BOI Reporting for Small Business Owners - Step-by-Step DIY Guide

[@Doctorbiz1958]

Thank you for making this knowledge available, along with breaking it done, for us older business owners to follow! Words cannot d escribe how much we are thankful!

[@PH-md8xp]

Our HOA management firm wants $495 to do this for us! We did it ourselves, your video was helpful. Thanks 🙏🏼

[@ClaraCFO]

I am happy I could save you $495 :)

[@AnthonySatkowski]

I'm grateful for the guide you created. I was initially asked to pay $200 after receiving a BOI letter, but after conducting some research, I discovered your channel. I'm delighted I did, and I'm happy to be a new subscriber.

[@ClaraCFO]

Love it! SO glad to have saved you $200 - and hopefully a lot more as you are now a subscriber!

[@joannegrady2659]

Thank you so much! You made this much less scary than it sounded when I first read a message about FinCEN ! One note - when uploading a pdf of the document, I hovered over that area, and the pop up box said not to have any spaces in the title of the uploaded file. I hope that helps!

[@tysonyouts5011]

Thank you. Here’s the impression I get from this new layer of paperwork: ‘the form you filed to be a business and the sole owner was done by you?’ ‘Yes I’m the owner.’ ‘Ok, we need a form showing that as the sole owner you are responsible if your company does illegal stuff.’ ‘If I’m the sole owner and only employee then it’s obvious I’m the one responsible if I break the law.’ ‘Yes but we need another obvious form to waste your time and ensure we are needed to process data.’ Simplistic but this is the impression I get.

[@janethunt1081]

Thank you for your clear step by step process to complete 2 BOI reports. It saved me $$$ , as private companies wanted $150. per report. Thx for your service!

[@ClaraCFO]

Here to help the small business!

[@madedigitalgmb]

Excellent tutorial!! Saved me $200! Thank you so much. ❤

[@ClaraCFO]

Woohoo!

[@maryhegrat6001]

Thank you! I will be doing this for myself and a consulting client today!

[@ClaraCFO]

Great!

[@harveyroberts2274]

Great video and walk through. How do you come it if the registering llc company is 100 owned by another .Inc company. I have a holding company and it owns this new company.

[@yadiralgonzalez9597]

Hello! Thank you for the video. I have a Quick question. DBA’s also has to file the BOI Report ? For example name of the business’s owner is María Patricia Perez Gracia and her DBA is María Patricia. Does she has to file? Thank you!

[@suedunbar4287]

My 5 siblings and I are owners of our family LLC now that our parents have passed away. It was set up in 2011. Do I need to get license pics from all 5 plus mine and add them as beneficial owners? This video was wonderful and thank you.

[@KimberleySevilla]

I have the same question

[@thunderstreet78]

I have the same question. Also, our physical locations do not have mail delivery because we are in rural America and have no mail service. I've read elsewhere that PO Boxes are not accepted so not sure if we just add the physical address knowing that any letters they send to that address will not get to us.

[@MatrixJS]

If I set up an irrevocable trust with an EIN number but no llc do I need to file the BOI? There are two siblings as administrators with others in line if we should pass away. Would only the two of us need to be included as beneficiaries or would everyone need to be included?

[@Forworldtraveler]

I subscribed to your video. Helpful video, thanks for doing it free!

[@ClaraCFO]

Absolutely! here to help!

[@Dr.PickleNuggetcheese-r7h]

Very informative video But what if there are 2 benificial owners?

[@ClaraCFO]

At the top right of the “beneficial owners” page, there is a blue box that says “add beneficial owners”. I forgot to point that out!

[@andrealeslie5961]

Very easy to follow and was able to get this completed with your help today. Thank you very much!

[@ClaraCFO]

Great!

[@pfylr9490]

All small business must file.

[@olakusibeanimashaun]

Thank you very much for this video

[@benjngu]

thank you so much for this video. When you say we need to update when there is a change in ownership, does it mean change in the end of owner ship or does it matter if I add a layer of LLC (wyoming) but I am myself still the same end ownership

[@ArielVincent-Doe]

Has anyone had a problem downloading the transcript? If so, did you file again?

[@gwenmonaco7627]

If.you own and rent 1 property that is not in a LLC nor is any kind of S Corp do you still have to file?

[@tammiphillips257]

Hello Clara. If you have a holding company with multiple companies under it, would you do the BOI for the holding company or all of the individual companies? Thank you for the video!

[@KimberleySevilla]

I have the same question

[@mbiranzue3075]

Please help me open a bank account for my LLC

[@IvanAlferovUSA]

Really good guide 👏 Thanks

[@ClaraCFO]

Glad it was helpful!

[@cindycarrigan3549]

Just want to verify: if I check off #16 (company existed before 1/1/2024), I don't need to fill out anything else in the Company Applicant(s) section - I can move directly to Beneficial Owners(S)??

[@ClaraCFO]

That’s right!

[@elisemusu]

thanks for this super helped and well-explained video!

[@ClaraCFO]

So glad it helped you out!

