Navigate FinCEN BOI Reporting With Confidence: Fast, Reliable Filing

Navigating the complexities of Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) reporting doesn’t have to be a daunting task. Our attorneys simplify the process for you, ensuring your business meets all legal requirements with minimal hassle. From understanding your filing obligations to submitting your documents securely and on time, we’ve got you covered. Discover a streamlined approach to FinCEN BOI reporting that saves you time and keeps you compliant.

Why Choose Us?

  • Legal Guidance: Our attorneys are well-versed in the complexities of beneficial ownership reporting requirements. We stay abreast of the latest regulatory changes to provide you with up-to-date advice.
  • Customized Solutions: We understand that each business is unique. Our approach is tailored to your company’s specific needs, ensuring personalized and effective compliance strategies.
  • Peace of Mind: With our team handling your beneficial ownership reporting, you can focus on what you do best—running your business. We take care of the legal intricacies, offering you peace of mind and protection from non-compliance risks.

 

Get Started Today

Don’t navigate the complexities of beneficial ownership reporting alone. Let our experienced legal team ensure that your filings are timely, accurate, and compliant.

Who Needs to File a BOI Report?

Your company may need to report information about its beneficial owners if it is:

  1. A corporation
  2. A limited liability company (LLC)
  3. An entity 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
  4. A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing
Who needs to file a BOI report?

What Companies Do Not Need to File a Report?

Entities that may be exempt from filing a report on beneficial owners include:

  1. Publicly traded companies, as they are already subject to extensive disclosure requirements.
  2. Governmental entities, which are not considered beneficial owners under the definition used for these reporting requirements.
  3. Certain regulated financial institutions, such as banks and credit unions, which are subject to their own set of regulatory disclosure requirements.
  4. Companies that have been in existence for over a certain period and meet specific operational and reporting criteria, reflecting a lower risk profile for money laundering or terrorist financing.
  5. Nonprofit organizations, as they generally do not have beneficial owners in the way for-profit entities do.

 

This list is not exhaustive but covers some of the main categories of entities typically exempt from the requirement to report beneficial ownership information.

When Do You Have to File?

For Newly Formed Companies:

  • Immediate Action Required: If your company is created or registered in 2024, you have ninety (90) days to file beneficial ownership information. Beginning in 2025, newly formed entities will have thirty (30) days to file their beneficial ownership information. 

For Existing Companies:

  • Assessment and Timely Filing: Existing entities created or registered prior to January 1, 2024 have until January 1, 2025 to submit their beneficial ownership information. 

Transition Periods and Updates:

  • Ongoing Compliance: Changes in beneficial ownership or company details necessitate updates to your filed reports. Any updates or corrections to previously filed beneficial ownership information must be submitted within thirty (30) days.

What Happens if You Do Not File?

Warning Sign

If you fail to file the required report on beneficial owners, you may face significant consequences, including:

  1. Penalties: Failure to comply with the reporting requirements can result in civil and criminal penalties. Civil penalties might include substantial fines, while criminal penalties could involve even higher fines and imprisonment for individuals responsible for the non-compliance.

  2. Legal and Regulatory Actions: Beyond fines, non-compliance can trigger a range of legal and regulatory actions. This could include investigations by regulatory bodies, which might lead to further legal challenges and potential disruptions to your business operations.

  3. Reputational Damage: Non-compliance can harm your company’s reputation with banks, investors, partners, and customers. A reputation for failing to meet legal obligations can lead to loss of business and difficulty in establishing new relationships or maintaining existing ones.

  4. Operational Impact: Being non-compliant could also impact your company’s ability to conduct business. For example, it might affect your ability to open or maintain bank accounts, secure financing, or engage in transactions that require proof of compliance with these regulations.

  5. Enforcement Actions: Regulatory and enforcement agencies may take actions to ensure compliance, which could include orders to cease certain business activities, the imposition of additional oversight, or other measures that could affect your business operations.

It’s crucial to understand the specific requirements and ensure compliance to avoid these potential consequences.

Comply with Beneficial Ownership Reporting: Let Us Handle the Complexities

Why Choose Us?

  • Legal Guidance: Our attorneys are well-versed in the complexities of beneficial ownership reporting requirements. We stay abreast of the latest regulatory changes to provide you with up-to-date advice.
  • Customized Solutions: We understand that each business is unique. Our approach is tailored to your company’s specific needs, ensuring personalized and effective compliance strategies.
  • Peace of Mind: With our team handling your beneficial ownership reporting, you can focus on what you do best—running your business. We take care of the legal intricacies, offering you peace of mind and protection from non-compliance risks.

 

Get Started Today

Don’t navigate the complexities of beneficial ownership reporting alone. Let our experienced legal team ensure that your filings are timely, accurate, and compliant.

Are you looking for a consultation?

The lawyers at our firm will give you a straightforward evaluation of your case and will discuss your legal options with you, as well as any questions you may have.