BOI filing service for LLCs

Understanding the new Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA) is crucial for LLC owners. Administered by FinCEN, these regulations aim to enhance transparency and combat illicit financial activities.

Most privately owned LLCs formed or registered in the U.S. are considered 'reporting companies' and must submit BOI, unless specific exemptions apply.Who Must File?U.S. domestic entities created by filing with a Secretary of State and foreign entities registered to do business in the U.S. are generally reporting companies.

While exemptions exist for certain regulated or large operating companies, it's vital to consult FinCEN guidance to determine applicability.What Information is Required?For each beneficial owner, you'll need their full legal name, current residential or business address, date of birth, and a government-issued identification number (e.g., passport or driver's license) along with an image of the ID.

Similar identifying data is required for the company applicants or the person filing the report. Accuracy and current information are paramount.Who Can File?A reporting company can authorize anyone—an employee, owner, or a third-party service provider—to file the BOI report.

The filer must provide their contact information and certify the report's truthfulness, correctness, and completeness. FinCEN explicitly permits non-attorney third-party service providers to submit reports when authorized.Filing Timelines and Updates:Filing deadlines vary.

For instance, reporting companies registered on or after March 26, 2025, have 30 calendar days to file their initial BOI report. Companies formed earlier have different transitional dates.

Always refer to the FinCEN Small Entity Compliance Guide for precise timelines. Updates are required for any changes to beneficial ownership information.Exemptions and Special Situations:Numerous entity types are exempt.

Be aware of special situations like entity conversions, mergers, or domestic vs. foreign registration events, as these can trigger new reporting obligations. Even if a company ceases to exist before filing, specific rules apply.Privacy and Data Access:BOI is not public information.

FinCEN stores it in a secure federal database, with access limited to specific federal and state authorities under defined criteria. While privacy is protected, securely transmitting ID documents to your filer or service provider is essential.Penalties for Non-Compliance:Non-compliance can result in significant civil and criminal penalties under the CTA.

Timely and accurate filings are critical.Practical Checklist for BOI Filing:

Understanding the new Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA) is crucial for LLC owners. Administered by FinCEN, these regulations aim to enhance transparency and combat illicit financial activities.

Most privately owned LLCs formed or registered in the U.S. are considered 'reporting companies' and must submit BOI, unless specific exemptions apply.Who Must File?U.S. domestic entities created by filing with a Secretary of State and foreign entities registered to do business in the U.S. are generally reporting companies.

While exemptions exist for certain regulated or large operating companies, it's vital to consult FinCEN guidance to determine applicability.What Information is Required?For each beneficial owner, you'll need their full legal name, current residential or business address, date of birth, and a government-issued identification number (e.g., passport or driver's license) along with an image of the ID.

Similar identifying data is required for the company applicants or the person filing the report. Accuracy and current information are paramount.Who Can File?A reporting company can authorize anyone—an employee, owner, or a third-party service provider—to file the BOI report.

The filer must provide their contact information and certify the report's truthfulness, correctness, and completeness. FinCEN explicitly permits non-attorney third-party service providers to submit reports when authorized.Filing Timelines and Updates:Filing deadlines vary.

For instance, reporting companies registered on or after March 26, 2025, have 30 calendar days to file their initial BOI report. Companies formed earlier have different transitional dates.

Always refer to the FinCEN Small Entity Compliance Guide for precise timelines. Updates are required for any changes to beneficial ownership information.Exemptions and Special Situations:Numerous entity types are exempt.

Be aware of special situations like entity conversions, mergers, or domestic vs. foreign registration events, as these can trigger new reporting obligations. Even if a company ceases to exist before filing, specific rules apply.Privacy and Data Access:BOI is not public information.

FinCEN stores it in a secure federal database, with access limited to specific federal and state authorities under defined criteria. While privacy is protected, securely transmitting ID documents to your filer or service provider is essential.Penalties for Non-Compliance:Non-compliance can result in significant civil and criminal penalties under the CTA.

Timely and accurate filings are critical.Practical Checklist for BOI Filing:

Intake & Discovery

Capture entity formation/registration date, jurisdiction, formation documents, and a list of all owners and managers.

Beneficial Owner Onboarding

Collect full legal names, DOBs, current addresses, government ID numbers, and ID images.

Determine Reporting Status & Exemptions

Evaluate if the LLC is a reporting company or qualifies for an exemption.

Determine Filing Deadline

Map the entity to FinCEN timelines using the Small Entity Compliance Guide.

Prepare and Submit

Draft and submit the BOI report via FinCEN's portal or an authorized method, including company applicant/filer info.6. Post-Filing: Retain confirmations, monitor for required updates, and set reminders for future updates.State-Specific Considerations:While BOI is a federal filing, state-level events like forming a new LLC, registering as a foreign LLC, or converting entity types can trigger federal BOI reporting obligations. It's crucial to track these state events.Sources:FinCEN BOI FAQs and the FinCEN Small Entity Compliance Guide are the authoritative sources. Practitioner guides offer practical explanations. Ensure all citations are current, as FinCEN guidance may evolve.Call to Action:Navigating BOI compliance can be complex. Our service provides expert guidance and support to ensure your LLC meets its federal reporting obligations accurately and on time. Contact us today to learn how we can assist you.