BOI Reporting is a federal requirement for businesses to disclose key details about individuals who own or control a significant portion of the company. It’s part of the government’s effort to increase transparency and prevent illegal activities like money laundering and fraud.
Corporations, LLCs, and other entities that have owners or individuals with significant control (such as holding 25% or more ownership) are required to file. If your business falls into these categories, you’ll need to comply.
Failure to file can result in civil penalties of up to $500 per day. In some cases, criminal penalties may apply, including fines of up to $10,000 and up to 2 years imprisonment. It’s crucial to file on time to avoid these serious consequences.
You’ll need to provide details like the full legal names, date of birth, residential or business address, and a government-issued ID number (such as a driver’s license or passport) of the business’s beneficial owners.
We handle the entire filing process for you, from gathering the required information to submitting the BOI report on your behalf. Our team ensures your business remains compliant and avoids any penalties. We offer a hassle-free, professional service to save you time and stress.
It’s easy! Simply click here to schedule a consultation, and we’ll walk you through the process. We’ll send you a list of the information we need and handle the rest.
Feel free to contact us at 828-460-6230 or ashley@magnifibooks.com. We’re happy to answer any additional questions you may have!