Welcome back to the lounge! Caroline and Erica are here and ready for an awesome new season. To kick us off, they've got a special episode all about BOI. They'll be diving into what it is, if you're required to file, and how to do so.
Enjoy this episode, and happy season 3!
BOI stands for Beneficial Ownership Information. It’s a report that lists the individuals that own or control a company. It’s a requirement under the corporate transparency act passed in 2021.
A beneficial owner is an individual who directly or indirectly exercises substantial control over a company or owns and controls at least 25% of a company's interest. Trust, corps, or other legal entities are not considered beneficial owners.
However, information about an entity may be reported in lieu of information about a beneficial owner.
Substantial control is executed in 4 different ways.
The Individual is a senior officer. (president, CFO, chief executive officer, chief financial officer, chief operating officer)
The individual has authority to appoint or remorse certain officer/similar bodies.
The individual is an Important decision maker.
The individual has any other form of substantial control.
FinCEN allows you to file through their BOI filing website!
If your company was created or registered prior to January 1st, 2024, you have until January 1st 2025 to file your BOI. If your company was created or registered sometime in 2024, you must report BOI within 90 calendar days after receiving actual or public notice that your company's creation or registration is effective. (whichever is earlier)
If you create your company on or after January 1st, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that your company's creation or registration is effective. (whichever is earlier)
A person who willfully violates the BOI reporting requirements can be subject to up to $591 each day the violation continues, and criminal penalties of up to 2 years imprisonment or a fine of up to $10,000.
If you're a client of any HarQuin division, we can file for you for $50. If you are not a client, we can file for you for $75.
We are here to help you!