What information is needed to complete a BOI report?
To complete a Beneficial Ownership Information (BOI) report, detailed information about the beneficial owners of the entity must be provided. This includes:
Identification Information:
Full Legal Name: The complete legal name of each beneficial owner, as it appears on their identification documents.
Date of Birth: The date of birth of each beneficial owner.
Residential or Business Address: The current street address where each beneficial owner resides or conducts business. This address should not be a P.O. Box but a physical location.
Identification Number and Document: A unique identifying number from an acceptable identification document, such as:
A valid U.S. passport.
A state-issued driver’s license or identification card.
A foreign passport if the beneficial owner is a non-U.S. citizen.
Copy of Identification Document: A scanned copy or a clear photo of the identification document provided.
Ownership Information:
Percentage of Ownership: The exact percentage of ownership interest each beneficial owner holds in the entity.
Nature of Ownership or Control: A detailed description of the nature of ownership or control held by each beneficial owner. This includes:
Direct Ownership: Ownership of shares, equity, or voting rights.
Indirect Ownership: Ownership through another entity or structure that holds shares or equity in the reporting entity.
Control Positions: Roles such as senior officers (CEO, CFO, etc.), directors, or any other position with significant influence over the entity’s operations and decisions.
Entity Information:
Legal Entity Name: The full legal name of the entity submitting the BOI report.
Entity Type: The type of legal entity (e.g., corporation, LLC, partnership).
Formation Details: The state or jurisdiction where the entity was formed or registered, and the date of formation.
Principal Address: The primary business address of the entity.
Certification:
Certifying Individual: The name, title, and contact information of the individual certifying the accuracy of the BOI report. This is typically an officer or a senior executive of the entity.
Certification Statement: A statement certifying that the information provided is true, accurate, and complete to the best of the certifying individual’s knowledge.
Additional Considerations:
Updates and Changes: Entities must update their BOI report within 30 days of any changes in the beneficial ownership information. This includes changes in ownership percentages, control, or personal details of beneficial owners.
Supporting Documentation: It is advisable to maintain copies of all documents and information used to compile the BOI report for record-keeping and potential audits by FinCEN.
Accurate and comprehensive information is essential for completing a BOI report. Our firm ensures meticulous data collection and verification to comply with FinCEN requirements and help our clients avoid penalties and legal issues.