[vc_row full_width=”stretch_row” css=”.vc_custom_1701076711533{padding-top: 50px !important;padding-bottom: 50px !important;background-image: url(https:\/\/interstatefilings.com\/wp-content\/uploads\/2023\/11\/mid-adult-couple-reaching-agreement-with-real-estate-agent-office-women-are-handshaking-1.jpg?id=1194) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column][vc_custom_heading text=”Beneficial Ownership Information” font_container=”tag:h2|text_align:left|color:%23ffffff” use_theme_fonts=”yes”][\/vc_column][\/vc_row][vc_row][vc_column][vc_btn title=”File Now” style=”flat” color=”black” size=”lg” align=”center” link=”url:https%3A%2F%2Finterstatefilings.com%2Fwp-content%2Fuploads%2F2023%2F12%2FNEW_Interstate-Filings-BOI-Filing-Request-Form-fillable-PDF-v2.pdf|target:_blank”][\/vc_column][\/vc_row][vc_row el_class=”padding listing”][vc_column][vc_row_inner][vc_column_inner width=”1\/2″][vc_custom_heading text=”New Federal Requirements which may impact your business entity” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_column_text]In 2021, Congress passed the Corporate Transparency Act (CTA), which requires each business entity to file its beneficial ownership information as part of the U.S. government\u2019s efforts to combat illicit activity such as corruption, money laundering, terrorist financing, and tax fraud through shell companies or other opaque ownership structures.<\/p>\n
As of January 1, 2024, all newly formed and many existing corporations, limited liability companies, limited partnerships, and other entities formed by a filing with a state Secretary of State or similar authority will be required to file its Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury.[\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/2″][vc_custom_heading text=”Key Deadlines & Enforcements” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_column_text]<\/p>\n
[\/vc_column_text][vc_btn title=”Click here for more FAQs” color=”primary” link=”url:https%3A%2F%2Finterstatefilings.com%2Fwp-content%2Fuploads%2F2023%2F11%2FFrequently-Asked-Questions-BOI-Filing.pdf|target:_blank”][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” el_class=”listing padding” css=”.vc_custom_1701076800516{background-color: #f7f7f7 !important;}”][vc_column][vc_row_inner][vc_column_inner width=”1\/2″][vc_custom_heading text=”When is the initial beneficial ownership information (BOI) report required to be filed with FinCEN?” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_column_text]Any domestic or foreign business entity formed on or after January 1, 2024, must file a BOI report within 30 calendar days of either receiving actual notice that its formation has become effective or the secretary of state or similar office first providing public notice that it has been formed, whichever occurs first.<\/p>\n
A domestic or foreign business entity formed prior to January 1, 2024, and an entity that registered as a foreign reporting company prior to January 1, 2024, must file an initial report by January 1, 2025.[\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/2″][vc_custom_heading text=”What type of entity is required to report beneficial ownership information (\u201cBOI\u201d)?” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_column_text]Certain businesses, referred to by FinCEN as \u201creporting companies,\u201d will be required to report beneficial ownership information to FinCEN. Reporting companies include domestic and foreign (formed outside the U.S.) businesses.<\/p>\n
Domestic reporting companies\u00a0are corporations, limited liability companies, and other entities that are formed by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe.<\/p>\n
Foreign reporting companies\u00a0are corporations, limited liability companies, and other entities that are formed in a foreign country and are registered to do business in the United States or in any Tribal jurisdiction by submitting a document with the secretary of state or any similar office under the law of a U.S. state or Indian tribe.<\/p>\n
A reporting company is required to file the BOI report unless an exemption applies.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=”1\/2″][vc_custom_heading text=”Who is exempt from reporting requirements?” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_column_text]The CTA lists 23 categories of entities that are exempt from reporting. View the list of exemptions here:\u00a0https:\/\/www.fincen.gov\/boi-faqs<\/a><\/p>\n Many of the exempt categories are already subject to similar regulation such as banks, credit unions, tax-exempt entities, public utilities, and large operating companies.<\/p>\n Business entities that do not fall within the scope of the reporting requirements include sole proprietorships, some general partnerships, foreign entities not registered to do business in the U.S., unincorporated associations, and wealth planning trusts.[\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/2″][vc_custom_heading text=”A \u201clarge operating company\u201d is exempt from reporting requirements.” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_column_text]For an entity to qualify as a \u201clarge operating company\u201d, the following criteria must be met:<\/p>\n [\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner][vc_custom_heading text=”Who is a beneficial owner of a reporting company?” