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FILE THE BENEFICIAL OWNERSHIP INFORMATION REPORT (BOIR) IN MINUTES

Beginning January 1, 2024, certain types of corporations, limited liability
companies, and other similar entities created in or registered to do business in
the United States must report information about their beneficial owners - the
persons who ultimately own or control the company - to the United States
Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

File Now $29.99



FREQUENTLY ASKED QUESTIONS


Still have questions? Please feel free to contact me if you have any more
questions.
Contact Us
Is there a fee for this service?


We are not official FinCen web. The service we offer is a simplified application
process, application reviews, and error resolution. We can also liaise directly
with the government on your behalf to resolve any issues until the BOIR is
completed, if necessary. The service fee is $29.99.

What is beneficial ownership information reporting?


A Beneficial Ownership Information Report (BOI Report) is a document filed with
the U.S. Department of the Treasury's Financial Crimes Enforcement Network
(FinCEN) that discloses information about the individuals who ultimately own or
control a business entity.

Here's a breakdown of the key points:
‍Purpose: The BOI Report is part of the Corporate Transparency Act (CTA), a law
passed in 2021 to combat money laundering and other financial crimes by making
it harder for individuals to hide their ownership of businesses.
‍Who needs to file: Most US businesses are required to file an BOI report,
including corporations, limited liability companies (LLCs), trusts, and certain
types of partnerships. Some exemptions exist for publicly traded companies,
government entities, and certain other organizations.
‍Information reported: The BOI report requires identifying information about
each beneficial owner, including: Name , Date of birth ,Address, Identifying
number from a government-issued ID.
‍Filing process: BOI reports must be filed electronically through the BOI
E-Filing System. Businesses have different deadlines for filing their initial
reports depending on when they were created or registered. Any changes to
beneficial ownership information must be reported within 30 days.
‍Benefits: The BOI reporting requirement helps law enforcement track suspicious
activity and prevent financial crimes. It also promotes transparency and
accountability within the business community.

Why do companies have to report beneficial ownership information to the U.S.
Department of the Treasury?


In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis.
This law creates a new beneficial ownership information reporting requirement as
part of the U.S. government’s efforts to make it harder for bad actors to hide
or benefit from their ill-gotten gains through shell companies or other opaque
ownership structures.

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

What are the penalties for not filing?



Each business is responsible for filing a Beneficial Ownership Information
Report which includes all of the individuals who control or own the business.
However, a beneficial owner of a business who willfully fails to follow the
reporting requirement and filing rules, or who misleads the Financial Crimes
Enforcement Network, will face personal liability in the form of both criminal
and civil penalties for noncompliance with the Corporate Transparency
Act.Failure to comply can lead to criminal penalties of imprisonment for up to
two years and/or a fine of up to $10,000, and a civil penalty of up to $500 per
day.Even if a reporting company files the report on time, penalties can be
imposed if the report does not include the correct information. It is critical
that the reporting company’s filing is accurate. We can help you ensure accurate
filing with a simplified reporting and filing process, satisfying the relevant
law.

When is the Beneficial Ownership Information Report deadline?



The Beneficial Ownership Information Reporting Rule requires businesses to
submit specific information to authorities, with deadlines varying based on the
formation date. Entities formed before 2024 have until the end of 2024 to file
reports, while those formed in 2024 or later have a 90-day window. Amendments to
formation documents require a new report within 30 days. Non-compliance can lead
to severe penalties, including imprisonment, fines up to $10,000, and daily
fines of $500.

As of November 29, 2023, FinCEN has extended the deadline for filing initial
beneficial ownership information (BOI) reports:

Before January 1, 2024: The deadline is January 1, 2025
After January 1, 2024: The deadline is 90 days after creation or registration.
Non-exempt companies as of December 31, 2023: The deadline is January 1, 2025
All companies have only 30 days to update a Beneficial Ownership Information
Report if any information changes.



How do we file your BOI Report?


You simply fill in your required information in 1 minute. Once we have received
your information and filed it with FinCEN, you will receive a confirmation
email.



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