Pocatello, Idaho BOIR Services

Understanding the BOIR

The Beneficial Ownership Information Report is a report that involves details about those who are in, either direct or indirect, control of a company. Since companies do business with many different entities, this information helps to understand who you are doing business with and establish a report of ethical and legal trust. This report has resulted from criminal activity occurring under large nontransparent leadership structures in a variety of different ways. So this report is an attempt to establish transparency in every business to weed out illicit activities. It helps to establish the legitimacy of your company as well as the legitimacy of those you are doing business with.

Is the BOIR Required For My Business?

The Financial Crimes Enforcement Network has set out a list of requirements, and if your company meets these requirements, you will need to file a BOIR. If your company falls under those requirements, the accountants at Cooper Norman can help you through the filing process and offer you BOIR services for your business in Pocatello, Idaho, and the surrounding areas. Generally, most United States LLCs, LLPs, or DBAs will need to file BOIR. Companies with under 20 employees who make less than 5 million a year will also need to file. Two general types of companies fall under these requirements.

Domestic: Domestic reporting companies are created when you file the appropriate documents in the United States through the secretary of state. If this applies to your company, then you will need to file beneficial ownership information.
Foreign: Foreign reporting companies have registered to do business in the United States with the secretary of state but they were founded outside of the United States. This includes limited liability companies (LLCs) and other corporations.

How to File the BOIR

If your business falls under any of these categories then you will need to file a BOIR through the secure filing system on the FinCEN website. The information that will need to be disclosed in this report will include the beneficial owners:

• Names
• Dates of birth
• Addresses
• Identification numbers (driver’s license or passport)

Changes that are made to the beneficial ownership of the company should be reported and changed as soon as possible.

Who is the Beneficial Owner?

Ownership over a company is typically considered to be an individual who owns, either directly or indirectly, 25% or more of the company. The Corporate Transparency Act (CTA) classifies this as the requirement for filing as the beneficial owner of a company. The beneficial owner can be considered as one of the following:

• Senior officers (company president, CEO, CFO, and other officers)
• LLC members
• Stockholders
• Partners

Once a beneficial owner has been identified, the BOIR will need to be completed and filed with all of the necessary information. Cooper Norman can help assist your Pocatello, Idaho business with filing and navigating the BOIR to complete it successfully, through the CTA regulations, to remain compliant with the law for your business.

What Happens if I Do Not File?

Choosing not to file can result in severe fines, and misreporting information can result in fines and jail time, as well. Failure to comply with the CTA to file the BOIR is a serious matter. Not complying can look like purposefully not filing the report, providing false information, or disclosing the information if you were not authorized to do so. The Pocatello, Idaho BOIR Services offered at Cooper Norman can help ensure that you file correctly to protect and safeguard you and your business.

Companies Exempt from Filing the BOIR

The CTA’s requirements for filing the BOIR will cover many businesses throughout the United States but there are a few exemptions to take into consideration. The two main categories of businesses that are exempt from filing include:

Federally Regulated Businesses: These corporations such as financial institutions, insurance companies, or publicly traded companies are exempt under the CTA’s requirements.
Large Business Entities with Stipulations: Businesses in the United States (or have a US presence) that have 20 or more employees and have over $5 million in revenue are also exempt from filing the BOIR.

The Importance to Your Business

This requirement is used to regulate risk exposure to your company. Filing the BOIR helps to protect your business by making its ownership legally clear. Muddled ownership in complex company structures makes it easier for illegal activity to happen. When this information is filed, your business intentions become clear and mitigation tactics can be used to address any potential risks. Having a clear paper trail when it comes to following the law is so important, especially if you ever find yourself at the end of a criminal or financial investigation. The BOIR will help to prove the intentions of your business, providing further protection as you move into the future.

Get Started with Cooper Norman’s BOIR Services

If your business finds itself in the position of realigning compliance with beneficial ownership regulations, be sure to get in touch with the BOIR service providers at Cooper Norman. We can take care of all these aspects of reporting and compliance by assessing your unique business situation and gathering all the necessary information for you to be successful in this undertaking. Contact us today to get started.