Beneficial Ownership Information (BOI) Report

The BOI report is a required federal filing that newly formed businesses must submit to the Financial Crimes Enforcement Network (FinCEN) starting January 1, 2024. This report provides FinCEN with the name, address, and identification information for the company, its beneficial owners, and its company applicants (in the case of new businesses). The purpose of a BOI report is to help combat financial crimes in the US through increased oversight.

The vast majority of corporations, LLCs, and similar business entities created or registered in the U.S. must file a BOI report to FinCEN. Large companies with 20+ full-time employees and $5 million in annual revenue, publicly traded companies, and a handful of other entities are exempt. If you formed an LLC to register your vehicle, then you are required to submit a BOI report.

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As per the Corporate Transparency Act (CTA) of 2019, new businesses (formed on or after January 1, 2024) must file a BOI report within 30 days of formation or registration. Following the Fifth Circuit Court of Appeals review on Dec 23, 2024, an extension was granted that existing businesses (formed before January 1, 2024) have until January 13, 2025 to comply.

This deadline is currently on hold and not being enforced as of Dec 27, 2024 due to the vacated stay on the previously ruled injunction.

Yes, you can still file your BOI Report. If you’ve already hired us to handle this, we’re continuing to file for our clients. Due to the high demand as the deadline approaches, we recommend you file as soon as possible so we can assure it’s complete by January 1st, 2025.

There have been a lot of questions about the BOI reporting requirements due to a legal back-and-forth in December 2024. On December 23rd, the deadline to file was updated to January 13th, 2025. However, due to the injunction stay that was vacated on December 27th, 2024 the deadline is currently on pause.

What does this mean for business owners? The injunction is still under appeal and review, the updated January 13, 2025 deadline may still apply, along with potential penalties for non-compliance. At this time, we don’t know whether enforcement may resume or how that may impact deadlines. Business owners concerned about privacy may choose to wait this out in hopes that the injunction holds. However, business owners who are comfortable sharing their information with FinCEN may choose to file a BOI Report just for the peace of mind that they don’t have to deal with potential future risks.

We’re closely monitoring the situation and will update our FAQs as we learn more. You can still opt to file your Beneficial Ownership Information Report. If you’ve already hired us to handle this, we’re continuing to file for our clients, even though the process is slower due to limitations FinCEN has placed on submission methods.

If you prefer to file on your own, you’re welcome to do so through the official FinCEN BOI Filing Portal. However, if you’ve already hired us, rest assured that we’re actively working on your filing and will handle it as soon as possible.

No, the BOI report does not change the vehicle registration process. This report is an additional filing for the limited liability company (LLC) under which your vehicle is owned. It is not a filing required by us or the state of Montana. The BOI report is a filing required by the federal government and this requirement applies to companies in all 50 states.

No, the information you disclose on your BOI report is NOT public record. BOI reports are stored by the federal government in a secure online database that is not publicly available.

According to FinCEN, there are several exemptions. However, we cannot advise clients on whether their specific business is exempt. We encourage clients to consult with a business advisor or attorney.

Anyone who willfully violates the BOI reporting requirements—including failing to file a BOI report—could face civil penalties up to $500 for each day that the violation occurs. Note that the civil penalty amount is adjusted annually for inflation.

Criminal penalties for willfully violating the BOI reporting requirements include up to two years of imprisonment and a fine of up to $10,000.

No. Even if you are active one day in 2024, you must file.

Unless you have been exempt from filing, the BOI requires basic information about your company:

• Legal business name and any trade names or DBAs
• US business street address
• Formation jurisdiction
• Tax ID number (EIN)

The BOI report also requires basic information about beneficial owners and company applicants:

• Full legal name
• Date of birth
• Residential address
• Copy of non-expired ID (e.g., license or passport)

For LLCs, a beneficial owner is any individual who owns 25% or more of the company, exercises substantial control over the business (e.g., managers), or receives substantial economic benefits from the business assets.

For corporations, beneficial owners include individuals in positions such as CEO, CFO, General Counsel, or anyone with similar authority. This may include any “middle man” who acts as an owner, even if they don’t hold the majority control. Beneficial owners of a corporation also include any shareholder who owns or controls 25% or more of the corporations ownership interest.

FinCEN won’t accept all government issued IDs. The following options are acceptable:

• A non-expired U.S. driver’s license (including any driver’s licenses issued by a commonwealth, territory, or possession of the United States);
• A non-expired identification document issued by a U.S. state or local government, or Indian Tribe;
• A non-expired passport issued by the U.S. government; or
• A non-expired passport issued by a foreign government (only when an individual does not have one of the other three forms of identification listed above).

If you have an EIN you must use it. If you don’t have an EIN, you can use your SSN in its place.

FinCEN allows you to use our Registered Address on file in your state.

No, a FinCEN ID is not required. It’s recommended for clients concerned about privacy or those who have multiple companies and want to save time entering the same information repeatedly.

You can hire us to file your BOI Report by logging in to your online account. Once logged in, click the “Hire Us” tab, select your company, and follow the steps to have us take care of the rest! We currently charge a $25 filing fee for this service in Montana.