BOIR Reporting and Filing
Beneficial Ownership Information Report (BOIR)
As a company owner or motor carrier, you are now required to report information to FinCEN about the individuals who own or control them. If you do not report the proper information you may face fines.
Who does it apply to?
FinCEN uses 3 main requirements to determine who must report:
- A corporation, a limited liability company (LLC), or a group created in the US by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe with less than $5,000,000 in gross receipts or sales and less than 20 employees.
- A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
- Beneficial owners in the company who generally exercise “substantial control” over a reporting company or own 25% of the ownership interests.
Note: This DOES NOT apply to Sole Proprietorships.
Are you exempt from filing a BOIR?*
|
Exemption No. |
Exemption Short Title |
|---|---|
|
1 |
Securities reporting issuer |
|
2 |
Governmental authority |
|
3 |
Bank |
|
4 |
Credit union |
|
5 |
Depository institution holding company |
|
6 |
Money services business |
|
7 |
Broker or dealer in securities |
|
8 |
Securities exchange or clearing agency |
|
9 |
Other Exchange Act registered entity |
|
10 |
Investment company or investment adviser |
|
11 |
Venture capital fund adviser |
|
12 |
Insurance company |
|
13 |
State-licensed insurance producer |
|
14 |
Commodity Exchange Act registered entity |
|
15 |
Accounting firm |
|
16 |
Public utility |
|
17 |
Financial market utility |
|
18 |
Pooled investment vehicle |
|
19 |
Tax-exempt entity |
|
20 |
Entity assisting a tax-exempt entity |
|
21 |
Large operating company |
|
22 |
Subsidiary |
DOT Compliance and Licensing Services
If you are ready to get started or would just like more information on how you can start being more proactive with your compliance, please fill out the form below. We are here to help and answer any questions.
