What Information is Required to File a BOI report?

November 7, 2024

Reporting Company:

  • Company legal name along with 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. You CANNOT use a P.O. Box as a valid address.
  • State of formation or registration
  • Taxpayer Identification Number (EIN or SSN)

Beneficial Ownership Information (for EACH individual):

  • The individual’s name
  • Date of birth
  • Residential address
  • An identifying number from an acceptable identification document.

Acceptable identification includes:

  1. A non-expired U.S. driver’s license
  2. A non-expired identification document issued by a U.S. state or local government, or Indian Tribe;
  3. A non-expired passport issued by the U.S. government
  4. A non-expired passport issued by a foreign government (only when an individual does not have one of the other three forms of identification listed above).

 

Is a sole proprietorship a reporting company?

  • No, unless a sole proprietorship was created (or, if a foreign sole proprietorship, registered to do business) in the United States by filing a document with a secretary of state or similar office. An entity is a reporting company only if it was created (or, if a foreign company, registered to do business) in the United States by filing such a document.
  • Filing a document with a government agency to obtain
  1. an IRS employer identification number,
  2. a fictitious business name, or
  3. a professional or occupational license
    does not create a new entity, and therefore does not make a sole proprietorship filing such a document a reporting company.

What penalties do individuals face for violating BOI reporting requirements?

  • BOI reporting requirements may be subject to civil penalties of up to $591 (adjusted for inflation) for each day that the violation continues.
  • A person who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000.
  • Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.