Stay Compliant by filing your form BOI
As of January 1, 2024, U.S. businesses must file the Beneficial Owner Information (BOI) form, enhancing transparency about who owns or controls them. This requirement aims to combat money laundering, tax evasion, and other financial crimes by clarifying company ownership. Filing BOI not only meets legal obligations but also boosts a business's credibility and trust with banks, investors, and partners, showcasing a dedication to transparency and responsible governance. By partnering with Steps, you can rest easy knowing your form is being filed correctly and on time.
Why Filing BOI Form?
Filing BOI Form supports a business' legal standing, operational transparency, and strategic partnerships, contributing to its long-term success and stability.
Enhanced Transparency and Accountability
By disclosing the beneficial owners, a business demonstrates its commitment to transparency, making its operations more open and accountable. This can be particularly important in industries where the clarity of ownership structures is crucial for legal and financial dealings.
Stay Compliant
Filing Form BOI ensures compliance with local and international regulations aimed at combating financial crimes such as money laundering, terrorism financing, and tax evasion. Compliance helps avoid legal penalties and potential operational disruptions.
Trust and Credibility
Providing beneficial ownership information can significantly enhance the trust and credibility of a business among stakeholders, including banks, investors, partners, and customers. This trust is vital for establishing and maintaining financial relationships, securing financing, and attracting investment.
How Filing BOI Form Works?
Answer a few questions online
STEPS will use this info to create and file form BOI on your behalf
Sit back and relax, we’ve got this handled for you
Frequently Asked Questions
What is beneficial ownership information?
Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.
When should my company report beneficial ownership information?
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.
A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.
What companies will be required to report beneficial ownership information to FinCEN?
Companies required to report are called reporting companies. There are two types of reporting companies:
1. Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
2. Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
FinCEN’s Small Entity Compliance Guide for beneficial ownership information reporting includes the following flowchart to help identify if a company is a reporting company:
Are some companies exempt from the reporting requirement?
Yes, 23 types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies.
The following table summarizes the 23 exemptions:
