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.
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.
Failure to submit BOI Reports before December 1st, 2024 can result in severe penalties from FinCEN
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.
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We can help you understand the differences between common business structures and choose the one that best suits your needs.
The required documents vary depending on your chosen entity and state. We will guide you through the process and ensure you have everything needed.
Turnaround times can vary depending on your state, but we typically process formations in as few as a few days.
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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.
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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