How to: File a Beneficial Ownership Information (BOI) Report in 5 Minutes

Here’s what we’ll cover:

• What is a Beneficial Ownership Information (BOI) Report?
• Who Needs to File a BOI Report?
• Why is BOI Reporting Important?
• How to File a BOI Report in 5 Minutes

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What is a Beneficial Ownership Information (BOI) Report?

A beneficial ownership information (BOI) report names your company’s owners under the Corporate Transparency Act. Certain businesses must tell a U.S. government agency called FinCen exactly who really owns or controls the company, not just the company name, but the real people behind it. This helps prevent fraud, money laundering, and illegitimate shell companies.

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If your business qualifies, you need to file your BOI report once and keep it updated when things change. It's quick to do, but skipping it can mean big fines. This guide shows you how to get it done fast and right.

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Who Needs to File a BOI Report?

A BOI report is required for most businesses formed or registered in the United States, including corporations, LLCs, and comparable entities. These companies must disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) to comply with federal regulations.

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Certain large companies and specific types of organizations may be exempt such as:

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• Large operating companies (with over 20 full-time employees, $5 million in annual revenue, and a physical U.S. office)
• Banks and credit unions
• Tax-exempt organizations (like nonprofits)
• Government authorities
• Publicly traded companies
• Certain insurance companies and investment firms
• Inactive entities meeting specific criteria

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Why is BOI Reporting Important?

BOI reporting adds a layer of transparency that protects legitimate businesses, customers, and the U.S. financial system. By telling FinCEN who really owns or controls a company, it helps prevent criminals from hiding behind fake companies to launder money, dodge taxes, or finance illegal activity. For small business owners, filing a BOI report shows you’re playing by the rules and avoiding hefty fines or legal headaches down the road. Staying compliant is simple, but ignoring it can get expensive fast, that’s why it matters to get this step done right.

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Now that we’ve covered the basics…

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How to File a BOI Report in 5 Minutes:

1. Finding and Starting the Online Filing Wizard

In this section, you'll learn how to locate and initiate the online filing wizard. Follow the steps below to get started.

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Here is the link to start the BOI filing wizard.

2. Filling Out the Filing Information

The next step involves providing the necessary filing information.

3. Filling Out the Reporting Company

Here, you'll enter information about the reporting company.

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When you get to this section, you’ll need a few basics:

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• your company’s full legal name
• any trade names or DBAs you use
• your current U.S. business address
• tax identification type and number
• details from your formation documents, such as the state where you’re registered
• company address
• FinCEN ID for the company (if you have one)

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Having this ready keeps the process quick and hassle-free.

4. Filling Out the Company Applicant(s)

In this step, you'll provide details about the company applicants.

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You’ll need:

• Company’s legal name and address
• Information for applicant you’re reporting, such as:
  • their full legal name
  • home address
  • date of birth
  • a valid photo ID like a driver’s license or passport

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Have any formation documents or your FinCEN ID ready if you’ve got one.

5. Filling Out the Beneficial Owner(s) and Submitting the Report

This critical step requires information about the beneficial owners.

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You’ll need to list everyone who owns at least 25% of your company or has significant control over big decisions. For each owner, have these ready:

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• their full legal name
• home address
• date of birth
• a valid photo ID, like a driver’s license or passport

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This part is key to staying compliant, so double-check you’ve got the right people and info before you hit submit.

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Here is a link to the Beneficial Owner(s) definition

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After submitting the report, you'll see a confirmation page.

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ℹ️ This information is for educational purposes only and does not constitute legal advice. Always consult with a qualified legal professional to ensure compliance with relevant laws and regulations regarding the BOI report filing process.