How To File Beneficial Ownership Information Report

Sarah Covell
26 steps
3 minutes

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Fincen

The Beneficial Ownership Information (BOI) Report is a new requirement from the Financial Crimes Enforcement Network (FINCEN) stemming from the Corporate Transparency Act that went into action January 1, 2024. It is used to determine the humans/"beneficial owners" who exist as members of an LLC. Failure to complete the report within the required deadline can result in substantial fines ($591/day for each day past the deadline!) and/or jail time. LLCs formed by 12/31/2023 must file their BOI Reports by 12/31/2024. LLCs formed in 2024 must file their BOI Reports WITHIN 90 DAYS of establishing the LLC. LLCs formed in 2025 must file their BOI Reports WITHIN 30 DAYS of establishing the LLC. (A recent Texas court case has ruled that the enforcement of these penalties is constitutional. This will likely be subject to appeal, and may go all the way to the Supreme Court. In order to protect yourself should the original law eventually be upheld, I recommend you still complete the BOI Report, but it is ultimately your decision)

Go to <https://www.fincen.gov/boi>

Click "File a report using the BOI E-Filing System"

It's possible your LLC may be exempt from this filing. Follow the exemption link, FAQ link, or check here to see if you meet the qualifications for any of the 23 exemptions: <https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf>

Click File BOIR.

Scroll down to File Online BOIR option and click "Prepare & Submit BOIR"

Click "I Agree"

Click "a. Initial report". If nothing changes regarding the business (name, address, EIN, etc) or its beneficial owners, this is the only time you'll need to complete this process.

NOTE: In the future, if there is information to be corrected or updated in a previous report, select the corresponding option at this step.

The filing date will be automatically populated. Click "Next"

Skip to 5. Reporting Company legal name" field and enter your business name and any alternate name(s).

Your LLC should have an EIN. Select this option. If you don't have an EIN, you can get one online easily at this link.<https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online>

Enter your EIN in 8. Tax Identification number" field. DO NOT INCLUDE the - after the first 2 numbers. (123456789 instead of 12-3456789)

Click the "\*10. a. Country/Jurisdiction of formation" field and select "United States of America"

Click this button and select the state (or tribal jurisdiction) where you initially formed your LLC.

Click the "\*11. Address (number, street, and apt. or suite no.)" field and enter your business address. This can be your residential address or a separate mailing address. Then click Next.

If your LLC was formed PRIOR TO 2024, click "16. Existing reporting company". You have until 12/31/2024 to file this report. IF YOU STARTED YOUR LLC IN 2024, do NOT select the Existing Reporting Company option. Skip to Step 16 of this tutorial. You have 90 days from the formation date of your LLC with the Secretary of State to file this report. Look below for instructions on completing this section. Failure to file your BOI Report by the relevant deadline leads to the potential of large fines and/or jail time.

If your LLC was formed PRIOR TO 2024 (an Existing Company), click Yes and continue to Part III Beneficial Owner Information (step 20 of this document)

IF YOU STARTED YOUR LLC IN 2024, do NOT select the Existing Reporting Company option.

IF YOU STARTED YOUR LLC IN 2024, complete the Company Applicant section(s) for up to two company applicants for your LLC. These must be individuals, but do not have to be members of the LLC. DOB must be in MM/DD/YYYY format.

IF YOU STARTED YOUR LLC IN 2024, select Business or Residential Address for each Company Applicant and complete accordingly.

IF YOU STARTED YOUR LLC IN 2024, complete the information about your identifying document (30-33) and upload a picture. Then select Next.

(if your LLC formed prior to 2024, skip to this section) Complete the fields 38, 39, and 42-51 for each Beneficial Owner (member) of the LLC. DOB must be in MM/DD/YYYY format in #42. This will include uploading a picture of your identifying document at #51. Then select Next.

Click "I agree". If you have missed entries in any previous steps, a reminder screen will appear here.

Complete sections for email, first and last name as the person filing the report.

Click "I agree"

Complete checkbox for "I am human".

Complete this section to confirm you are human and select Verify.

Click "Submit BOIR".

You have completed the process! You will never need to do this again UNTIL/UNLESS you need to a) correct this report or b) update this report (change in address, members, etc).

How To File Beneficial Ownership Information Report

Sarah Covell
26 steps
3 minutes