BENEFICIAL OWNERSHIP INFORMATION (BOI)
IN NEW JERSEY
Welcome to our detailed Beneficial Ownership Information Report (BOI) guide in New Jersey. This page is designed to help New Jersey businesses understand and comply with BOI reporting requirements as per federal regulations.
OVERVIEW OF BOI
IN NEW JERSEY
Beneficial Ownership Information (BOI) refers to the information that certain businesses must report to regulatory authorities, outlining details about the individuals who ultimately own or control the company. In New Jersey, BOI reporting is necessary to comply with federal standards established by the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA).
WHO NEEDS TO FILE BOI REPORTS IN NEW JERSEY?
BOI reporting in New Jersey applies to:
- Corporations, LLCs, and other entities that are created by filing a document with the Secretary of State of New Jersey or a similar office in the State of New Jersey.
- Exceptions include publicly traded companies, certain regulated entities, and businesses that meet specific operational and financial thresholds. There are twenty-three types of New Jersey entities exempt from filing BOI report. For more information visit our FAQ.
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HOW TO FILE BOI REPORTS IN NEW JERSEY
Filing a BOI report in New Jersey involves:
1. Identifying Beneficial Owners: Determine who qualifies as a beneficial owner under the CTA guidelines.
2. Collecting Information: Gather personal information of the beneficial owners and company applicants, including names, addresses, and identification details.
3. Submitting the Report: File the report online with our BOI report filing service or through FinCEN’s e-filing system, adhering to the specified format and deadlines.
Our company uses a proprietary BOI Report filing system to help you stay compliant with federal regulations in three simple steps while reducing your filing time. We interface with FinCEN so you do not have to. Look no further. File your BOI report with us in three simple steps.
GATHER
DOCUMENTS
Make sure you have all of the necessary documents and paperwork that are required.
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INPUT
INFORMATION
Enter all of your information into our secure database for processing.
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SUBMIT -
YOU'RE DONE!
Once you've verified your information, you can submit to file your BOI report.
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COMPLIANCE TIPS FOR NEW JERSEY BUSINESSES
To ensure compliance:
• Regularly review and update beneficial ownership information when needed. For more information visit our FAQ.
• Understand and monitor changes in BOI reporting requirements.
• When in doubt consult with legal experts, particularly for complex ownership structures.
FREQUENTLY ASKED QUESTIONS ABOUT BOI REPORT IN NEW JERSEY
We aim to make document processing simpler for you. Here, you can find answers to some of the most common questions about BOI reports in New Jersey.
What penalties exist for non-compliance in New Jersey?
Non-compliance can result in civil penalties, including fines of up to $500 per day, and criminal penalties include imprisonment for up to two years and/or a fine of up to $10,000.
Can changes in business structure affect BOI reporting?
Yes, changes such as mergers, acquisitions, or restructuring can impact BOI reporting obligations. You must submit an updated BOI report if the information you previously reported in your initial BOI report changed. You must update your BOI report within 30 calendar days of the change.
Does New Jersey have specific BOI reporting deadlines that are different from federal guidelines?
No, the BOI reporting deadlines in New Jersey align with federal guidelines set by FinCEN.
Are there any specific sectors in New Jersey exempt from BOI reporting?
Under federal regulations there are no specific sectors that are exempt from BOI reporting. However, publicly traded companies, government entities, regulated financial institutions and others are exempt from filing BOI reports. There are twenty-three types of New Jersey entities exempt from filing BOI report. For more information visit our FAQ.
If you are not sure if your company needs to file a BOI report take our assessment, Do I Need to File a BOI report?
How can New Jersey businesses maintain ongoing compliance with BOI requirements?
Regular internal reviews, staying informed about legislative changes, and possibly appointing a compliance officer or a team responsible for BOI reporting can help New Jersey businesses maintain ongoing BOI compliance.
Ready to file your initial BOI report or correct or update a previously filed BOI report? Look no further. File your BOI report with us in three simple steps.
What should a New Jersey business do if it discovers inaccuracies in its previously filed BOI report?
If your New Jersey company found inaccuracies in a previously filed BOI report, your company must file a corrected BOI report with FinCEN within 30 calendar days after your company becomes aware of, or has reason to know of, the inaccuracy in a prior report. Delays in correcting these inaccuracies within the allowed timeframe could lead to penalties.
Are foreign-owned businesses operating in New Jersey subject to BOI reporting?
Yes, foreign entities registered to do business in New Jersey by filing a document with the New Jersey Secretary of State or similar office, or foreign-owned New Jersey companies are subject to BOI reporting if they are not one of the twenty-three exempt entities. This includes foreign entities registered or qualified to do business in New Jersey.
If you are not sure if your company needs to file a BOI report take our assessment, Do I Need to File a BOI report?
How is beneficial ownership defined for New Jersey businesses under the BOI requirements?
Beneficial ownership is typically defined as individuals who, directly or indirectly, own 25% or more of the equity interests in a company or exercise significant control over it. This definition is consistent with the federal guidelines.
Can legal action be taken against New Jersey businesses for non-compliance with BOI reporting?
Yes, legal action, including civil penalties and potential criminal charges, can be taken against New Jersey businesses that fail to comply with BOI reporting requirements. Compliance is crucial to avoid legal repercussions.
Where can New Jersey businesses find assistance for completing BOI reports?
Our company has developed a proprietary filing system in compliance with FinCEN’s e-filing system to help you file your BOI report and stay compliant in three simple steps while reducing your filing time. We interface with FinCEN so you do not have to.
You can find additional assistance on our website by visiting our blog or FAQ, or additional resources on FinCEN website
Let's get started
FILE BOI REPORT
Gather up your paperwork and documents and make sure everything is in order. We can help!