What You Need To Know About BOI Reporting—Simplified!

What Is BOI Reporting, Anyway?

BOI reporting is all about transparency. It’s the process of providing details about the people who actually own, control, or benefit from your company. Why? To help prevent issues like money laundering, tax evasion, and fraud. Think of it as doing your part to keep the business world honest.

Who Needs to File?

If you run a business like a corporation, LLC, or partnership, chances are you’ll need to report. However, some organizations (like public companies or heavily regulated businesses) might be off the hook. Not sure where you fall?

What Do You Need to Report?

Here’s the good news: it’s pretty straightforward. Most reports will include:
📌 Basic business details like your company’s name, address, and EIN (Employer Identification Number).
📌 Info about your beneficial owners such as their:

• Full name
• Date of birth
• Address
• ID numbers (like a passport or driver’s license).

What happens if you do not file? 

Failing to file a BOI report or providing inaccurate information can result in significant penalties:

• Civil Penalties: You may face monetary fines, often ranging from hundreds to thousands of dollars, depending on the jurisdiction and duration of non-compliance.
• Daily Fines: Some regulations impose daily fines for continued non-compliance until the issue is resolved.
• Investigations: Regulatory authorities may open an investigation into your business, leading to additional scrutiny.
• Criminal Charges: In some jurisdictions, knowingly failing to file or providing false information could result in criminal charges, including potential imprisonment.

Have Compliance Questions or need additional support? Contact us at biz-com@hivekpo.com