BOI Report
Stay Compliant with a Beneficial Ownership Information Report
To satisfy the Corporate Transparency Act (CTA), you would have to file a Beneficial Ownership Information (BOI) Report within 90 days of formation or by the end of the year if you filed before January 1, 2025. Let us take this off your plate, so you can focus on your business.
Why use Profilers to file a Beneficial Ownership Information Report?
File with confidence
Get peace of mind with our Accurate Filing Guarantee and our compliance specialists, who help businesses stay in good standing with the government & are available to answer questions.
Avoid mistakes & penalties
Get compliance coverage for mandatory reports and licenses-we can help with all your filings and alerts so you steer clear of fines, penalties, and even potential closure of your business.
Get it done quickly
Satisfy the new federal BOIR for the Financial Crimes Enforcement Network (FinCEN) in less time with our help-only 12 minutes from start to finish, and check the filing off your to-do list
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a step by step guide
Tell Us Some Details About Your New Business
Add your company name, state, and other business details. Then we’ll claim your name once we confirm its availability with the state
Customize Your Order with Optional Add-ons
Share your business and director details, and upload required documents
We Take Care of the Rest
Your work is done! We’ll file with the state, let you know when you’re approved, and send you your documents.
What is Beneficial Ownership
reporting
This report provides identifying information about beneficial owners, or the individuals who directly or indirectly own or control your company, to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act.
The Beneficial Ownership Information Reporting Rule went into effect Jan. 1, 2024. On December 3, 2024, a federal court made a preliminary decision that the requirement and its penalties are not enforceable for the time being. The federal government has appealed this decision. FinCEN is still accepting filings, and businesses may still submit their BOIR, which we can help file.
Why get help with the Beneficial Ownership
Information Report?
Access custom support
Our experienced compliance specialists can answer any questions you have about your report, especially in light of the federal ruling and appeal.
Focus on what matters
Concentrate on your business instead of navigating the complexities of a new report under the Corporate Transparency Act.
Enjoy Peace of Mind
Our attorneys track and analyze filing requirement changes, so that we can inform our customers on the latest in their business compliance.
What is the corporate
transparency act
Effective Jan. 1, 2024, this is federal legislation created to curb illicit finances and boost transparency around company ownership structures. This helps the government crack down on financial crimes and fraud, such as money laundering, corruption, human trafficking, drug trafficking, tax fraud, and fraud against employees, customers, and other businesses.
Under this Act, the Beneficial Ownership Information Report shares information on each beneficial owner with the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). This means reporting companies identify and document any person who holds a 25% or greater ownership interest or exercises substantial control over the company.
Reporting info on beneficial owners supports the ongoing focus and efforts of the U.S. government to deter corporations who would hide or benefit from actions that harm others. FinCEN has developed a database that holds information about each beneficial owner documented by a reporting company.
Who is a beneficial owner
Beneficial owners are individuals who directly or indirectly: (1) awn or control at least 25% of your company's ownership interests, or (2) exercise substantial control over your business. Common examples of beneficial owners of a reporting company can include the following:
An Important decision-maker for the reporting company.
A senior officer (president, chief executive officer, chief financial officer, general counsel, chief operating officer, or any other officer with a similar function)
An individual with the authority to appoint or remove certain officers or a majority of directors (or similar body) of the reporting company
What's in the Beneficial Ownership
Information Report (BOIR)?
The report includes several pieces of information about the reporting company, such as its full legal name, any trade or DBA names, its address, federal tax ID number (or EIN), and the jurisdiction where it was either created or registered.
The report also includes the owners' full legal names, birth dates, current addresses, images of acceptable identification documents (such as a passport or driver's licenses), along with the issuing jurisdiction and the document's ID number.
Reporting companies that were created on or after Jan. 1, 2024 also submit information about the individuals who formed the company. This means any person who filed your entity formation documents (known as the applicant), even if they aren't one of the beneficial owners, provides all the same information as a beneficial owner.
Using our service simplifies the process for reporting and filing the information with the Financial Crimes Enforcement Network, saving you time and stress related to accurate filing of your report.
How are LLCs impacted by the new
federal mandate?
Owners of a limited liability company (LLC) may file the new report with the federal agency and provide basic contact information about the company and its owners (known as members). This applies to single- member and multi-member LLCs.
Frequently Asked Questions (FAQs)
Why is a BOI report necessary?
It ensures compliance with regulatory requirements, secures investment approvals, and enables access to government incentives.
Who needs to file a BOI report?
Businesses involved in foreign or local investments under the jurisdiction of the Board of Investment are required to file this report.
How can I submit a BOI report?
You can file your BOI report online through our seamless easy form portal for a hassle-free process.
What happens if I miss the BOI report deadline?
Late submissions may lead to penalties, legal issues, or delays in receiving government incentives.
What are the benefits of filing a BOI report?
Filing ensures compliance, eligibility for government incentives, and smooth operations for investment projects.
How long does it take to process an BOI report?
Processing times vary by state, Usually it takes 1-3 business days & we’ll ensure your report is filed well before the deadline.
