FAQ

What is the Corporate Transparency Act (CTA)?

The Corporate Transparency Act requires businesses to report their beneficial ownership information to FinCEN to increase transparency and combat illicit activities.

Who needs to file beneficial ownership information (BOI)?

Most corporations, limited liability companies (LLCs), and similar entities formed or registered to do business in the United States are required to file BOI reports.

What companies are exempt from BOI filing?

Publicly Traded Companies
Certain Regulated Entities
Insurance Companies
Public Accounting Firms
Certain Tax-Exempt Entities
Inactive Entities
Subsidiaries of Exempt Entities
Large Operating Companies
Government Entities
Certain Pooled Investment Vehicles

What information must be reported in a BOI filing?

You need to report the name, date of birth, address, and identification number from an acceptable document (such as a passport or driver’s license) for each beneficial owner.

What is a Beneficial Owner?

A “Beneficial Owner” is an individual who owns or controls at least 25% of a company’s equity interests or exercises significant control over the company’s operations, such as a senior officer.

What is the deadline for submitting BOI filings?

Newly formed entities must file their BOI reports within 30 days of formation. Existing entities have until January 1, 2025, to file their initial reports. Any changes in ownership must be reported within 30 days of the change.

What are the penalties for non-compliance with the CTA?

Failure to comply with the CTA can result in civil penalties of up to $500 per day and criminal penalties including fines up to $10,000 and imprisonment for up to two years.

How can Complete BOI Filing Service assist with my BOI filings?

By offering comprehensive services to assist you with the preparation and filing of BOI reports, ensuring that your business remains compliant with all CTA requirements.

Is my business information secure when I file BOI reports?

Yes, the information reported to FinCEN is not publicly accessible and is protected under strict confidentiality rules. Only authorized government authorities can access this information for law enforcement and regulatory purposes.

Additionally, our host is SOC2 compliant as defined by the American Institute of Certified Public Accountants (AICPA) ensuring “security, availability, processing integrity, confidentiality and privacy”.

How do I get started with Complete BOI Filing Service?

Click any blue [GET STARTED NOW] button anywhere on CompleteBOI.com to begin your journey to BOI Filing Freedom!

Can I file the BOI form myself?

Absolutely, but you must first sign up and begin the process on the government website; Fincen.gov.  The filing instructions span several pages and the government, along with the accounting industry estimates it will take between 6 and 12 hours for the average business owner to complete the process. Moreover, the risk of errors and omissions can lead to penalties, so it’s important to ensure accuracy in your submission.