Filing Your Beneficial Ownership Information Report (BOI)

Updated 10/10/24

By Barry A. Nelson | Jennifer E. Okcular | Cassandra S. Nelson

The Corporate Transparency Act (the “CTA”), which went into effect on January 1, 2024, requires corporations, limited liability companies, limited partnerships, and other similar entities formed or qualified to do business in the United States to disclose beneficial ownership information (unless they fit within defined exemptions) by filing a Beneficial Ownership Information Report with the Financial Crimes Enforcement Network (“FinCEN”), a bureau within the U.S. Department of the Treasury. Exempt entities include publicly traded companies, insurance companies, and certain large operating companies. The CTA was passed to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities but has far-reaching consequences around privacy and compliance obligations.

BOI Reporting Deadlines

ON or AFTER January 1, 2024:
Reporting companies formed on or after January 1, 2024 have 90 days to file their initial BOI report with FinCEN (dropping to 30 days in 2025) or qualify for an exemption.

BEFORE January 1, 2024:
Reporting companies formed before January 1, 2024 must file their initial BOI report with FinCEN on or before January 1, 2025.

Notice

Nelson & Nelson, P.A. will not prepare, amend, or file Beneficial Ownership Information (BOI) Reports for our clients. We have prepared this information to help you decide how to proceed.

Additionally, neither Nelson & Nelson, P.A. nor its employees will:

• Serve as a registered agent of, or file an annual report for, any entity;
• Create any entity; or
• Allow its office address to be used as the principal address of any entity.

For entities for which we currently serve as a registered agent or principal place of business, those clients should take the required steps to select a new registered agent and/or revise the principal place of business.

How To Proceed

For Nelson & Nelson Clients

The following vendors can assist you in preparing and filing the required filings, and can also provide registered agent and principal place of business services. Nelson & Nelson, nor anyone in the Nelson & Nelson office, is affiliated with these vendors.

Perfect Form

PerfectForm.com | 980.231.0232 | support@perfectform.com

Corporate Service Company (CSC)

cscglobal.com | 800.927.9800

If you want to submit your Beneficial Ownership Information Report on your own, you can learn more at the BOI FAQs page and you can e-file at the FinCEN web site.

Clients will need the following in order to file their BOI Report:

Entity Info

• Entity Name and any alternate names
• Tax ID number
• Formation/Registered Location – U.S. State or territory
• Principal place of business – U.S. address

Beneficial Owner and Company Applicant Info

• FinCEN ID (if provided, only email required)
• Email address
• First, middle and last names
• Birthdate
• ID document (driver’s license, passport or state/local/tribe-issued ID)
• Residential address (for Company Applicants only, their business address should be provided instead if the individual formed the entity in the course of their business)
  • • • Note: If the entity was formed before 1/1/24, Company Applicant information is not required. Each entity may have up to 2 individuals that qualify as Company Applicants, which individuals are:
        • The individual who directly files the document that creates/registers the entity.
        • If more than one person is involved in the filing, the individual who is primarily responsible for directing or controlling the filing that creates or registers the entity.

  *For minor Beneficial Owners, information provided should be from parent/guardian.

  If you have any questions or need assistance with your compliance efforts, please do not hesitate to contact us at 305-932-2000.

BOI E-Filing – Get Started

Disclaimer: This information has been prepared for educational purposes only and is not offered, nor should be construed, as legal advice. Use of this information without careful analysis and review by your attorney, CPA, and/or financial advisor may cause serious adverse consequences. We provide absolutely no warranty or representation of any kind, whether express or implied, concerning the appropriateness or legal sufficiency of this information as to any individual’s tax and related planning.