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Beneficial
Ownership
Reporting (BOI)

Simplified Reporting: Fast, Accurate, and Compliant.

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Beneficial Ownership Reporting
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Why opt for Legality Link to submit a Report
on Beneficial Ownership?

Dealing with today’s strict enforcement provisions is a headache and a risk. The federal government can impose fines, and you can face serious jail time. By using our easy, straightforward reporting service, you can avoid these pitfalls with confidence.

Reliability and Security

Reliability and Security

Legality Link ensures your Beneficial Ownership Reporting meets the requirements of all relevant regulations and directives, keeping you safe from legal risks, and heavy financial penalties.

Professionalism and Expertise

Professionalism
and Expertise

Our team of experts has extensive knowledge regarding beneficial ownership legislation. Our team can ensure avoidance of common reporting mistakes.

Responsibility and Social Contribution

Responsibility and
Social Contribution

Working with us ensures that your business complies with legal requirements, bringing peace of mind to your business. This empowers you to demonstrate your commitment to social responsibility, your customers, and society.

Simplification and Efficiency

Simplification and
Efficiency

With the reduced time and resources needed for reporting preparation and submission, LegalityLink allows you to focus on your core business activities and increasing revenue.

Choose a package that matches your regulatory needs.

Single Submission

Beneficial Ownership Information Report (BOIR)

Allow us to handle your BOIR submission. We will forward your details to FinCEN, ensuring adherence to the latest regulations of the Corporate Transparency Act.

$87
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The Beneficial Ownership Information Report features:
  • A tailored report that fulfills federal mandates
  • An easy-to-follow procedure for precise filing with authorities
  • Verification of successful filing with the Financial Crimes Enforcement Network (FinCEN)
Annual Plan

BOIR Plus & Compliance Assistance

Secure BOIR submission along with continuous support for annual compliance, including up-to-date state and federal filings, notifications, and additional services.

$199 /year (renews annually)
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The Beneficial Ownership Information Report, enhanced with:
  • Yearly submissions to meet continuous state filing obligations
  • Custom notifications to keep you informed of your compliance duties
  • The ability to upload, access, and distribute business licenses directly from your LegalityLink account
  • Regular updates to Beneficial Ownership Information Reports for any changes in identification details
Annual plan

BOIR, Compliance Filings, and Licenses & Permits Assistance

Access to BOIR and Compliance Filings, along with support for obtaining the necessary licenses and permits for lawful operation across federal, state, county, and city jurisdictions.

$299 /year (renews annually)
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The BOIR, Compliance Filings plus:
  • A personalized overview of necessary licenses and permits at the federal, state, and local levels
  • Immediate access to all essential applications, streamlining and accelerating the process for you
  • The ability to upload, access, and distribute business licenses directly from your LegalityLink account
  • Alerts about approaching expiration dates and updates on new licensing requirements

What does Beneficial Ownership Information Reporting entail?

What does Beneficial Ownership Information Reporting entail? It mandates the submission of data on persons who have direct or indirect ownership or governance over your enterprise to the Financial Crimes Enforcement Network, as stipulated by the Corporate Transparency Act.

Set to commence on January 1, 2024, grasping the nuances of this forthcoming regulation is vital due to the harsh civil and criminal consequences for non-compliance, including fines and incarceration.

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Guide to Filing the Beneficial Ownership Information Report in 3 Steps

Guide to Filing the Beneficial Ownership Information Report in 3 Steps

Accurately documenting the identities of those with ownership or control over your enterprise is crucial for evading significant legal and financial penalties. Our service is designed to help you fulfill these requirements with ease and precision.

  1. Share Details of Your Beneficial Owners Simply respond to a series of basic inquiries about the people who have ownership or control stakes in your company. This ensures that your report is both tailored and accurate.
  2. Report Preparation and Submission by Us We will draft a report customized to meet the beneficial ownership information reporting criteria,and we will handle its submission for you.
  3. Get Your Submission Confirmation After we submit your tailored report to the Financial Crimes Enforcement Network (FinCEN), you will receive a confirmation of this submission.
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Why seek Assistance with Your Beneficial
Ownership Information Report?

Correctly reporting the required information about those who own or control your business is key to avoiding serious civil and criminal penalties. We can help you easily and accurately meet those requirements.

Dodge Harsh Consequences

Dodge Harsh Consequences

Sidestep potential criminal and civil repercussions. These include penalties of up to two years in jail and/or fines reaching $10,000, in addition to daily civil penalties of up to $500.

Prioritize Your Core Business

Prioritize Your Core Business

Devote your energy to your business operations rather than untangling the intricacies of a newly introduced federal requirement by the Corporate Transparency Act.

Secure Your Peace of Mind

Secure Your Peace of Mind

Gain assurance and tranquility, aware that your enterprise aligns with the compliance standards set by the Financial Crimes Enforcement Network (FinCEN).

What is the Beneficial Ownership Information Reporting Rule?

What is the Beneficial Ownership Information Reporting Rule?

This rule, part of the Corporate Transparency Act, introduces a new requirement for reporting to the Financial Crimes Enforcement Network (FinCEN), which is a division of the United States Department of the Treasury.

It aims to increase the transparency of corporate ownership structures to aid the federal government in combating various financial crimes and fraudulent activities, such as money laundering, corruption, human trafficking, drug trafficking, tax evasion, and fraud affecting employees, customers, and other businesses.

The requirement to report beneficial ownership information is a key component of the U.S. government's strategy to prevent companies from concealing their activities or profiting from actions that are harmful to others.

Who is a beneficial owner?

