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Beneficial Ownership Information Report (BOIR)
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.
BOI reporting ensures business transparency by requiring single-member LLCs, sole proprietors, and Corporations to disclose ownership details in compliance with federal law. Avoid penalties with our BOI Filing Service, which makes compliance simple and worry-free.
BOI reporting requires certain businesses who are “reporting companies” to disclose ownership details, promoting transparency and compliance with federal anti-money laundering regulations.
Single-member LLCs, sole proprietors, partnerships, and corporations may need to file a BOI report to stay compliant and avoid costly penalties.
Our process is simple: we guide you from document collection through filing, ensuring everything is accurate and submitted on time.
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.
Forming your LLC with us is a streamlined and efficient process. Here’s how it works:
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.
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.
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.
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.
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.
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.
Click the link to be taken to the resource!