Lawyer's Aid Service

Assisting Texas attorneys since 1980

Monday-Friday, 8:00-5:30 | (888) 474-2112
maindesk@LawyersAidService.com
Contact us | Order forms | Why LAS?

Lawyer's Aid Service

Assisting Texas attorneys since 1980

Monday-Friday, 8:00-5:30 | (888) 474-2112
maindesk@LawyersAidService.com
Contact us | Order forms | Why LAS?

Texas LLC, Texas Corporation, Registered Agent, EIN, and Company Kit | Lawyer's Aid Service

Beneficial ownership information (BOI) report

  • $48 to file an initial, updated, corrected, or newly exempt BOI report
  • Order via online order form, with a turnaround of 1-3 business days
  • Easily add a taxpayer ID (EIN) for $50
  • Highly experienced, friendly staff
Order your BOI Report
Order your BOI Report

THE NEW CORPORATE TRANSPARENCY REPORT

Effective in 2024, owners of most companies were required by the new Corporate Transparency Act to file a "BOI report" with the US Dept. of the Treasury identifying their “beneficial owners.”

Two federal district courts have upheld the reporting requirement. However, in a third case a temporary injunction against noncompliance penalties is on appeal in the Fifth Circuit. (Although the injunction was suspended, it was restored three days later, Dec. 26, 2024, so the criminal penalties for non-filing are not in effect.)

Companies can still file BOI reports pending outcome of the appeal, and many law firms advise this approach. Lawyer's Aid Service can help you navigate submission of this new report.

The report is called the Beneficial Ownership Information (BOI) Report and can still be filed with the Financial Crimes Enforcement Network (FinCEN). See: Beneficial Ownership Information Reporting Requirements, 31 U.S. Code §5336.

The report must include specified identifying information for all individuals with direct or indirect control over the company (called "beneficial owners"). If formed in 2024 or later, companies must also provide information on certain persons (called "company applicants") who assisted in filing the company’s formation documents.

Who is exempt from BOI reporting?

Certain companies are exempt from filing a BOI report, mainly those that are:

  1. informally organized (i.e., did not file a formation or registration with the Secretary of State)
  2. inactive and formed in 2019 or earlier (see all criteria for this exemption)
  3. already required to report this information to the IRS or similar regulatory bodies—such as tax-exempt nonprofits, accounting firms, most publicly traded companies, financial institutions, and certain large operating companies.
    See full list of exemptions

Are you exempt?

These types of companies may be exempt from filing a BOI report:

  • Money services and money transmitting businesses
  • Insurance companies and state-licensed insurance producers
  • Accounting firms
  • Governmental authorities, public utilities, and financial market utilities
  • Banks and credit unions
  • Bank holding companies and savings and loan holding companies
  • Companies registered under the Commodity Exchange Act
  • Companies registered under the Securities Exchange Act of 1934
  • Investment companies and advisers
  • Pooled investment vehicles
  • Tax-exempt entities, and entities operating exclusively to assist a tax-exempt entity
  • Large operating companies
  • Subsidiaries of exempt entities
  • Some inactive companies (see below)

Which inactive companies are exempt?

An inactive company does not need to submit a BOI report only if all six of the following criteria apply:

  • was in existence on or before January 1, 2020
  • is not engaged in active business
  • is not owned by a foreign person, whether directly or indirectly, wholly or partially
  • has not changed ownership in the last 12-months
  • has not sent or received any amount greater than $1,000 in the last 12-months
  • does not hold any US or foreign assets, including ownership interest in another company

Lawyer’s Aid Service cannot tell you whether your company qualifies for an exemption. Please consult a legal or accounting professional.

  1. informally organized (i.e., did not file a formation or registration with the Secretary of State)
  2. inactive and formed in 2019 or earlier (see all criteria for this exemption)
  3. already required to report this information to the IRS or similar regulatory bodies—such as tax-exempt nonprofits, accounting firms, most publicly traded companies, financial institutions, and certain large operating companies.
    See full list of exemptions

Are you exempt?

These types of companies may be exempt from filing a BOI report:

  • Money services and money transmitting businesses
  • Insurance companies and state-licensed insurance producers
  • Accounting firms
  • Governmental authorities, public utilities, and financial market utilities
  • Banks and credit unions
  • Bank holding companies and savings and loan holding companies
  • Companies registered under the Commodity Exchange Act
  • Companies registered under the Securities Exchange Act of 1934
  • Investment companies and advisers
  • Pooled investment vehicles
  • Tax-exempt entities, and entities operating exclusively to assist a tax-exempt entity
  • Large operating companies
  • Subsidiaries of exempt entities
  • Some inactive companies (see below)

Which inactive companies are exempt?

An inactive company does not need to submit a BOI report only if all six of the following criteria apply:

  • was in existence on or before January 1, 2020
  • is not engaged in active business
  • is not owned by a foreign person, whether directly or indirectly, wholly or partially
  • has not changed ownership in the last 12-months
  • has not sent or received any amount greater than $1,000 in the last 12-months
  • does not hold any US or foreign assets, including ownership interest in another company

Lawyer’s Aid Service cannot tell you whether your company qualifies for an exemption. Please consult a legal or accounting professional.

What is required? See BOI report requirements

What are beneficial owners and company applicants? See BOI report definitions

What are the civil and criminal penalties for violation? Penalties

What is required?

