Questions about the Beneficial Ownership Information Report?
We've got answers!
Our team can file your BOI for only $25!
IMPORTANT UPDATE: Due to a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and won’t be penalized for not doing so while the order is in place. However, companies are still welcome to voluntarily submit their reports. Learn more at Fincen.gov.
FILL OUT THE FORM BELOW TO GET STARTED!
HOW IT WORKS
FAQs
Beneficial Ownership Information Reporting refers to the process of disclosing and documenting the individuals who ultimately own or control a legal entity, such as a company or trust. The concept is crucial for promoting transparency and preventing illicit financial activities, such as money laundering, tax evasion, corruption, human and drug trafficking, as well as fraudulent actions against employees, customers, and other businesses.
By providing this information through the beneficial ownership information report, companies aid authorities in maintaining the integrity of financial systems and preventing the misuse of corporate entities for illegal purposes.
A beneficial owner of a company is someone who exercises substantial control over the company, or owns or controls at least 25 percent of the company’s interests. This includes:
- Senior officers, such as presidents, CFOs, CEOs, COOs
- Important company decision makers
- Someone who has authority to appoint or remove officers or directors
- Someone who owns or controls at least 25 percent of the company’s ownership, equity, voting rights, or stock
The goal of Vyde has always been to help small business owners achieve their own business success. We strive to provide industry-leading accounting services to help you stay compliant and save money, time, and stress.
Our expert team can help you navigate BOI reporting.
Yes you can! Business owners can file the report online at boiefiling.fincen.gov/fileboir. For more details about how to file a BOI Report yourself, explore our guide.
On Tuesday, December 3, 2024, the federal district court for the Eastern District of Texas issued a nationwide preliminary injunction that: (1) halts enforcement of the Corporate Transparency Act (CTA), including its beneficial ownership information reporting requirements and related regulations, and (2) suspends all deadlines for compliance with the CTA’s reporting requirements. The Department of Justice, representing the Department of the Treasury, filed a Notice of Appeal on December 5, 2024.
