News and resources

12/03/2024

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BOI E-filing

Reminder 😀 Please be aware of this new reporting requirement:

• For each of your corporations and LLCs, you will need to register as the owner with The Department of Treasury by 12/31/24

• It is not necessary to pay an outside company to help you with this, and you need to avoid many of the scam companies that are offering this service for an unnecessary fee

• There is no cost to register, and you can easily do it online. However, you might find it helpful to have your attorney help with this

• There are fines that can be assessed if you do not register your companies by the deadline. At this time, it is unknown to what extent these fines will be enforced, as this is a new reporting requirement and millions of companies will be affected nationwide by this

• Here is the simple link you can use to file these registrations: BOI E-FILING https://boiefiling.fincen.gov

Once opened, you will click the “File BOIR” link at the bottom, and then “prepare and submit BOIR” in the middle of the next page. This will be an “initial report”. You are not required to apply for a “FinCEN ID”, but you will need your company’s legal name and EIN. For each owner of the company who meets the definition below, you will need name, address, Social Security Number and a copy of driver’s license or Passport to upload.

A beneficial owner is any individual who, directly or indirectly:

• Exercises substantial control over a reporting company;

OR

• Owns or controls at least 25 percent of the ownership interests of a reporting company