BOI – The Ricks Group

Beneficial Ownership Information (BOI) Reporting Requirements

We, at The Ricks Group, are reaching out to inform all our clients who own corporations, partnerships, LLCs, and single-member LLCs about a new reporting requirement established by the Corporate Transparency Act of 2021.

This Act mandates certain US and foreign entities to file an initial report with the Financial Crimes Enforcement Network (FINCEN), known as the Beneficial Ownership Information Report (BOIR).

Beneficial Ownership Information (BOI) reporting is a legal requirement, much like the obligation to establish an LLC with the state. As such, this service has traditionally been outside our standard scope. However, recognizing the importance of compliance and responding to client requests, we have obtained approval to offer BOI reporting services on a limited basis. We are now reaching out to our clients to see if you require assistance with this reporting obligation.

We at The Ricks Group are now prepared to help clients with the preparation of these reports and will be dedicating significant resources to doing so. However, due to the volume we need your help to meet the deadline!

Our engagement

To engage our services, please submit all of the following for each individual entity:

Engagement: A signed engagement letter for each entity.
Identification: A valid form of ID (state ID, driver’s license, or passport) is required from each individual who exercises substantial control or is a beneficial owner with 25% or more ownership in entity.
Fee: Our charge for filing starts at $350 per BOI, payable upon signing the engagement letter and receiving our invoice. We will inform you if we anticipate a higher fee for any particular BOI filing.

Colorado Springs

Denver

Chicago

For more details on requirements please refer to the FINCEN BOI FAQs and consult your attorney.

BOI Requirement FAQs

Why file:

The Corporate Transparency Act was passed by Congress with the intent to fight financial crimes. The new rules are complicated and will require businesses to file initial reports with FINCEN and to further update those reports in certain circumstances. Failing to timely comply, could result in severe penalties, including fines up to $591 per day (capped at $10,000) and potential imprisonment of up to two years.

Who Must File:

This requirement applies to almost all of our business clients, including single member Limited Liability Companies.
Reporting Companies: Entities classified as corporations or LLCs with individuals who, directly or indirectly, either exercise substantial control over a reporting company or own or control at least 25% of the reporting company’s interest.
Exemption: Large operating companies and not-for-profit organizations may be exempt from filing. See FINCEN BOI FAQs for more information.
Applies to all entities existing as of January 1, 2024, even if they have had no transactions.
Note: A separate BOIR must be filed for each Reporting Company.

What Information is Required:

The BOIR includes details about the entity, its beneficial owners, and, in some cases, company applicants.

Where to File:

Reporting companies must complete BOIRs electronically via the BOI E-Filing portal: FINCEN BOI Portal
You can file on your own or with the help of a professional.

When to File:

Existing (2023 and prior) Reporting
- Companies:
  Companies in existence as of January 1, 2024, must file their initial BOIR by January 1, 2025.
New (2024) Reporting Companies:
- Created or registered between January 1, 2024 and before January 1, 2025:
  File within 90 days of receiving actual or public notice that its creation or registration is effective.
- Created on or after January 1, 2025: File within 30 days of receiving actual or public notice that its creation or registration is effective.
Ongoing filings are required too. For example, a changed address of owner (and many other changes) must be updated within 30 days.

Disclaimer: This document is a general summary of the Beneficial Ownership Information (BOI) filing requirements and is not intended as tax, legal, or professional advice. The complexities of these requirements cannot be fully addressed in a summary. Therefore, for guidance on how this may apply to you, please consult your attorney or one of our experienced professionals.

All filings including BOI initial and update filings are all ultimately your responsibility.