Beneficial Ownership Information Reporting -

EVERYTHING YOU NEED TO KNOW!

>> WHO NEEDS TO REPORT?

Your company may be a reporting company and need to report information about its beneficial owners if your company is:

  1. A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or

  2. A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.

>> WHAT YOU NEED TO REPORT?

Information about its beneficial owners.

>> DOCUMENTS THAT NEED TO BE FILED ALONG WITH THE REPORT?

  • U.S. Driver’s License or

  • Identification Document Issued By A U.S. State Or Local Government or

  • Passport

***Additional information like the residency of the beneficial owner is also part of the requirements for filing this report ***

>> WHO WE NEED TO REPORT TO?

The Financial Crimes Enforcement Network (FINCEN).

>> WHO DOESN’T NEED TO REPORT?

Twenty-three types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies, nonprofits, and certain large operating companies.

>> WHEN DO I NEED TO REPORT?

Reports will be accepted starting on January 1, 2024.

>> WHAT PENALTIES DO INDIVIDUALS FACE FOR VIOLATING BOI REPORTING REQUIREMENTS?

May be subject to civil penalties of up to $500 for each day that the violation continues.

That person may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.

Regards,

Jambrina CPA