File your essential Beneficial Ownership Information report

Stay compliant with the Corporate Transparency Act (CTA), a new federal mandate, by filing your Beneficial Ownership Information (BOI) through doola’s BOI Filing Service. Ensure 100% compliance and avoid potential criminal penalties. Complete your filing for just $149.

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BOI: Things to Know

A new regulation effective from January 1st, 2024, mandates businesses, including LLCs and Corporations, to file a Beneficial Ownership Information (BOI) report with FinCEN (Financial Crime Enforcement). This report aims to gather details about beneficial owners who directly oversee or control a company, aiming to prevent the exploitation of shell companies for illicit purposes. 

This BOI filing is required for all companies even those formed before the regulation roll out. All newly formed companies must complete the BOI within 90 days.

What is Beneficial Ownership Information rule?

The BOI rule, established through the Corporate Transparency Act of 2021, represents a significant step forward in U.S. regulatory efforts to combat financial crimes, such as money laundering, tax evasion, and other illicit activities. Passed with bipartisan support, this law aims to address longstanding concerns regarding the misuse of corporate entities, particularly shell companies, to conceal the identities of individuals behind illicit activities. 

Under this legislation, companies operating in the United States are required to disclose detailed information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

  • Enhances the transparency in corporate structures
  • Reinforces integrity in the financial system
  • Safeguards against system abuse

Who is a beneficial owner?

A beneficial owner is an individual who either directly or indirectly:
(1) exercises substantial control over a reporting company, or 

(2) owns or controls at least 25 percent of a reporting company’s ownership interests.

It’s important to note that beneficial owners must be individuals (natural persons); trusts, corporations, or other legal entities are not considered beneficial owners. However, there are specific circumstances where information about an entity may be reported instead of information about a beneficial owner.

  • Individual is a Senior Officer
  • Individual has authority to appoint or remove
  • Individual is an important decision maker for the reporting company
  • Individual has any other form of substantial control
Incl. in Total Compliance

BOI filing with affordable pricing

Get your Beneficial Ownership Information (BOI) Report filed by us! We’ll send your info to Financial Crime Enforcement (FinCEN) so you comply with the new rule under the Corporate Transparency Act.

BOI Filing

  • Customized federally required report
  • Simplified process to help you file accurately with the government
  • Confirmation of successful submission to the Financial Crimes Enforcement Network (FinCEN)

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What is BOI?

The BOI report collects details about the beneficial owners who directly own or control a company.

What is FinCEN?

FinCEN stands for Financial Crime Enforcement and it is a bureau of the U.S. Department of Treasury. FinCEN introduced the BOI requirement in September 2022 to enhance financial transparency and prevent financial crimes like money laundering

What types of businesses must file a BOI report?

A BOI report is mandatory for businesses meeting FinCEN’s definition of a “reporting company”. Companies fall into two categories: domestic or foreign. Domestic ones are entities created through state or tribal registration, while foreign ones are formed under foreign country laws but register to do business in the U.S.

Who are exempt to BOI?

Please refer to doola blog – A Guide to Beneficial Ownership Information (BOI)

When is the deadline?

Existing companies: Must file initial BOI reports by January 1, 2025.
New companies: Must file within 30 days of formation, triggered by notice of effectiveness or public registration notice, whichever is earlier.

What are the penalities?

Penalties for late or inaccurate reporting range up to $500 per day, with criminal penalties for willful falsification.

Still have a question?

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