EasyFiling simplifies the process of reporting Beneficial Ownership Information (BOI) to FinCEN. BOI entails providing identifying information, such as names, of individuals who own or control a business. With EasyFiling, fulfilling your BOI reporting requirements becomes effortless.
The Corporate Transparency Act has several key provisions:
These provisions aim to enhance transparency and combat financial crimes by ensuring that beneficial ownership information is readily available.
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Certain businesses are obligated to submit information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) through the BOI requirement. A beneficial owner refers to an individual who possesses or controls 25% or more of the ownership interests in a business or exercises significant influence over its management.
Businesses that fail to file a BOI report may be subject to civil penalties of up to $500 per day, and criminal penalties of up to $10,000 and/or imprisonment for up to two years.
To file a Beneficial Ownership Information (BOI) report, gather necessary information, access FinCEN’s Reporting Portal, fill in the reporting form, review for accuracy, submit the form, and maintain records. These steps ensure compliance with FinCEN’s requirements and prevent penalties for non-compliance.
Here are some answers to the questions that can help you get started to grow your presence online. If you still have more queries, Contact us.
Starting from January 1, 2024, every corporation, limited liability company (LLC), and similar entities formed or registered to operate in the United States, with the exception of certain exempt entities, are required to submit a BOI report.
The BOI report necessitates the inclusion of specific details regarding each beneficial owner. This includes their complete legal name, date of birth, current address, as well as a distinctive identification number like a passport number or driver’s license number.