Beneficial Ownership (BOI) Consultation

Service Description

As of January 1, 2024 the United States Treasury and the Financial Crimes Enforcement Network require that ALL business owners complete a beneficial ownership information form. Failure to complete the BOI form can result in fines starting at $500 a day, penalties, entity termination and imprisonment. Here are the deadlines. Businesses established BEFORE January 1, 2024 have until January 1, 2025 to complete the BOI form. Business established ON or AFTER January 1,2024 must complete the form within 90 days of business establishment. Businesses established on or after January 1,2025 must complete the BOI form within 30 days of establishment. Here is a list of exempt businesses that are NOT required to complete the BOI form. All OTHER businesses MUST file timely. 1 Securities reporting issuer. 2 Governmental authority. 3 Bank. 4 Credit union. 5 Depository institution holding company. 6 Money services business. 7 Broker or dealer in securities. 8 Securities exchange or clearing agency. 9 Other Exchange Act registered entity. 10 Investment company or investment adviser. 11 Venture capital fund adviser. 12 Insurance company. 13 State-licensed insurance producer. 14 Commodity Exchange Act registered entity. 15 Accounting firm. 16 Public utility. 17 Financial market utility. 18 Pooled investment vehicle. 19 Tax-exempt entity. 20 Entity assisting a tax-exempt entity. 21 Large operating company. 22 Subsidiary of certain exempt entities. 23 Inactive entity. Special rule for foreign pooled investment vehicles. If an entity meets the criteria of Exemption #18 and is formed under the laws of a foreign country, the entity is subject to a separate reporting requirement. Please note that this form is FREE to complete on your own. However, failure to complete the form adequately can result in fines, penalties and imprisonment. *Additional fees may apply*