To Our Clients,
As part of the ongoing compliance requirements, we want to remind you about the Beneficial Ownership Information (BOI) filing deadlines and provide guidance on the necessary information to ensure your filings are accurate and timely.
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, has introduced significant reporting requirements for business entities, such limited liability companies, and limited partnerships, most corporations and on certain other business entities.
The BOI reports must disclose the identities and provide contact information for all of the entity’s “beneficial owners”, controlling 25 percent or more of the ownership interests in the entity or exercise substantial control over the entity.
1. Required Information for BOI Filings:
To meet BOI filing requirements, please prepare the following details:
● Basic Entity Information:
○ Full legal name
○ Trade names or DBAs (Doing Business As)
○ Complete address of the principal place of business
○ Jurisdiction of formation and registration number
● Beneficial Owners’ Information:
For each individual who directly or indirectly owns or controls at least 25% of the company, please provide:
○ Full legal name
○ Date of birth
○ Residential or business address
○ Nationality and country of residence
○ Identification number (passport, driver’s license, or another government-issued ID)
● Control Information:
In addition to beneficial owners, you must report individuals with significant control over the entity, such as executive officers or those who have authority over major decisions.
2. Filing Deadlines:
● Initial BOI Filing: Must be submitted by 12/31/2024. if you plan to open a new company, the BOI report will need to be filed within 90 days of registering with the state.
● Amendments: If any changes occur throughout the year (such as new owners, changes in information, or changes in control), they must be reported within 30 days of the change.
3. Penalties for Non-Compliance:
Failure to file accurate and timely BOI information can result in significant penalties. The government may impose fines or other consequences, so timely and complete filings are essential.
4. How We Can Help:
Our team is available to assist in gathering and reviewing your BOI information, ensuring all details are complete and correct. We can also handle submission on your behalf if needed, but you must contact us to request our service and to make arrangements. We will ask that all Beneficial Owners and those with significant control obtain a FINCEN ID https://fincenid.fincen.gov/landing
Please let us know if you have any questions or need further clarification on the filing requirements. We’re here to support you and make this process as seamless as possible.
Best regards,
