BOI Reporting: How To Complete Myself
In accordance with the Corporate Transparency Act (CTA), small businesses and LLCs across the U.S. are now required to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The purpose is to increase transparency, aid law enforcement, and protect national security.
If your company qualifies as a “reporting company, “filing your BOI report yourself can save time and resources. Here’s a step-by-step guide to help you complete your BOI reporting independently, along with trusted options for companies that can assist if you prefer professional help. Read on to learn more.
Step 1: Gather Necessary Information
Before you begin the filing process, ensure you have all the required information for your report:
- Company Details: This includes your company’s legal name, any trade names, registered address, jurisdiction of formation, and taxpayer identification number.
- Beneficial Owners’ Information: You must submit each beneficial owner’s full name, date of birth, residential address, and identification number from a government-issued document. Such as a driver’s license and state ID or passport. A clear image of the chosen ID is also required.
- Company Applicant Details (if applicable): For companies formed after January 1, 2024, information about the individual responsible for filing the report will also be required.
Ensuring accuracy in this information will prevent delays or corrections later on.
Step 2: Set Up a FinCEN Account
To file your report, you must access FinCEN’s online reporting system. If you don’t already have a FinCEN account:
- Go to FinCEN’s official website and navigate to the BOI reporting portal.
- Create an account by following the prompts, ensuring you securely store your login information for future updates.
- Verify your account through the email FinCEN sends after registration.
Step 3: Enter Your Company Information
Once logged in, the first section of the BOI report will ask for your company’s basic information. Carefully enter all requested details, including your company’s legal and trade names, registered address, and identification number. Double-check for accuracy, as this information will be used for compliance and verification purposes.
Step 4: Add Beneficial Owners’ Information
Next, input the details for each beneficial owner. Remember:
- FinCEN requires personal information such as the beneficial owner’s name, birthdate, address, and identification details.
- An image of the ID document must also be uploaded for each beneficial owner.
For companies with multiple beneficial owners, repeat this process for each person who meets the 25% ownership or control threshold.
Step 5: Submit Your BOI Report
After entering all necessary information, review the report thoroughly to ensure accuracy. Errors may require corrections within 30 days of discovery, so it’s essential to verify every detail before submission. Once you’re confident the report is accurate, submit it directly to FinCEN through their online system. Currently, there is no filing fee for BOI reports, and all submissions are federal only, without any state-level filings required.
Step 5: Submit Your BOI Report
After entering all necessary information, review the report thoroughly to ensure accuracy. Errors may require corrections within 30 days of discovery, so it’s essential to verify every detail before submission. Once you’re confident the report is accurate, submit it directly to FinCEN through their online system. Currently, there is no filing fee for BOI reports, and all submissions are federal only, without any state-level filings required. Retain and download proof of successful filing transcript aftewrods for your records.
Alternatives: Top Companies Offering BOI Reporting Assistance
For those who prefer not to handle BOI reporting themselves, here are three reputable companies that can help with your BOI filing and ensure compliance with CTA requirements:
- LegalZoom provides comprehensive business compliance services, including BOI reporting. They specialize in making complex filings manageable for small businesses, ensuring your submission meets all legal standards.
- ZenBusiness offers a BOI filing service alongside their other business compliance solutions. Known for their user-friendly process and cost-effective solutions, ZenBusiness can assist with all aspects of BOI reporting.
- Northwest Registered Agent offers personalized BOI reporting services with a focus on data security and compliance. Their expert team ensures filings are accurate and up-to-date, making them a trustworthy choice for small business owners.
Final Thoughts:
Although BOI reporting requirements may seem complex, these steps simplify the process and help ensure compliance. If you prefer professional assistance, companies like LegalZoom, ZenBusiness, and Northwest Registered Agent offer reliable services. Staying informed and timely with BOI reporting safeguards your business from penalties, promoting compliance with federal transparency standards.
With proper preparation, filing your BOI report can be straightforward, allowing you to handle compliance confidently and independently.
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