Monday-Friday, 8:00-5:30 | (888) 474-2112
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Contact us | Order forms | Why LAS?
Monday-Friday, 8:00-5:30 | (888) 474-2112
maindesk@LawyersAidService.com
Contact us | Order forms | Why LAS?
NEW STATUTORY REPORT REQUIRED
Effective in 2024, owners of new companies are required by statute to file a new report within 90 days of being formed. Existing companies have a deadline of Dec. 31, 2024.
Lawyer's Aid Service can help you navigate submission of this new report.
The report is called the Beneficial Ownership Information (BOI) Report and is 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:
- informally organized (i.e., did not file a formation or registration with the Secretary of State)
- inactive and formed in 2019 or earlier ( )
- 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.
- informally organized (i.e., did not file a formation or registration with the Secretary of State)
- inactive and formed in 2019 or earlier ( )
- 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.
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