#TuesdayTips – Understanding BOI Reporting: A Quick Guide

Hey folks! Wondering what BOI (Beneficial Ownership Information) is and how it affects your company? Here’s a breakdown:

1. What is BOI?

   • BOI helps identify individuals owning or controlling a company.
   • Part of the Corporate Transparency Act to combat hidden gains through shell companies.

2. Reporting Deadlines:

   • Companies created before Jan 1, 2024, report by Jan 1, 2025.
   • Companies registered after Jan 1, 2024, report within 30 days of creation.

3. Reporting Companies:

   • Domestic: Created in the U.S.
   • Foreign: Registered in the U.S. but formed under a foreign country’s law.

4. Exemptions:

   • 23 entity types are exempt from reporting requirements.

5. Beneficial Owners:

   • Individuals with ≥25% ownership or substantial control over the company.

6. Company Applicants:

   • Reporting for companies created on or after Jan 1, 2024.
   • Up to two individuals involved in the filing process.

7. Reporting Requirements:

   • Legal name, trade names, address, jurisdiction, and TIN for the company.
   • For beneficial owners and company applicants: Name, date of birth, address, and acceptable ID.

8. Acceptable IDs:

   • U.S. driver’s license, state/local government ID, U.S. or foreign passport.

Stay informed, stay compliant! #BOIReporting #CorporateTransparencyAct #ComplianceMatters

Remember, this is just a quick overview. Check the link for detailed info and consult with legal experts for your specific case.