  • Company's formation location and date, and its IRS EIN number

  • For each beneficial owner: legal name, address, date of birth, and image of non-expired driver's license, or passport, or state ID.

  • For each company applicant (if formed after Jan 1, 2024): legal name, address, date of birth, image of non-expired driver's license, or passport or state ID.


Tip: When do FinCEN IDs help?
Beneficial owners and company applicants wanting to save time and further safeguard their privacy may obtain their own FinCEN ID directly at fincenid.fincen.gov. It’s their responsibility to update the data online. The ID may be substituted for that person’s details in this and future BOI Reports.
FinCEN IDs can help reduce reporting time when a person owns or helps run multiple companies. (Lawyer’s Aid does not obtain these for individuals.)

What’s a beneficial owner?

Beneficial owners are the individuals who either (1) directly or indirectly exercise substantial control over the company, or (2) own or control at least 25% of the company’s ownership interests. Companies and legal entities cannot be beneficial owners, with one exception, described below. Examples:

  • Senior officers (the company’s president, CFO, general counsel, CEO, COO, or any officer who performs a similar function)
  • Individuals with the authority to appoint or remove certain officers or a majority of directors (or similar body) of the company
  • Major decision-makers for the company
  • Individuals with any other form of substantial control over the company
  • Tip: a FinCEN ID can be substituted for convenience or privacy.

When a beneficial owner holds ownership interest in the company exclusively through an exempt entity, report the exempt entity's legal name instead.

What’s a company applicant?

  • Companies that existed before 2024 don’t need to report company applicants.
  • Company applicants are the individuals who either: (1) directly filed with the Secretary of State to create the company or (2) had the most control over filing.
  • No companies or legal entities may be reported as company applicants.
  • (If Lawyer’s Aid helped form the company in 2024 and beyond, we will add to your report the FinCEN ID for our company applicant.)

What are the civil and criminal penalties for violation?

The civil penalty for willful violation of the reporting law is $591 a day. The criminal penalties are up to two years in prison and $10,000. Violations include failing to file, failing to update or correct, and filing false information.

What is required? BOI report requirements

What are beneficial owners and company applicants? BOI report definitions

What are the civil and criminal penalties for violation? Penalties

What is required?

  • Company's formation location and date, and its IRS EIN number

  • For each beneficial owner: legal name, address, date of birth, and image of non-expired driver's license, or passport, or state ID.

  • For each company applicant (if formed after Jan 1, 2024): legal name, address, date of birth, image of non-expired driver's license, or passport or state ID.


Tip: When do FinCEN IDs help?
Beneficial owners and company applicants wanting to save time and further safeguard their privacy may obtain their own FinCEN ID directly at fincenid.fincen.gov. It’s their responsibility to update the data online. The ID may be substituted for that person’s details in this and future BOI Reports.
FinCEN IDs can help reduce reporting time when a person owns or helps run multiple companies. (Lawyer’s Aid does not obtain these for individuals.)

What’s a beneficial owner?

Beneficial owners are the individuals who either (1) directly or indirectly exercise substantial control over the company, or (2) own or control at least 25% of the company’s ownership interests. Companies and legal entities cannot be beneficial owners, with one exception, described below. Examples:

  • Senior officers (the company’s president, CFO, general counsel, CEO, COO, or any officer who performs a similar function)
  • Individuals with the authority to appoint or remove certain officers or a majority of directors (or similar body) of the company
  • Major decision-makers for the company
  • Individuals with any other form of substantial control over the company
  • Tip: a FinCEN ID can be substituted for convenience or privacy.

When a beneficial owner holds ownership interest in the company exclusively through an exempt entity, report the exempt entity's legal name instead.

What’s a company applicant?

  • Companies that existed before 2024 don’t need to report company applicants.
  • Company applicants are the individuals who either: (1) directly filed with the Secretary of State to create the company or (2) had the most control over filing.
  • No companies or legal entities may be reported as company applicants.
  • (If Lawyer’s Aid helped form the company in 2024 and beyond, we will add to your report the FinCEN ID for our company applicant.)

What are the civil and criminal penalties for violation?

The civil penalty for willful violation of the reporting law is $591 a day. The criminal penalties are up to two years in prison and $10,000. Violations include failing to file, failing to update or correct, and filing false information.

Order your BOI Report
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Our website uses the most secure forms of online communication available, including data encryption and Secure Sockets Layer (SSL) protocol. This is the same security encryption that financial institutions use.

Your credit-card information is protected in a secure payment gateway of a leading provider, authorize.net, that complies with Payment Card Industry Data Security Standards and utilizes industry-leading technologies and protocols.

Your online credit card information is not accessible by anyone outside the secure payment gateway, even our staff.

Lawyer’s Aid Service is committed to protecting the security of your personal information.

We accept Visa, Mastercard, and Discover.
Secured by Comodo SSL Certificate.

More about security

Security of your information

Our website uses the most secure forms of online communication available, including data encryption and Secure Sockets Layer (SSL) protocol. This is the same security encryption that financial institutions use.

Your credit-card information is protected in a secure payment gateway of a leading provider, authorize.net, that complies with Payment Card Industry Data Security Standards and utilizes industry-leading technologies and protocols.

Your online credit card information is not accessible by anyone outside the secure payment gateway, even our staff.

Lawyer’s Aid Service is committed to protecting the security of your personal information.

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