What are the exemptions to filing a BOI Report? The CTA provides a list of 23 exempt entities. These include but are not limited to, publicly traded companies, regulated financial institutions like banks and insurance companies, and companies that meet specific thresholds in terms of employee count and revenue. An entity that qualifies for any […]

What information is required in a BOI Report? When preparing a BOI report, critical information about each beneficial owner must be included. This encompasses the beneficial owner’s full name, date of birth, residential address, and a unique identifying number from an acceptable document such as a passport, driver’s license or state/local/tribe issued ID. An image

Do I Need to File a Corrected BOI Report if I Discover Inaccuracies in Previous Reporting? Yes, you need to file a Corrected BOI Report if you discover inacurracies in the BOI report you previously filed. If any information you provided a BOI report is incorrect, you must correct it within 30 days after the

Here, we discuss who is a company applicant for the purpose of filing a BOI report? The Financial Crimes Enforcement Network (FinCEN) requires reporting companies to identify and report their company applicants when submitting a BOI report.  Your company is only required to report its company applicants if it is created or registered on or

Here we discuss when do you need to file an updated or corrected BOI report? The Financial Crimes Enforcement Network (FinCEN) requires most companies not only to file initial BOI reports to identify the beneficials owners and the individuals who created the company, but also to maintain these reports accurate and complete. FinCEN requires companies

Here we discuss when do you need to file an initial BOI report? The Financial Crimes Enforcement Network (FinCEN) requires most companies to file reports with FinCEN that identify the beneficial owners of the legal entity and company applicants. The deadline for filing initial BOI report depends on when the company was created or registered

Here, we discuss who is a beneficial owner for the purpose of filing a BOI report? The Financial Crimes Enforcement Network (FinCEN) requires reporting companies to submit a Beneficial Ownership Information (BOI) report. The BOI report identifies the beneficial owners of the company and provides additional information for each beneficial owner. This information is collected

A BOI report or Beneficial Owner Information report must be filed by most private US companies. Each company must identify the persons who own 25% or more, each control person and the person who filled the articles to first register the company. Further, when changes in ownership or control occur, each company must submit an

Here, we are discussing what specific information your company needs to report to FinCEN? If your company is required to file a BOI report, then your company needs to report the following information: Company Name You must provide your company’s full legal name, meaning the legal name used to establish the company. The company’s full

Here, we discuss who needs to file a BOI report? All US companies must file a BOI report unless exempt from filing. Also, all foreign companies registered to do business in the United States must file a BOI report unless exempt. Companies required to file BOI report To determine if your company needs to file