Welcome to The LF Business Suite
Welcome to the LF Business Suite—your one-stop destination for fast, effective solutions to your most urgent financial challenges. No commitment required!
Beneficial Ownership Information Report (BOIR)
What is BOI Reporting?
BOI reporting requires certain businesses who are “reporting companies” to disclose ownership details, promoting transparency and compliance with federal anti-money laundering regulations.
Who Needs to File BOI Reports?
Single-member LLCs, sole proprietors, partnerships, and corporations may need to file a BOI report to stay compliant and avoid costly penalties.
Our BOI Filing Process
Our process is simple: we guide you from document collection through filing, ensuring everything is accurate and submitted on time.
Why Choose Us?
With years of experience in compliance and accounting, we make BOI reporting stress-free, so you can focus on your business.
*Please note that the LF service fee applies to each individual filing submitted.
Hiring Us to File
Your BOI Report Is Fast and Easy!
Forming your LLC with us is a streamlined and efficient process. Here’s how it works:
1. Sign Up
Click on the “File BOI” button below, fill out a brief form with some basic details about your business, and complete your payment. It’s that simple.
2. Get Approved
We’ll take care of submitting your Beneficial Ownership Information based on the documents and information you provided and will submit them to FinCEN through their filing portal for approval.
3. It’s Official
Once your BOI Report filing is approved by FinCEN, we’ll notify you immediately. At this point, your BOI Report is officially filed, and you can move forward with including this information in your records. Once you receive approval, you’ll receive copies of all documents.
BOI Report FAQ's
A beneficial ownership information report is a document that identifies the individuals who own or control a company.
Filing this report helps ensure transparency and compliance with legal requirements, preventing fraud and money laundering.
A beneficial owner is any individual who directly or indirectly owns or controls a significant percentage of the company, typically 25% or more.
- A unique business name
- A registered agent and address
- LLC Articles of Organization
- An Employer Identification Number (EIN) if you plan to hire employees or open a business bank account
The report generally requires details such as the beneficial owner’s name, date of birth, address, and the nature of their ownership or control.
The frequency of filing can vary by jurisdiction, but it is often required annually or whenever there are changes in ownership.
Failure to file the report can result in penalties, fines, and potential legal action against the company.
Fines of $500/day, up to $10,000, and 2 years in prison may apply.
The report can usually be filed online through the Financial Crime Enforcement Network (FinCEN) website.
Yes, you can update the information if there are changes in the beneficial ownership details.
- The confidentiality of the information depends on the jurisdiction, but generally, it is protected and only accessible to authorized entities.
You can visit fincen.gov/boi for more information and resources. See below!
*The content provided here is for informational purposes only and should not be considered legal advice or a replacement for professional legal counsel. This information is not intended to establish, nor does your access to or use of it create, an attorney-client relationship or an accountant-client relationship. For more details, please refer to our Terms of Service.
Beneficial Ownership Information
Report Resources
Click the link to be taken to the resource!
- Luxe Financials BOI Reporting Guide
- FinCEN Beneficial Ownership Information Official Website
- FinCEN Beneficial Ownership Information Report (BOIR)
- FinCEN BOI Filing Instructions
- FinCEN Frequently Asked Questions
- FinCEN Reporting Requirements: Small Entity Compliance Guide
- Corporate Transparency Act
- FinCEN ID Application for Individuals
Beneficial Ownership Information
News Updates
December 27, 2024
The alert goes on to say:
“On December 26, 2024, however, a different panel of the U.S. Court of Appeals for the Fifth Circuit issued an order vacating the Court’s December 23, 2024 order granting a stay of the preliminary injunction. Accordingly, as of December 26, 2024, the injunction issued by the district court in Texas Top Cop Shop, Inc. v. Garland is in effect and reporting companies are not currently required to file beneficial ownership information with FinCEN.”
To read the full report, click here.
December 23, 2024
- Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
- Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.
- Reporting companies created or registered in the United States on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file their initial beneficial ownership information reports with FinCEN.
- Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
- Reporting companies that are created or registered in the United States on or after January 1, 2025 have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.
- As indicated in the alert titled “Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)”, Plaintiffs in National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)—namely, Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024)—are not currently required to report their beneficial ownership information to FinCEN at this time.
December 3, 2024
As of December 3, 2024, in the case of Texas Top Cop Shop v. Garland et al. “the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA)” (Source: Forbes).
All filing of Beneficial Ownership Information has ceased until further notice.