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_column_text]A beneficial owner is any individual (1) who directly or indirectly exercises \u201csubstantial control\u201d over the reporting company, or (2) who directly or indirectly owns or controls 25 percent or more of the \u201cownership interests\u201d of the reporting company.<\/p>\n An individual can exercise \u201csubstantial control\u201d over a reporting company if they direct, determine, or exercise substantial influence over important decisions the reporting company makes. This includes senior officers in the reporting company or individuals who have authority over the appointment or removal of senior officers or a majority of the board.<\/p>\n \u201cOwnership interests\u201d generally refer to arrangements that establish ownership rights in the reporting company, including simple shares of stock as well as more complex instruments.<\/p>\n For additional information on \u201csubstantial control\u201d and \u201cownership interests\u201d please review the language in the Beneficial Ownership Information Reporting Regulations: https:\/\/www.govinfo.gov\/content\/pkg\/FR-2022-09-30\/pdf\/2022-21020.pdf<\/a><\/span> or on the FinCEN website: https:\/\/www.fincen.gov\/boi-faqs<\/a><\/span>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner css=”.vc_custom_1701075605210{padding-bottom: 20px !important;}”][vc_column_inner][vc_custom_heading text=”What information is required for the Beneficial Ownership Information?” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner width=”1\/2″][vc_custom_heading text=”Reporting Company Information” font_container=”tag:h6|text_align:left” use_theme_fonts=”yes”][vc_column_text]Reporting companies must provide the following information about the company:<\/p>\n [\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/2″][vc_custom_heading text=”Beneficial Owner Information” font_container=”tag:h6|text_align:left” use_theme_fonts=”yes”][vc_column_text]Reporting companies must provide the following information about their beneficial owners:<\/p>\n [\/vc_column_text][vc_btn title=”Click here for the checklist” color=”primary” link=”url:https%3A%2F%2Finterstatefilings.com%2Fwp-content%2Fuploads%2F2023%2F11%2FInterstate-Filings-FinCEN-Checklist.pdf|target:_blank”][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row el_class=”padding click-here”][vc_column][vc_row_inner][vc_column_inner][vc_custom_heading text=”Are there any exceptions to the definition of \u201cbeneficial owner?\u201d” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_column_text]There are a few limited exceptions to who qualifies as a beneficial owner. Under the Rule, minor children (provided a parent or legal guardian is reported as a beneficial owner), nominees, employees (excluding senior officers), future inheritors, and creditors do not qualify as beneficial owners.[\/vc_column_text][vc_column_text]Beware of potential scam websites!<\/strong> This new filing requirement is likely to result in scam websites that trick internet users and business owners to enter their beneficial ownership information into a scam website. They may lure users through many communication channels, such as social media, email, and text messaging. Search results are sometimes manipulated through search engine optimization methods, leading to malicious sites appearing in top positions.[\/vc_column_text][vc_column_text]Reporting companies should not report beneficial ownership information to any organization except for a known reporting agency or FinCEN directly. Websites are often set up to spoof a legitimate site. This is done by using a domain name that looks or sounds like legitimate site addresses. For example, instead of IRS.gov, a spoof site might use IRS.com or IRS.org. [vc_row full_width=”stretch_row” css=”.vc_custom_1701076711533{padding-top: 50px !important;padding-bottom: 50px !important;background-image: url(https:\/\/interstatefilings.com\/wp-content\/uploads\/2023\/11\/mid-adult-couple-reaching-agreement-with-real-estate-agent-office-women-are-handshaking-1.jpg?id=1194) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column][vc_custom_heading text=”Beneficial Ownership Information” font_container=”tag:h2|text_align:left|color:%23ffffff” use_theme_fonts=”yes”][\/vc_column][\/vc_row][vc_row][vc_column][vc_btn title=”File Now” style=”flat” color=”black” size=”lg” align=”center” link=”url:https%3A%2F%2Finterstatefilings.com%2Fwp-content%2Fuploads%2F2023%2F12%2FNEW_Interstate-Filings-BOI-Filing-Request-Form-fillable-PDF-v2.pdf|target:_blank”][\/vc_column][\/vc_row][vc_row el_class=”padding listing”][vc_column][vc_row_inner][vc_column_inner width=”1\/2″][vc_custom_heading text=”New Federal Requirements which may impact your business entity” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes”][vc_column_text]In 2021, Congress passed the Corporate Transparency Act (CTA), which requires each business entity to … Continue reading “Beneficial Ownership Information”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"vc.php","meta":[],"acf":[],"yoast_head":"\n\n
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\nClick here<\/a> for more information about this mandatory filing requirement[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"