Who Can Be Liable for Violating BOI Reporting Requirements?

Question: Who can be held liable for violating BOI reporting requirements?

Answer: Both individuals and corporate entities can be held liable for willful violations. This can include not only an individual who actually files (or attempts to file) false information with FinCEN, but also anyone who willfully provides the filer with false information to report. Both individuals and corporate entities may also be liable for willfully failing to report complete or updated beneficial ownership information; in such circumstances, individuals can be held liable if they either [. . .]

What Events Require an Amended FinCEN BOI Report?

Question: What are some likely triggers for needing to update a beneficial ownership information report?

Answer: The following are some examples of the changes that would require an updated beneficial ownership information report:

Any change to the information reported for the reporting company, such as registering a new business name.
A change in beneficial owners, such as a new CEO, or a sale that changes who meets the ownership interest threshold of 25 percent.
Any change to a beneficial owner’s [. . .]

How Do I Get a Taxpayer Identification Number for a New Company?

Question: How can I obtain a Taxpayer Identification Number (TIN) for a new company quickly so that I can file an initial beneficial ownership information report on time?

Answer: The Internal Revenue Service (IRS) offers a free online application for an Employer Identification Number (EIN), a type of TIN, which is provided immediately upon submission of the application. For more information on TINs, see “Taxpayer Identification Numbers (TIN)” at IRS.gov (https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin). For more information on Employer Identification Numbers and to access the EIN online application, [. . .]

Can Parent Company File 1 FinCEN BOI Report for It & Subsidiaries?

Question: Can a parent company file a single BOI report on behalf of its group of companies?

Answer: No. Any company that meets the definition of a reporting company and is not exempt is required to file its own BOI report.

Can a Reporting Company Have a P.O. Box?

Question: Can a reporting company report a P.O. box as its current address?

Answer: No. The reporting company address must be a U.S. street address and cannot be a P.O. box.

What are Acceptable Forms of Identification?

Question: What are some acceptable forms of identification that will meet the reporting requirement?

Answer: The only acceptable forms of identification are:

A non-expired U.S. driver’s license (including any driver’s license 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 [. . .]

What Reporting Company Info is Disclosed in Its FinCEN BOI Report?

Question: What information will a reporting company have to report about itself in its FinCEN BOI report?

Answer: A reporting company will have to report:

Its legal name;
Any trade names, “doing business as” (d/b/a), or “trading as” (t/a) names;
The current street address of its principal place of business if that address is in the United States (for example, a U.S. reporting company’s headquarters), or, for reporting companies whose principal place of business is outside the United States, the current address from [. . .]

Is a Company Created in a U.S. Territory a Reporting Company?

Question: Can a company created or registered in a U.S. territory be considered a reporting company?

Answer: Yes. In addition to companies in the 50 states and the District of Columbia, a company that is created or registered to do business by the filing of a document with a U.S. territory’s secretary of state or similar office, and that does not qualify for any exemptions to the reporting requirements, is required to report beneficial ownership information to FinCEN. U.S. territories are the Commonwealth of Puerto Rico, [. . .]

Reporting Companies