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BOI - Beneficial Ownership Information

There is an important regulatory requirement that may impact your business! The Financial Crimes Enforcement Network (FinCEN) has implemented new rules that require certain businesses to file a Beneficial Ownership Information (BOI) report. This requirement is part of the government’s ongoing efforts to increase transparency and combat financial crimes.

**What is the Beneficial Ownership Form?**

The Beneficial Ownership Form is designed to collect and report information about individuals who own or control companies. This includes identifying any persons who have significant control or ownership of the business, either directly or indirectly.

**Why is Filing Required?**

The filing of this form is mandatory for all businesses that meet the criteria established by FinCEN. Failure to comply with this requirement could result in significant penalties, including fines and other legal consequences. Therefore, it is essential to ensure that this form is accurately completed and submitted in a timely manner.

**Our Services and Fees**

To assist our clients in complying with this new requirement, our firm offers comprehensive services to prepare and file the Beneficial Ownership Form on your behalf.  We understand that navigating regulatory requirements can be complex, and we are committed to making this process as smooth as possible for you.  We charge a flat fee of $250 per filing for this service. This fee covers the preparation, review, and filing of the form, ensuring that all necessary information is accurately reported. Should ownership or ownership information change, such as an address, there would be a $75 fee to submit the required update to FinCEN.  

**Next Steps**

If you would like Padden Cooper to handle this filing for you, please email Dan Edwards by December 1^st @ daniel@paddencooper.com.  In most cases we will only need a copy of every owners driver’s license, which is required to be uploaded as part of the online filing.  Please do not hesitate to reach out if you have any questions or need further clarification. We are here to help you navigate this new requirement and ensure that your business remains in compliance.  Should you wish to file on your own it must be electronically via FiinCEN’s e-filing portal, available at BOI E-FILING (fincen.gov)

Thank you!