BOI Report

The Corporate Transparency Act (CTA), a landmark federal regulation, mandates that most businesses operating in or registered to do business in the United States report detailed Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. This crucial requirement aims to combat illicit activities such as money laundering, terrorist financing, and fraud by enhancing transparency in corporate ownership.

At Brendat, we understand that navigating complex federal regulations can be daunting for new businesses. Our Beneficial Ownership Information (BOI) Report Service is designed to ensure your company meets these stringent federal requirements accurately and on time, safeguarding your business from potential penalties and legal issues.

What is a Beneficial Ownership Information (BOI) Report?

A BOI Report discloses identifying information about the individuals who ultimately own or control your company. This information is submitted to FinCEN and stored in a secure, non-public database, accessible primarily to authorized government agencies and law enforcement.

Key information required in a BOI Report includes:

• Reporting Company Information:
  • Full legal name and any trade names (DBA).
  • Current physical street address of the principal place of business.
  • Jurisdiction of formation or registration.
  • Taxpayer Identification Number (EIN).
• Beneficial Owner Information: For each individual who directly or indirectly (1) exercises "substantial control" over the reporting company OR (2) owns or controls 25% or more of the "ownership interests" of the reporting company:
  • Full legal name.
  • Date of birth.
  • Residential street address (in most cases).
  • Unique identifying number from an acceptable identification document (e.g., U.S. passport, state driver's license) and an image of that document.
• Company Applicant Information (for companies formed or registered on or after January 1, 2024): For up to two individuals involved in the direct filing or control of the filing of the company's formation document:
  • Full legal name.
  • Date of birth.
  • Business street address.
  • Unique identifying number from an acceptable identification document and an image of that document.

Why is Accurate BOI Reporting Critical for Your Business?

• Federal Compliance: The CTA is a federal law, and compliance is mandatory for most reporting companies. Failure to file an accurate and timely BOI report can result in significant civil and criminal penalties, including substantial fines and imprisonment.
• Combatting Illicit Activities: By providing transparency in ownership, your BOI report contributes to national efforts to prevent financial crimes, making it harder for bad actors to hide behind anonymous shell companies.
• Maintaining Good Standing: Proper BOI reporting ensures your company remains in good standing with federal regulations, which can be essential for various business operations, including securing financing or engaging in certain contracts.
• Protecting Your Business: Accurate reporting minimizes your risk of legal scrutiny and helps establish your business as a legitimate and transparent entity.
• Dynamic Requirements: The rules around BOI reporting, including deadlines and exemptions, can evolve. Staying updated and accurately reporting any changes to your beneficial ownership or company information within 30 days is crucial.

How Brendat Ensures Your BOI Compliance:

Brendat's dedicated BOI Report service takes the complexity out of this critical federal filing:

1. Expert Assessment: We help you determine if your company is a "reporting company" and identify all individuals who qualify as beneficial owners and, if applicable, company applicants. We also help you understand if any of the 23 exemptions apply to your business.
2. Comprehensive Data Collection: We guide you through gathering all the necessary personal and company information and identification documents required for the report, ensuring nothing is missed.
3. Accurate Report Preparation: Our specialists meticulously prepare your BOI report, ensuring all data is precisely entered according to FinCEN's strict guidelines, minimizing the risk of rejections or inaccuracies.
4. Secure Filing with FinCEN: We submit your completed BOI report directly to FinCEN's secure e-filing system on your behalf, providing you with confirmation of successful submission.
5. Ongoing Update & Correction Support: Beneficial ownership can change. Whether it's a change in an owner's address, a new ownership structure, or the discovery of an inaccuracy, we provide support for filing necessary updates or corrections within the mandated 30-day timeframe.
6. Peace of Mind: With Brendat managing your BOI reporting, you can focus on building your business, confident that you are fully compliant with federal regulations.

Don't risk non-compliance with the Corporate Transparency Act. Partner with Brendat to navigate the complexities of Beneficial Ownership Information reporting, ensuring your U.S. business is legally compliant, transparent, and ready for success.