Under the Corporate Transparency Act, a beneficial owner is defined as a person who, either directly or indirectly, (1) holds or controls at least 25% of the ownership interests in your company, or (2) wields significant influence over your enterprise. Examples of individuals who exert substantial control include:

  • Key decision-makers within the reporting entity
  • High-ranking officials such as the president, chief executive officer, chief financial officer, general counsel, chief operating officer, or other officers serving in comparable capacities
  • Persons endowed with the power to appoint or dismiss certain officers or the majority of the board of directors (or an equivalent governing body) of the organization
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What are the penalties for not filing?

What are the penalties for not filing?

Businesses are obligated to submit a Beneficial Ownership Information Report, detailing all individuals who own or control the company. A beneficial owner who intentionally neglects this reporting obligation or provides false information to the Financial Crimes Enforcement Network (FinCEN) incurs personal liability. This may involve criminal and civil sanctions under the Corporate Transparency Act for non-compliance.

Non-compliance results in criminal sanctions, including up to two years in prison and/or fines up to $10,000, alongside a civil fine of up to $500 daily.

Penalties may also be applied if a reporting company submits a timely report that fails to accurately include all required information. Ensuring the precision of the company’s filing is crucial. Our service offers a streamlined reporting and filing procedure to validly comply with the law.

When is the Beneficial Ownership Information Report deadline?

The Beneficial Ownership Information Reporting Rule became effective on January 1, 2024. It is vital to understand how to meet these requirements promptly. The filing deadline varies based on your company's formation date. We can assist in determining this along with providing reminders as your filing deadline approaches.

Typically, entities established before January 1, 2024, must file by December 31, 2024. Entities formed on or after January 1, 2024, have 90 days post-formation to file. Entities that alter their formation documents on or after January 1, 2024, are given 30 days to file a new report.

Addressing this requirement can prevent the severe consequences of non-compliance, including up to two years of imprisonment, a fine of up to $10,000, and/or a daily fine of up to $500.

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How do I get a Beneficial Ownership Information Report?

How do I get a Beneficial Ownership Information Report?

To obtain a Beneficial Ownership Information Report, our service streamlines the process for you. When it's time to file, we'll alert you, gather the necessary details, and compile a precise report that captures the identifying data of the individuals who own or control your company. We take the guesswork out meeting these requirements.

We then proceed to file the report on your behalf with the Financial Crimes Enforcement Network (FinCEN). Then we ensure that you receive confirmation of successful filing, providing you with the assurance that you have complied with the regulations.

What is in the Beneficial Ownership Information Report?

The report encompasses various details about the reporting entity, including its official legal name, any alternate names it operates under (trade or DBA names), its physical address, federal tax identification number (EIN), and the jurisdiction of its establishment.

Additionally, it details the beneficial owners' legal names, dates of birth, current residential addresses, and photographs of valid identification (like passports or driver's licenses), specifying the issuing authority and the ID number. Should the individual who initiated your company's formation documents (the applicant) not be listed among the beneficial owners, this person is required to furnish identical information as that of the beneficial owners.

Leveraging our service eliminates the complexities and concerns associated with meeting filing deadlines and ensuring the accuracy of your report. This saves valuable time and alleviates stress.

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How are LLCs impacted by the Beneficial Ownership Information Reporting Rule?

The Beneficial Ownership Information Reporting Rule mandates LLC owners to file a report with a federal agency, detailing basic contact information about the LLC and its members. This applies to both single-member and multi-member LLCs, requiring disclosure of beneficial owner details.

Who is exempt from Beneficial Ownership Information Reporting?

Many small businesses must comply with Beneficial Ownership Information Reporting. Exemptions are for publicly traded firms, tax-exempt nonprofits, major operational companies, and those meeting specific criteria. FinCEN identifies 23 exempt categories and outlines individuals ineligible as beneficial owners under this mandate.

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Frequently asked questions

Which companies are required to file Beneficial Ownership Information (BOI) reports?

Penalties for failing to provide, providing incomplete, or providing incorrect information about beneficial owners can reach significant amounts, in some cases up to several million dollars, especially for intentional violations.

What penalties are imposed for non-compliance with beneficial ownership reporting requirements?

Penalties for failing to provide, providing incomplete, or providing incorrect information about beneficial owners can reach significant amounts, in some cases up to several million dollars, especially for intentional violations.

How much time and resources will it take to prepare and file a BOI report?

Penalties for failing to provide, providing incomplete, or providing incorrect information about beneficial owners can reach significant amounts, in some cases up to several million dollars, especially for intentional violations.

How can LegalityLink assist my business in filing beneficial ownership reports?

Penalties for failing to provide, providing incomplete, or providing incorrect information about beneficial owners can reach significant amounts, in some cases up to several million dollars, especially for intentional violations.

What makes LegalityLink's services unique compared to other providers?

Penalties for failing to provide, providing incomplete, or providing incorrect information about beneficial owners can reach significant amounts, in some cases up to several million dollars, especially for intentional violations.

Ready to get a Beneficial Ownership
Information Report?

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Testimonials from our clients

You offer a complete package, providing everything from compliance assistance to web design support all in one spot, which simplified the process of getting our business operational.

Lola Richardson

The process was swift and effortless, extremely beneficial for those uncertain about how to begin. I am reassured that my business will meet its compliance requirements.

Herbert Jensen

Working with Legalitylink to BOI file my LLC was a fantastic experience. They streamlined the process and made it both easy and fast.

Kirk Gonzalez

Still have questions?

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Weekends: 7 a.m.–4 p.m. PT

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