Company Filings
At Always Notary, we understand that managing your business filings can be complex and time-consuming. We offer a comprehensive suite of services to ensure your company remains compliant with all legal requirements. From LLC registration to yearly reports, and from BOI form submissions to updates, we are here to assist you every step of the way.
Beneficial Ownership Information (BOI) Reporting
What is Beneficial Ownership Information (BOI)?
The Corporate Transparency Act (CTA), enacted in 2021, introduced a significant new reporting requirement for businesses operating in the United States. It mandates companies to disclose their beneficial owners – the real people who own, control, or benefit significantly from the company. This information is collected to form a central database designed to deter illicit activities such as money laundering, corruption, and financing terrorism.
Who Needs to File a BOI Report?
The rules surrounding BOI filing apply to a broad range of companies. Here's a breakdown of who is subject to the requirement:
Domestic Reporting Companies: This category encompasses corporations, limited liability companies (LLCs), and other similar entities created within the United States.
Foreign Reporting Companies: Foreign corporations and LLCs registered to do business in the US must also comply with the BOI reporting requirement.
Exemptions
While many companies are subject to the CTA, several key exemptions exist. Notably, the following entities are exempt from filing BOI reports:
Large companies with over 20 full-time employees, annual revenue exceeding $5 million, and a physical US office
Publicly traded companies
Banks, credit unions, and other heavily regulated financial institutions
Certain non-profits, tax-exempt entities, and dormant companies
Consult the FinCEN website (https://www.fincen.gov/boi) for a full list of exemptions.
What Information is Required in a BOI Report?
Reporting companies must submit the following information for each of their beneficial owners:
Full Legal Name
Date of Birth
Current Residential or Business Address
Unique Identifying Number (from a passport, driver's license, or other acceptable document)
Consequences of Non-Compliance
The penalties for failing to file a BOI report, providing incorrect or incomplete information, or willfully submitting false information are potentially severe. These penalties can include:
Civil penalties up to $500 per day
Criminal fines of up to $10,000 per violation
Imprisonment for up to two years
Important Deadlines
The deadlines for filing BOI reports are staggered:
Existing Companies: Companies created or registered BEFORE January 1, 2024, have until January 1, 2025, to file their first BOI report.
If a reporting company is created or registered to do business in the United States on or after January 1, 2024 and before January 1, 2025, it must file its initial BOIR within 90 days after receiving actual or public notice that its creation or registration is effective.
If a reporting company is created or registered to do business in the United States after January 1, 2025, then it must file its initial BOIR within 30 days after receiving actual or public notice that its creation or registration is effective.
If there is any change to the required information about a reporting company or its beneficial owners in a BOIR that a reporting company filed, the reporting company must file an updated BOIR no later than 30 days after the date on which the change occurred.
If the reporting company identifies an inaccuracy in a BOIR that the reporting company filed, the reporting company must correct it no later than 30 days after the date the reporting company became aware of the inaccuracy or had reason to know of it.
How Always Notary Can Help
Navigating the complexities of legal compliance, especially surrounding new requirements like the BOI filing, can be a daunting challenge for businesses. Always Notary is your trusted partner in ensuring that your business remains in good standing. Our experienced team offers the following services to ease the burden of BOI reporting:
Compliance Consultations: We provide personalized guidance to assess whether your company falls under the BOI reporting mandate and assist with navigating any exemption possibilities.
Report Preparation and Filing: Our team meticulously collects the required information and accurately files your BOI report with FinCEN.
Ongoing Compliance Support: We help you stay informed about any updates to BOI reporting rules and ensure your business remains consistently compliant.
Don't Risk Penalties! Contact Always Notary Today
Let Always Notary take the stress and worry out of your Beneficial Ownership Information reporting. Contact us to find out how we can support your company's compliance goals.
Beneficial Ownership Information (BOI) Updates
Keeping your Beneficial Ownership Information up to date is crucial for compliance. If there are any changes in ownership or inaccuracies in previous filings, we help you update and correct the information swiftly to avoid penalties.
LLC Registration
Starting a new business can be an exciting yet challenging venture. Our team simplifies the LLC registration process, ensuring that all necessary documents are accurately prepared and filed with the state. We guide you through the initial steps, including name reservation, articles of organization, and obtaining an EIN, to get your business off to a strong start.
Yearly Reports
Keeping your business in good standing requires timely submission of yearly reports. Always Notary assists in preparing and filing these reports, ensuring that all information is up-to-date and complies with state requirements. We help you avoid late fees and penalties by reminding you of due dates and managing the submission process for you.
Ensure your business stays compliant and avoids costly penalties with Always Notary's comprehensive company filing services. Contact us today to learn how we can support your LLC registration, yearly reports, and BOI reporting needs. Let us handle the complexities so you can focus on growing your business.
Why Choose Always Notary for Your Company Filings Needs?
Expertise in Business Document Preparation: Our team is experienced in handling a wide range of business documents, including Beneficial Ownership Information Reporting, LLC formation, and other corporate filings. We ensure that all paperwork is completed accurately and in compliance with state and federal regulations.
Streamlined Process: We simplify the process of preparing and filing business documents, handling all the details for you. This ensures that your documents are filed quickly and efficiently, allowing you to focus on running your business.
Reliable and Professional Service: At Always Notary, we understand the importance of accuracy and compliance in business filings. Our team is dedicated to providing reliable and professional service, ensuring that your documents are handled with the utmost care and expertise.