Gomez Consulting: Your Compliance Partner
Gomez Consulting is on a mission to help businesses be protected by staying in compliance with new governmental reporting requirements. As of January 1, 2024, all corporations, LLCs, and other entities created in the United States by filing a document with a Secretary of State or similar office, or created in a foreign country and registered to do business in a state by filing a document with a Secretary of State or similar office, unless otherwise exempt, will have to file a Beneficial Ownership Information (BOI) Report with the Financial Crimes Enforcement Network (FinCEN).
Gomez Consulting works with companies across the nation to simplify BOI reporting, allowing business owners to focus on what they do best – growing their business. Whether you are a single or multi-person entity, we ensure your business meets compliance requirements. We are dedicated to helping you maintain a successful business without the stress of handling tedious regulatory tasks. Our BOI Report Filing service guarantees that your business files proper and compliant reports according to FinCEN’s standards.
What is a BOI Report?
A BOI Report is a filing requirement mandated by FinCEN to collect beneficial ownership information about certain entities operating in the United States. This initiative aims to enhance transparency and combat illicit activities, such as money laundering and terrorism financing.
BENEFICIAL
OWNERSHIP
Identifies individuals who ultimately own or control a company.
ENTITY TYPES
Applies to corporations, LLCs, and other similar entities.
COMPLIANCE
Essential for regulatory compliance and financial transparency.
FinCEN's Filing Requirements
To ensure compliance with BOI reporting, entities must adhere to the following requirements:
1.
Who Must File:
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Domestic entities (e.g., corporations, LLCs).
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Foreign entities registered to do business in the U.S.
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Existing Companies (created/registered before January 1, 2024): Must file before January 1, 2025.
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New Companies (created/registered between January 1, 2024 and January 1, 2025): Must file within 90 calendar days after receiving actual or public notice that its creation or registration is effective.
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New Companies (created/registered after January 1, 2025): Must file within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
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Updates: Must be filed within 30 calendar days after any changes to a company's information or beneficial owners.
2.
Filing Deadline
3.
Required Information:
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Entity name, address, and formation details
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Information on each beneficial owner, including:
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â–ª Full legal name
â–ª Date of birth
â–ª Address
â–ª Identification numbers (e.g., driver’s license or passport)
Why is BOI Reporting Important?
ENHANCE SECURITY
Helps prevent fraud and financial crime.
PROMOTES ACCOUNTABILITY
Ensures that businesses operate transparently.
FULFILLS LEGAL OBLIGATIONS:
Non-compliance can lead to severe penalties.
What is a BOI Report?
Frequently Asked Questions
What companies will be required to report beneficial ownership information to FinCEN?
All corporations, LLCs, and other entities created in the United States by filing a document with a Secretary of State or similar office, as well as foreign entities registered to do business in the U.S., are required to file a BOI report unless exempt.
Who is a Beneficial Owner?
All corporations, LLCs, and other entities created in the United States by filing a document with a Secretary of State or similar office, as well as foreign entities registered to do business in the U.S., are required to file a BOI report unless exempt.
What companies are exempt from the reporting requirement?
Exempt entities include larger operating companies, regulated entities such as banks and credit unions, and certain nonprofit organizations. Specific exemptions can be found in the official FinCEN guidelines. The following table summarizes the 23 exemptions:
When do I have to file an initial beneficial ownership information report with FinCEN?
If your company existed before January 1, 2024, it must file its initial beneficial ownership information report by January 1, 2025.
If your company was created or registered on or after January 1, 2024, and before January 1, 2025, then it must file its initial beneficial ownership information report within 90 calendar days after receiving actual or public notice that its creation or registration is effective. Specifically, this 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a Secretary of State or similar office first provides public notice of its creation or registration, whichever is earlier.
If your company was created or registered on or after January 1, 2025, it must file its initial beneficial ownership information report within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
Do I need professional assistance to file a BOI Report?
While assistance is not required and a BOI Report can be filed for free at FinCen.gov, many businesses find it helpful to work with professionals to ensure full compliance with BOI filing requirements.
How can your service help with BOI Report filings?
Our service simplifies the BOI Report Filing process by ensuring that all necessary information is accurately submitted to FinCEN on time.
Our team will get you compliant and give you peace of mind throughout the year with our comprehensive Stay in Compliance Subscription for 1 year which includes:
• Monthly reminders to identify any changes to your BOI Report
• BOI Report address and information updates as needed
