Beneficial Owner Information Report (BOIR) Filing

Description

WHO NEEDS TO FILE A BENEFICIAL OWNER INFORMATION REPORT (BOIR)?

FinCEN uses three main requirements to determine who must report:

• A corporation, a limited liability company (LLC), or group otherwise created in the United States 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.
• 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. They generally exercise “substantial control” over a reporting company or own 25% of the ownership interests

WHAT ARE THE PENALTIES FOR NOT FILING?

As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements by not filing, filing false information, or not correcting false information may be subject to:

• civil penalties of up to $500 for each day that the violation continues
• criminal penalties of up to two years imprisonment and a fine of up to $10,000

WHAT DO YOU DO NEXT?

Determine if you need to file a BOIR
You can always call or email us to find out if you need to go through this process. You can FILL OUT THIS FORM if you have any questions before purchasing.

Gather the proper information for your BOIR Filing:

• Reporting Company Legal Name/Alternative Names
• Form of Identification (Tax ID)
• Jurisdiction of Formation or First Registration
• Current US Address
• Company FinCEN ID (if available)
• Current Address
• Form of Identification and Issuing Jurisdiction (will be uploaded)

Purchase a BOIR Filing
You can get started by purchasing a service to File your Beneficial Owner Information Report (BOIR). Our DOT Licensing Specialists will receive notification of your purchase and start the process of filing for you. They will likely need to reach out to you for any sensitive information.