What the heck is BOI?


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The Cloud9 Connection

September 2024

Hi Reader... Remember me? It's Pam, and I've been meaning to put together a monthly newsletter... and today is the day! My aim is to deliver concise, valuable insights related to business finances, to help you achieve all your business aspirations. I'll be sending something out every month (give or take), unless something incredibly exciting comes up that I just can't wait to share with you. Rest assured, I promise to keep your inbox clutter-free—no spam here!

So let's get this party started with B.O.I... huh?

What the heck is BOI?

In case you haven't heard by now, the U.S Department of Treasury's Financial Crimes Enforcement Network (FinCEN) is now requiring that business owners file what's called a Beneficial Ownership Informational (BOI) Report. Here's a link to the Press Release announcing the Public Service Announcement campaign.

Great...right? One more thing for small business owners to add to our 'to do' list that's already a hundred miles long. <..sigh..>

Here's the TLDR:

Starting on January 1, 2024, this new rule requires small businesses to share information about their owners with FinCEN. This is to prevent the misuse of businesses for illegal activities.

Who Needs to Report?
If you own a business that is an LLC, or an SCorp, that was created and registered in the U.S through your Secretary of State, you most likely need to file this report.

Because sole proprietorships, trusts and general partnerships do NOT require the filing of a formal document with the SOS, they generally are not considered a reporting company and do not have to file a BOI.

Also, larger businesses with over 20 employees, a physical office, and $5 million in revenue are usually exempt.

What Information Is Required?
Companies must provide names, birth dates, addresses, and ID numbers of those who own or control at least 25% of the business. For new companies, the person filing the registration must also provide this info.

Important Deadlines:

  • January 1, 2025 - if your company was set up before 2024.
  • New companies created and registered in 2024 must report within 90 days of starting.
  • If you're thinking of forming a company after 2024, you'll need to file this report within 30 days.

How to File:
Thankfully it's pretty simple to do online. I filed mine and it took less than 10 minutes, seriously! Click below to submit your Beneficial Ownership Information (BOI) report online.

FILE YOUR BOI Report

And it doesn't cost anything to file. Thank goodness!

For more information, check FinCEN's Small Business Resources. If you have questions, I can point you to a legal expert who can help.

That's all for now folks! Have a wonderful week!

Oh... just one more thing. Mark your calendars for October 3 @ 9:00 am PST. I'm hosting a FREE ONLINE WORKSHOP. It's for owners of small businesses that want to learn what levers to push and pull to increase their revenue, profit and CASH FLOW! Click the button below to register.

Pam Greb
Owner | Certified CFO
Cloud9 Financial

113 Cherry St #92768, Seattle, WA 98104-2205
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You're receiving this newsletter because at some point or other, our paths have crossed. Maybe you're a client of mine, or you attending one of my webinars, or a networking event. Whatever the reason, I'm so happy you're here! If for some reason you'd rather not hear from me :-( just click the UNSUBSCRIBE button below. But I sure do hope you'll stay.

NOTE: None of the information in this newsletter should be considered legal or tax advice. I'm not a lawyer, nor am I a Tax Accountant, and I sure as heck don't play one on TV. So please ... always do your own research to verify whether your business needs to file or not.

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