BOI FAQs
What is the 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).
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.
Will this change the vehicle registration process?
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.
Who is required to submit a BOI report?
All non-exempt LLCs and corporations formed or registered to do business in the US must file a BOI report to FinCEN. If you formed an LLC to register your vehicle, then you are required to submit a BOI report.
Will my information be made public?
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.
Are there any exemptions to filing the BOI Report?
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.
What happens if I don’t file a BOI report for my business?
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.
Can I dissolve my company to avoid the BOI?
No. Even if you are active one day in 2024, you must file.
What are the filing requirements for the BOI?
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)
Who qualifies as a beneficial owner for an LLC?
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.
Who qualifies as a beneficial owner for a corporation?
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.
What is a company applicant?
Company applicants are those who file the company’s formation paperwork, or decided to file the formation.
What forms of identification are acceptable for the BOI intake form?
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).
Do I have to have an EIN or will my SSN work?
If you have an EIN you must use it. If you don’t have an EIN, you can use your SSN in its place.
What if I don’t have a U.S. address for my company?
FinCEN allows you to use our Registered Address on file in your state.
Do I need a FinCEN ID?
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.
How do I hire you to file my BOI Report?
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.