TWO EASY STEPS
Got Questions? We have answers
We have prepared the following Frequently Asked Questions (FAQs) in response to inquiries received relating to the Corporate Transparency Act.
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First, you will complete the onboarding process. In this stage, you will pay the required fee, review and sign the representation agreement, and enter your personal information.
Next, we will send a request for documentation including a list of the owners of the business. We will prepare the filing for your review. After you have confirmed its accuracy, we will file the report on your behalf and provide a receipt for your records.
If you purchased the standalone product our representation will conclude at the filing of your BOI report.
If you purchased the subscription, we will begin the compliance monitoring process prior to the 2025 filing deadline.
It depends on how quickly you can gather the necessary information needed to file the report. Some cases can be resolved in a matter of days, others take weeks or months. We will strive to submit your BOI filing as soon as practicable. Fortunately, there are still many months left in 2024 (and any filing submitted before January 1, 2025 is compliant with the law) Given the large volume of businesses filing this year, we suggest you begin the process early to avoid any delays.
The subscription service is offered to make your life easier but it is not required. If you select the subscription, we will routinely monitor the compliance of your business and update the BOI filing on record with FinCEN should anything change. Please see the individual plans for more details.
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.
- For Companies Established Before January 1, 2024: File your initial BOI report by January 1, 2025.
- For Companies Established Between January 1, 2024, and December 31, 2024: You have a 90-day window post-registration for filing.
- For Companies Established On or After January 1, 2025: The deadline is within 30 days of registration.
BOI reporting, as mandated by the Financial Crimes Enforcement Network (FinCEN), requires certain businesses to disclose information about their beneficial owners. This applies to entities like corporations and LLCs that are created or registered to do business in the United States. The aim is to enhance transparency in business operations and combat financial crimes.
A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over the reporting company, or (2) owns or controls at least 25% of the reporting company’s ownership interests.
An individual can exercise substantial control over a reporting company in four different ways. If the individual falls into any of the categories below, the individual is exercising substantial control:
- The individual is a senior officer (the company’s president, chief financial officer, general counsel, chief executive office, chief operating officer, or any other officer who performs a similar function).
- The individual has authority to appoint or remove certain officers or a majority of directors (or similar body) of the reporting company.
- The individual is an important decision-maker for the reporting company. See Question D.3 for more information.
- The individual has any other form of substantial control over the reporting company as explained further in FinCEN’s Small Entity Compliance Guide (see Chapter 2.1, “What is substantial control?”).
We feel your pain. Nobody does. We suggest asking your local Congresscritter why they believe the federal government is entitled to information about private business ownership.