What Is BOI and Do You Need to File It?
If you are a business owner, you have probably heard about Beneficial Ownership Information (BOI) filing. Wondering what it is and whether it applies to you?
Let’s break it down.
what is boi?
BOI stands for Beneficial Ownership Information. The Corporate Transparency Act (CTA) is a new rule to stop bad guys from using secret companies for crimes like tax evasion or money laundering.
It’s a government requirement for some businesses to report who owns, controls, or benefits financially from the company. The goal? To promote transparency and prevent illegal activities like fraud or money laundering.
do you need to file a boi?
Not all businesses need to file BOI, but if you fall into one of these categories, you probably do:
Single-Member LLCs: Yes, even if you’re the only owner.
Multi-Member LLCs: You’ll need to report details for each member.
Corporations: If someone owns 25% or more or has significant control, their info must be reported.
Good News for Sole Proprietors: You are generally exempt since your business isn’t a separate legal entity.
This report lists who owns or controls 25% or more of the company. New businesses have 90 days to file after they are officially set up.
Don’t ignore it, stay on top of it to avoid big trouble!
why does boi matter?
Skipping BOI filing isn’t just risky, it can lead to:
Fines and penalties
Legal trouble
Loss of good standing for your business
E-filing boi is easy
Filing the BOI Report is easier than you might think! Here’s why:
Simple Information Needed
Your business name, address, and EIN (Employer Identification Number).
Names, birthdates, addresses, and IDs (like a driver’s license) for anyone who owns or controls 25% or more of the business.
Online Filing
You’ll file directly with FinCEN (the Financial Crimes Enforcement Network) through an online system.
No Complicated Paperwork
The process is straightforward, you just input the required info and hit submit.
No Filing Fees
Filing the BOI Report won’t cost you a dime!
E-filing the BOI Report is quick and easy, 10 minutes is all you need! Simply set aside a little time to gather the required info and get it done. There’s no need to pay someone else to handle it for you! To make it even easier, I have put together this step-by-step guide to walk you through the process so you can complete it confidently on your own.
Conclusion
With the right information in hand, there's no need to worry or spend extra money on professional help. Just follow the simple steps in my guide, and you will have it done in no time.
Staying on top of these requirements not only protects your business but also helps you avoid costly penalties. You’ve got this, now let’s get it done!
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DISCLAIMER:
NO ADVICE GIVEN
This guide and our website are just here to share general information. It's not meant to replace the advice you would get from a professional accountant, lawyer, or financial expert. Using this guide or website doesn’t mean we are officially working together. Before you take action based on what you read here, talk to a tax or financial pro who knows your situation.
ACCURACY OF INFORMATION
We do our best to make sure everything here is correct and up-to-date, but mistakes happen, and things can change. We cannot promise that everything you see in this guide or on our website is 100% accurate or error-free. If something isn’t right or gets left out, we aren’t responsible for any problems that might cause.
