"Who Can File a BOI Report? Your Guide to Compliance Under the Corporate Transparency Act"

Who Can File a BOI Report?

Under the Corporate Transparency Act, certain businesses are required to submit a Beneficial Ownership Information (BOI) report to FinCEN. But who is eligible to file the report? Let’s explore the details.

Who Is Authorized to File a BOI Report?

A company’s owner can file the BOI report themselves, or they may authorize an employee or a third-party service provider to prepare and submit the filing on their behalf. The filer is required to provide some basic identifying details, such as their name and email address.

Here are examples of third-party professionals who may be authorized to file a BOI report:

• Attorney

• Accountant

• Enrolled Agent

• Business Consultant

• Online Business Filing Services Provider

Does Filing a BOI Report Constitute Unauthorized Practice of Law?

One common question is whether non-attorneys who file BOI reports for clients are engaging in unauthorized practice of law. The answer lies in the regulations: neither the Corporate Transparency Act nor FinCEN’s rules restrict non-attorney service providers from submitting a company’s BOI report, provided they are authorized to do so by the company.

While state laws vary regarding the definition of “unauthorized practice of law,” preparing and submitting business filings typically does not fall into that category. However, non-attorneys are not permitted to provide legal advice about whether a BOI report is legally required or who qualifies as the business’s beneficial owners.

How to File a BOI Report

FinCEN provides a streamlined process for submitting BOI reports. Here’s an overview:

1. Prepare the Necessary Information:

   • Collect details about the reporting company, its beneficial owners, and company applicants.

   • Secure electronic images of acceptable identification documents (e.g., state-issued driver’s license, U.S. passport, or foreign passport) for each beneficial owner and applicant.

2. Choose a Filing Method:

   • Visit FinCEN’s BOI e-filing portal.

   • Select the online application or download the PDF form to complete offline.

3. Enter Required Information:

   • Complete all fields in the form accurately. If using the online portal, the form can be filed directly after all details are entered.

4. Certify and Submit:

   • The submission process requires the filer’s name, email address, and a certification confirming they are authorized to file the report and that the information provided is true, accurate, and complete.

   • For online filers, the system provides a submission status screen and a downloadable PDF copy of the filed report.

   • For those completing the PDF form offline, the report must be submitted through an online contact form with the completed PDF attached, along with a similar certification.

Simplify Your BOI Filing with Professional Assistance

Navigating the BOI reporting requirements can be daunting, but professional assistance is available. At My Biz Consulting LLC, we provide comprehensive support to ensure your report is accurate, compliant, and submitted on time. Whether you need guidance through the process or want a trusted partner to handle the filing for you, we’re here to help.

Contact us today to learn more about how we can assist with your BOI filing and other business compliance needs!