Effortless Compliance: Simplifying Reporting of
Beneficial
Ownership
Information
Millions of entities in the United States must file their Beneficial Ownership Information (BOI) report with FinCEN. Efilectaboi helps you meet these BOI requirements quickly and easily.
By signing up with Efilectaboi, you can enjoy the following features for BOI Reporting:
- Our intuitive software guides you through the BOI filing process in minutes, allowing you to file confidently.
- Errors tend to happen while you file a BOI Report with FinCEN. If errors are noticed, then you have a grace period of one week to make the necessary corrections at no extra cost.
- Once you file your BOI Report, we'll update you
on its status with FinCEN in a
timely manner. - We support different BOI Reporting types to
file your BOI Report with FinCEN, including initial reports, correct prior reports,
updated prior reports, and new
exempt entities.
With Efilectaboi, you can focus more on your primary
business operations
than BOI
reporting requirements.
Who Needs to File a BOI Report?
A reporting company must file a BOI Report. It
should meet any of the following criteria to determine whether your business is a
reporting company:
- Domestic Reporting Companies are
entities created by filing a document with a secretary of state or similar
office in the
United States. - Foreign Reporting companies are entities created under the law of a foreign country registered to do business in the United States by filing a document with a secretary of state or similar office.
Who are our Clients?
Our team assist clients in filing BOI Reports and expertly managing entities, such as:
Corporations and LLCs
Small businesses
Law Firms
Accountants
Professional service firms
Here's how our BOI Reporting service works?
BOI e-filing is now simple with efilectaboi.com by following these easy steps:
1
Enter the Reporting
Company
Information.
2
Enter all the information
related
to
Beneficial Owners and
Company Applicants.
3
Review and Submit the
BOI
Report
to
FinCEN
Frequently Asked Questions on BOI Report
What is the BOI Report?
The BOI Report, which stands for Beneficial Ownership Information Report, is a detailed report outlining a business's ownership structure. It highlights explicitly individuals with significant control over the company, including those with direct or indirect ownership or control. The report contains important information, such as the names and personal details of those who own or influence the business. Reporting Companies must submit the BOI report to the Financial Crimes Enforcement Network (FinCEN), a bureau operating under the U.S. Department of the Treasury.
When is the due date for Filing the BOI Report?
Starting January 1, 2024, FinCEN began accepting BOI (Beneficial Ownership Information) Reports. However, the due dates for the reporting companies to report ot FinCEN vary depending on their creation or registration which is described as follows:
- If your company was created or registered before January 1, 2024, you have until January 1, 2025, to report your Initial BOI Report.
- If your company was created or registered in 2024, you must report BOI within 90 calendar days after receiving actual or public notice that your company's creation or registration is effective.
- Suppose your company is created or registered on or after January 1, 2025. In that case, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
Who is a Beneficial Owner of a reporting company?
A beneficial owner is someone who either directly or indirectly exercises substantial control over the reporting company or controls a minimum of 25% of a company's ownership interests. Examples of ownership interests include shares of equity, stock, voting rights, or any other mechanism used to establish ownership.
Who qualifies as a Company Applicant for a reporting company?
From January 1, 2024, reporting companies that are founded or registered on or after this date must disclose their company applicant. A company applicant will only have up to two persons responsible for creating or registering the company. If only one person is involved in the process, that person will be the corporate filer. However, if more than one person is involved, the corporate filer is the person primarily responsible for managing or controlling the filing.
What are the consequences for individuals who fail to comply with BOI Reporting requirements?
Under the Corporate Transparency Act, individuals who intentionally fail to comply with the BOI Reporting requirements may face severe penalties. They could be subject to civil penalties of up to $500 per day for each day that the violation continues. Such individuals may also face criminal penalties, such as imprisonment for up to two years and a fine of up to $10,000. Examples of potential violations include deliberately failing to file a Beneficial Ownership Information report, falsely filing Beneficial Ownership Information, and not updating previously reported Beneficial Ownership Information.
What if there are changes or inaccuracies in the reported information?
If any changes or inaccuracies exist in the reported information, your company has 30 days to report it. If there are any updates, the 30-day period starts from when the relevant change occurs. However, if there are any corrections, the 30-day period begins after your company becomes aware of, or has reason to know of, an inaccuracy in a prior report.
Ready to E-File your BOI Report?
Helpful Resources
BOI Reporting Requirements
BOI Reporting Requirements encompass the necessary
guidelines and
procedures for accurate
BOI Reporting.
BOI Filing Instructions
The instructions for filing the BOI Report are intended to
assist
you
in completing the BOI filing
process
efficiently.
BOI Exemptions
Understanding BOI Exemptions helps businesses assess
operational
performance while fulfilling their
reporting
obligations.
BOI Report for LLC
The BOI Report for LLCs requires filing a report with
FinCEN that
provides company information and information about
all owners.