New for 2024 - UPDATE: THIS IS ON HOLD. TEMPORARY COURT INJUNCTION.
See the GREEN links section below.
See the RED special hints below.
See the RED info for inactive entities.
The Corporate Transparency Act IS ON HOLD AS OF 12/03/24... required most small business corporations and LLCs to register with the US government FinCen web site by 01/01/25. Pending legislation and lawsuits may repeal this requirement. But currently this is required. The deadline for new 2024 businesses was even sooner... within 90 days of creation. There are significant penalties for non-compliance... $500 per day.
Disclaimer:
We are not responsible for the accuracy of this page's information. Do not rely on our web site's Corporate Transparency Act information alone. Click on the official FinCen page link below for info regarding your specific business or hire your attorney/3rd party service to advise you on this matter. We can not be hired to advise or file for you.
Why the disclaimer?
Sorry the $500 per day penalty is too steep for us to offer related services or advice. So the compromise was to offer this page with a disclaimer.
Nickname:
BOI reporting (Beneficial Owner Information)
Requirements:
- initial registration
- report various changes within 30 days (changes in ownership, address, expired ID's uploaded)
Info needed to register:
- Company info... name, address, EIN, state of formation.
- Owner/significant control person... name, address, birthday, pic of identification to upload, identification #.
- Company applicant info... for newly formed businesses only... info of your incorporating attorney, etc.
How do I register:
- Hire an attorney to do it.
- Hire a 3rd party company to do it (LegalZoom, etc.).
- DO NOT hire Dave to do it... sorry the penalties are too steep for us to offer this as a service.
- Best option... Do it yourself. But it's important to self-check each month for required updates; Because who wants to pay a penalty of $500 per day for missing a required update.
Links section: ----------------
1) Click HERE to register.
- select BOI e-filing (NOT BSA E-FILING)
- next screen... select either pdf or online. Both work. Most will probably choose online.
- Helpful hint regarding "REQUEST TO RECEIVE FINCEN ID" question... leave this blank. This is optional. Most of you won't be doing this. The FinCen ID is NOT your EIN or social. It's a special ID # applied for by a separate process.
- Helpful hint regarding "COMPANY APPLICANT" section... existing businesses in 2023 or earlier can skip the COMPANY APPLICANT section. This section is only for newly formed companies in 2024 or later. Instead check the box for "Existing Reporting Company". This was the only confusing part of the registration.
2) Click HERE for FAQ's.
- answers to most questions.
3) Click HERE for reference info.
- A lot of info. You need to spend time poking around the site to find what you need IF YOU HAVE UNUSUAL CIRCUMSTANCES. Otherwise, just register using the 1st link above.
Helfpul hint regarding Inactive... do I need to file?
Source: Beneficial Ownership Information Reporting Requirements Small Entity Compliance Guide, December 2023 - Version 1.1
https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
Inactive entity (Exemption #23)
An entity qualifies for this exemption if all six of the following criteria apply:
1. The entity was in existence on or before January 1, 2020.
2. The entity is not engaged in active business.
3. The entity is not owned by a foreign person, whether directly or indirectly, wholly or partially. “Foreign person” means a person who is not a United States person. A United States person is defined in section 7701(a)(30) of the Internal Revenue Code of 1986 as a citizen or resident of the United States, domestic partnership and corporation, and other estates and trusts.
4. The entity has not experienced any change in ownership in the preceding twelve-month period.
5. The entity has not sent or received any funds in an amount greater than $1,000, either directly or through any financial account in which the entity or any affiliate of the entity had an interest, in the preceding twelvemonth period.
6. The entity does not otherwise hold any kind or type of assets, whether in the United States or abroad, including any ownership interest in any corporation, limited liability company, or other similar entity.
Miscellaneous information:
What is the Beneficial Ownership Information Report (BOIR)?The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It's designed to increase transparency in business ownership and help combat financial crimes.
Key Points About the BOIR:
See the GREEN links section below.
See the RED special hints below.
See the RED info for inactive entities.
