FAQs
What is BOI?
Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.
FinCEN (fincen.gov) is the federal agency in charge of BOI reporting. Their website has a great deal of information on BOI reporting.
You can file for free at their site, however myboireporter.com provides you with a secure portal that maintains your data so changes and updates are easily accessible. Further we provide regular reminders and updates regarding reporting requirements and changes to the regulations. We are not a law office and we cannot provide legal advice. We can help you file the forms and provide you with the comfort that your data is secure, filed as required and available when you need to update it.
What is the Beneficial Ownership Information Reporting Rule?
The Beneficial Ownership Information Reporting Rule under the Corporate Transparency Act is a new filing requirement of the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury. Starting on January 1, 2024.
The rule creates transparency around company ownership structures and helps the federal government prevent financial crimes and fraud, such as money laundering, corruption, human trafficking, drug trafficking, tax fraud, and fraud against employees, customers, and other businesses.
Beneficial ownership information reporting supports the ongoing focus and efforts of the U.S. government to deter corporations who would hide or benefit from actions that harm others.
Who is a beneficial owner?
A beneficial owner under the Corporate Transparency Act is an individual who directly or indirectly: (1) owns or controls at least 25% of your company’s ownership interests, or (2) exercises substantial control over your business. Common examples of someone that exercises substantial control can include the following:
An important decision-maker for the reporting company
A senior officer (president, chief executive officer, chief financial officer, general counsel, chief operating officer, or any other officer with a similar function)
An individual with the authority to appoint or remove certain officers or a majority of directors (or similar body) of the company
Note: if you are uncertain if someone has substantial control please consult legal counsel. MyBOIreporter is not a law office and we cannot provide legal advice.
What Information Does a BOl Report Require?
Reporting Company Information
Full legal name.
Any DBAs, fictitious names, or trade names used to conduct business
Principal U.S. business address.
Formation jurisdiction (state, tribal, or foreign) of a domestic entity or a foreign entity's first registered jurisdiction in the U.S.
IRS taxpayer ID number (TIN), including an EIN.
(If a foreign reporting company doesn't have a
TIN from the IRS, it may use a tax ID issued by a foreign jurisdiction and must provide the name of that jurisdiction.)
Beneficial Owner Information
Full legal name.
Date of birth.
Complete residential street address.
Personal identification number and issuing jurisdiction from a non-expired
U.S. passport, state driver's license, or other ID document issued by a state, local government, or tribe. They must also provide an image of their ID document.
Company Applicant Information*
Full legal name.
Date of birth.
Complete residential street address. (If a company applicant forms or registers a company in the course of conducting their business, i.e., a paralegal, they should use their business street address instead.)
Personal identification number and issuing jurisdiction from a non-expired
U.S. passport, state driver's license, or other ID document issued by a state, local government, or tribe. They must also provide an image of their ID document.
*Only required for domestic and foreign reporting companies created or first registered on or after January 1, 2024.
What companies will be required to report beneficial ownership information to FinCEN?
Companies required to report are called reporting companies. There are two types of reporting companies:
Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
There are 23 types of entities that are exempt from the reporting requirements Carefully review the qualifying criteria before concluding that your company is exempt.
FinCEN’s Small Entity Compliance Guide for beneficial ownership information reporting includes the following flowchart to help identify if a company is a reporting company (see Chapter 1.1, “Is my company a “reporting company”?”).
What is substantial control?
An individual can exercise substantial control over a reporting company in four different ways. If the individual falls into any of the categories below, the individual is exercising substantial control:
The individual is a senior officer (the company’s president, chief financial officer, general counsel, chief executive office, chief operating officer, or any other officer who performs a similar function).
The individual has authority to appoint or remove certain officers or a majority of directors (or similar body) of the reporting company.
The individual is an important decision-maker for the reporting company.
The individual has any other form of substantial control over the reporting company as explained further in FinCEN’s Small Entity Compliance Guide (see Chapter 2.1, “What is substantial control?”).
What is your pricing?
First Year Costs:
$259.00 for the first year. This includes your initial filing and any updates made in the first year. (Email us for multi-company filing discounts hello@myboireporter.com)
Renewal:
We will contact you 60 days before your subscription expires to renew at $129.00 annually. This renewal allows us to maintain your data and allows you to make updates at no additional cost.
An annual subscription allows us to maintain your data and gives you the peace of mind of regular reminders to update when changes happen (you have 30 days when a change occurs to update your report) and the ability to update without starting over each time.
Who can I contact with other questions?
We are here to help! Email us today at hello@myboireporter.com