MAKES THE BOI Filing PROCESS SIMPLE
Save time and stay government compliant with TruSpan
Quick Filing
We will complete your federal beneficial ownership filing within 24 hours and will hold your hand along the way. Your Account Manager will confirm receipt of your information and will send you a confirmation of the filing once complete.
Low Fees
We offer some of the lowest fees in the industry, so you can invest more into your business. Our fees are refundable if you aren’t completely satisfied with our service.
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Do I need to file Beneficial Ownership Information (BOI)?
The government agency FinCen now requires that any non-exempt Reporting Company report at least one Beneficial Owner for their business. If you have a business registered with a state, such as an LLC or a Corporation, you are very likely a Reporting Company. There are few exemptions, however we have them listed under our FAQs for convenience.
A Beneficial Owner is an individual who either owns at least 25% of the business or exercises substantial control over the business. While there may be multiple Beneficial Owners, at least one must be reported for the business.
There can be penalties for not reporting, so we are here to make compliance as simple as possible. For more information visit our FAQs.
For more information, please see our list of FAQs.
Over 400,000 new businesses are started in the United States every month, and we are here to help you become the next success story!
TESTIMONIALS
TruSpan has had the pleasure of working with many thriving businesses, and we’re proud
of the positive feedback we continue to receive from our customers.
“TruSpan has been an indispensable ally throughout our remarkable journey, enabling our seamless expansion to offer services in over 40 states across the United States.”
Bear Poth
“TruSpan takes care of any paperwork we receive from the state. I don’t need to worry because they are on it, and I can get to work.”
Doug Lambert
“TruSpan helped us to determine what type of business we should register for, which will save us money as we grow.”
Jack & Declan
Filing my BOI – Frequently Asked Questions (FAQs)
Yes you can, just visit FinCEN
If you have registered an LLC even if a sole proprietor for tax purposes, then yes you likely file
Inactive business is one of the exemptions from filing?
The 23 types of businesses exempt from filing a BOI are below
- Securities reporting issuer
- Governmental authority
- Bank
- Credit union
- Depository institution holding company
- Money services business
- Broker or dealer in securities
- Securities exchange or clearing agency
- Other Exchange Act registered entity
- Investment company or investment adviser
- Venture capital fund adviser
- Insurance company
- State-licensed insurance producer
- Commodity Exchange Act registered entity
- Accounting firm
- Public utility
- Financial market utility
- Pooled investment vehicle
- Tax-exempt entity
- Entity assisting a tax-exempt entity
- Large operating company
- Subsidiary of certain exempt entities
- Inactive entity
You will need the business information including address and tax ID and at least one beneficial ownership personal information, including their phone, address, social security number, and identification
A business owner by a minor must still file but a non-minor will need to complete the filing as a beneficial owner
All business must file a BOI, regardless of when they were formed?
For business formed before January 1, 2024, you have until January 1, 2025. For businesses formed during 2024 you have 90 days after you receive notice of business registration from the state. For businesses formed after January 1, 2025 you will have 30 days.
The BOI filing is with an agency called FinCEN. They do not collect historically information regarding your business, so no they do not have this information.
The willful failure to report complete or updated beneficial ownership information to FinCEN, or the willful provision of or attempt to provide false or fraudulent beneficial ownership information may result in a civil or criminal penalties, including civil penalties of up to $500 for each day that the violation continues, or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000. Senior officers of an entity that fails to file a required BOI report may be held accountable for that failure.
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