The Corporate Transparency Act IS ON HOLD AS OF 12/03/24... required most small business corporations and LLCs to register with the US government FinCen web site by 01/01/25. Pending legislation and lawsuits may repeal this requirement. But currently this is required. The deadline for new 2024 businesses was even sooner... within 90 days of creation. There are significant penalties for non-compliance... $500 per day.
Disclaimer:
We are not responsible for the accuracy of this page's information. Do not rely on our web site's Corporate Transparency Act information alone. Click on the official FinCen page link below for info regarding your specific business or hire your attorney/3rd party service to advise you on this matter. We can not be hired to advise or file for you.
Why the disclaimer?
Sorry the $500 per day penalty is too steep for us to offer related services or advice. So the compromise was to offer this page with a disclaimer.
Nickname:
BOI reporting (Beneficial Owner Information)
Requirements:
- initial registration
- report various changes within 30 days (changes in ownership, address, expired ID's uploaded)
Info needed to register:
- Company info... name, address, EIN, state of formation.
- Owner/significant control person... name, address, birthday, pic of identification to upload, identification #.
- Company applicant info... for newly formed businesses only... info of your incorporating attorney, etc.
How do I register:
- Hire an attorney to do it.
- Hire a 3rd party company to do it (LegalZoom, etc.).
- DO NOT hire Dave to do it... sorry the penalties are too steep for us to offer this as a service.
- Best option... Do it yourself. But it's important to self-check each month for required updates; Because who wants to pay a penalty of $500 per day for missing a required update.
Links section: ----------------
1) Click HERE to register.
- select BOI e-filing (NOT BSA E-FILING)
- next screen... select either pdf or online. Both work. Most will probably choose online.
- Helpful hint regarding "REQUEST TO RECEIVE FINCEN ID" question... leave this blank. This is optional. Most of you won't be doing this. The FinCen ID is NOT your EIN or social. It's a special ID # applied for by a separate process.
- Helpful hint regarding "COMPANY APPLICANT" section... existing businesses in 2023 or earlier can skip the COMPANY APPLICANT section. This section is only for newly formed companies in 2024 or later. Instead check the box for "Existing Reporting Company". This was the only confusing part of the registration.
2) Click HERE for FAQ's.
- answers to most questions.
3) Click HERE for reference info.
- A lot of info. You need to spend time poking around the site to find what you need IF YOU HAVE UNUSUAL CIRCUMSTANCES. Otherwise, just register using the 1st link above.
Helfpul hint regarding Inactive... do I need to file?
Source: Beneficial Ownership Information Reporting Requirements Small Entity Compliance Guide, December 2023 - Version 1.1
https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
Inactive entity (Exemption #23)
An entity qualifies for this exemption if all six of the following criteria apply:
1. The entity was in existence on or before January 1, 2020.
2. The entity is not engaged in active business.
3. The entity is not owned by a foreign person, whether directly or indirectly, wholly or partially. “Foreign person” means a person who is not a United States person. A United States person is defined in section 7701(a)(30) of the Internal Revenue Code of 1986 as a citizen or resident of the United States, domestic partnership and corporation, and other estates and trusts.
4. The entity has not experienced any change in ownership in the preceding twelve-month period.
5. The entity has not sent or received any funds in an amount greater than $1,000, either directly or through any financial account in which the entity or any affiliate of the entity had an interest, in the preceding twelvemonth period.
6. The entity does not otherwise hold any kind or type of assets, whether in the United States or abroad, including any ownership interest in any corporation, limited liability company, or other similar entity.
Miscellaneous information:
What is the Beneficial Ownership Information Report (BOIR)?The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It's designed to increase transparency in business ownership and help combat financial crimes.
Key Points About the BOIR:
- Required by the Financial Crimes Enforcement Network (FinCEN)
- Applies to most U.S. businesses
- Deadline for filing is January 1st, 2025
- Failure to file can result in penalties of up to $500 per day
- Full legal name
- Date of birth
- Current residential or business address
- Unique identifying number (e.g., passport or driver's license number)
- Prevent money laundering and other financial crimes
- Improve corporate accountability
- Assist law enforcement in investigations