelazz
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 ZhdanovAndrew 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!
NicoNico
18:19 06 Aug 24
Amazing service, they formed my LLC in 3 days.
May-ToeMay-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 MullerBruno 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.
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