As we move on to part five of our series on beneficial ownership reporting, it’s now time to discuss what to include in BOI reports. By now, we’ve answered questions like:

These are all critical questions to ask, but knowing what to include when you do report is also crucial.

Required Information for BOI Reporting

When you send a BOI report to FinCEN, you must include specific information about your business, its beneficial owners, and, sometimes, its company applicants. You’ll also need to provide certain information to obtain a FinCEN identifier, and we’ll tell you about that, too.

What to Include in BOI Reports: Reporting Company, Beneficial Owners, and Applicants, 

FinCEN offers a handy checklist that’s a great starting point to guide you in what to include in BOI reports broken down by reporting company and beneficial owners and applicants.

Reporting company

For this, you need to include:

  • Full legal name …
  • Any trade name or “doing business as”(DBA) name (Include all trade names or DBAs) … Complete current U.S. address (Report the address of the principal place of business in the United States. If the reporting company’s primary place of business is not in the U.S., the main location in the U.S. where the company does business)…
  • State, Tribal, or foreign jurisdiction of formation …
  • For a foreign reporting company only, the State or Tribal jurisdiction of the first registration …
  • Internal Revenue Service (IRS) Taxpayer Identification Number (TIN) (including an Employer Identification Number (EIN))
  • If a foreign reporting company does not have a tax identification number, report a TIN issued by a foreign jurisdiction and the name of the jurisdiction.

Information about beneficial owners and applicants

Each business won’t need to report its company applicants. Please refer to this blog post to find out if yours does: BOI: Do I Have to Report My Company Applicants?

If you’ve determined you do need to report, here’s what to include about beneficial owners and applicants:

  • Full legal name …
  • Date of birth …
  • Complete current address (Report the residential street address, except in the case of company applicants who form or register a company in the course of their business (e.g. paralegals). In this case, report the business street address. The address does not need to be in the U.S.)
  • Unique identifying number and issuing jurisdiction from, and image of, one of these non-expired documents: U.S. passport, state driver’s license, or identification document issued by a state, local government, or tribe. A foreign passport will work if an owner or applicant does not have any of the previous documents.

What About Special Reporting Rules?

Four unique special reporting requirements may apply to your company. Depending on whether they do apply, there are particular reporting obligations you need to know:

  1. Owned by exempt entity: If your company’s ownership interests are held through one or more entities exempt from the reporting company definition, you can report the names of the exempt entities rather than individual beneficial owners.
  2. Minor child: You don’t need to report information about a beneficial owner who is a minor child if you’ve reported the required information about the child’s parent or legal guardian.
  3. Foreign pooled investment vehicle: Was your company formed under foreign laws, and would it be a reporting company except for the pooled investment vehicle exemption? Then, you only need to report one individual who exercises substantial control over the company rather than each beneficial owner or company applicant.
  4. Company applicant reporting for existing companies: If your company was created or registered before January 1, 2024, you don’t need to report any company applicant information. Simply specify on the BOI report that the company was established before this date.

FinCEN Identifiers: What Are They and How to Use Them

FinCEN issues a unique identifying number, known as a FinCEN identifier, upon request after a person or a reporting company provides certain information.

Here’s what you need to know about these numbers:

  • Obtaining a FinCEN identifier is optional, with each individual or reporting company eligible for only one. Companies can utilize these identifiers in their BOI reports instead of specific personal information about beneficial owners or company applicants.
  • For individuals, the application process entails electronically submitting personal details and an image of an acceptable identification document. Upon submission, individuals promptly receive a unique FinCEN identifier.
  • Reporting companies can request a FinCEN identifier by checking a box on the reporting form when they submit a BOI report.
  • When changes occur, or inaccuracies are discovered in the information provided for a FinCEN identifier, individuals or reporting companies must promptly make updates or corrections.

What to Include in BOI Reports: Summary

Navigating the world of beneficial ownership information reporting can be tricky.

To simplify things, keep these points in mind:

  • BOI reports must include information on beneficial owners or company applicants.
  • Companies must report this information annually, including any updates or changes.
  • Certain exemptions exist for reporting on existing companies and individuals with a FinCEN identifier.

Further, turn to the Denver business lawyers at Contiguglia Law to help you with BOI reporting and other business law needs. Our experienced Denver attorneys can navigate you through the intricate Colorado legal landscape and ensure your company complies with all necessary regulations.

Schedule an appointment now.

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