[@rantallacleaning]

very clear, easy to follow guide through. thanks.

[@ClaraCFO]

Glad it helped!

[@ElieGhanimeEG]

Thank you so much for the video it’s very much appreciated, I had an LLC company that is inactive since 2018 was the last time I filed taxes on, also the bank account was closed since then. Do I still have to file the BOI filing? Thanks again.

[@ClaraCFO]

No, since the company has been closed.

[@ElieGhanimeEG]

@@ClaraCFOThank you! And I did subscribe to your channel 😊

[@ElieGhanimeEG]

@@ClaraCFO I have another question and I hope you can help me again. I opened a company last year 2023 then this parent company opened another subsidiary company this year, do I still have till December 31 to file for both on the same BOI filing? The parent and the subsidiary company each has its own EIN number. Thank you so much!!

[@petergamboa8614]

THANK YOU, I find this video very helpful.

[@ClaraCFO]

Great!

[@kazihussain1136]

Is Not for profit also need to do it?

[@dauran365]

Every year should we report BOI Or it just one time report for all the time.

[@ClaraCFO]

One time unless you change something with the business that affects the beneficial ownership

[@idorthopocatello614]

If I have an LLC that is owned by two other LLC as the beneficial owner, do I have to list the llc as beneficial owner or the owner of the LLC's as the beneficial owner? Thanks

[@ClaraCFO]

The owner of that holding company should be listed as the beneficial owner. A Company cannot be listed as a beneficial owner.

[@cristinamazzeo8895]

My business was created in 2015. Do I need to do this or is this just for brand new LLC's?

[@ClaraCFO]

You need to do this. All businesses need to comply if they are not exempt.

[@pattifrederick678]

how do we know for certain which LLC's need to file? Ex: we have a LLC that acts as a holding company for other LLCs but the payroll is under the main LLC with more than 20 ee's. It seems to me the main LLC does NOT need to file but all of the other LLC's which reflect NO employees does need to file. Is this correct? Thank you!

[@ClaraCFO]

Sounds to me like both LLCs would be reporting companies.

[@rickierenegar3045]

I know I’m your last video you said you don’t need to do this if your a sole proprietor llc but is there anyway to double check and make sure that’s what my business is set up for? I know that’s how my taxes are filed anyway is sole proprietor.

[@ClaraCFO]

LLCs can still be taxed as a sole proprietor. So if you can’t remember if you registered with your state or not (or can’t locate your paperwork), you can search your Secretary of State for your business…or even call them to check. You can search typically by business owner name or by the business name.

[@thewealthycrown]

Thank you for this!!

[@ClaraCFO]

Sure thing! Hope it helps!

[@lifecoach3]

Thank You for doing this video: very helpful.

[@ClaraCFO]

Glad it was helpful!

[@deangelakizito]

Thanks but what if I used tailor brands to get my LLC.. Do I put myself as the applicant?

[@ClaraCFO]

Did you get a copy of your LLC registration? You should have that. And if you filed before 1/1/2024, you don't need to fill out the applicant info!

[@deangelakizito]

@ I filed this month with the m

[@linochacon266]

Question: If I am doing the BOI report for a subsidiary LLC which is own (100%) by a holding LLC, should I record as the beneficiary owner the holding LLC name? If so, what should I put in the date of birth and First name? FYI the holding LLC just own this subsidiary LLC (100%). The holding company is own by me and my wife (50-50%). thanks?

[@ClaraCFO]

Great question - A company cannot be the beneficial owner. You would report whoever owns the holding company. Here's the text from page 24 of the BOI FAQs document I linked in the description: D.12. Who does a reporting company report as a beneficial owner if a corporate entity owns or controls 25 percent or more of the ownership interests of the reporting company? Ordinarily, such a reporting company reports the individuals who indirectly either (1) exercise substantial control over the reporting company or (2) own or control at least 25 percent of the ownership interests in the reporting company through the corporate entity. It should not report the corporate entity that acts as an intermediate for the individuals.

[@MN-bk8up]

I fill the BOI by my self and l put the LLC " Name LLC " it is right or l have to do it again an don't put LLC on the end?

[@ClaraCFO]

LLC is usually in the business name if it is an LLC

[@jennrene7237]

Thanks Hannah!

[@ClaraCFO]

Thanks for watching!

[@truthseeker4111]

What about a company like a food coop with 100s of members?

[@ClaraCFO]

Beneficial owners control 25% of the company or more.

[@hollydavidson501]

I am a sole proprietor with no LLC, C Corp, Inc., so I should not have to file a BOI? I have a name on my business but checking the Ga SOS site, I had registered it but didnt keep up with it, so it does not show up on the SOS register site So I wont have to file??

[@ClaraCFO]

That seems to be correct since you don’t have a registered LLC

[@samu77-sd7fn]

thank you very much

[@ClaraCFO]

Happy to help!

[@certifiedzinny562]

It says the system is offline for routine maintenance. Try again later. Please I am the only one experiencing this at 11/17/24 9:pm?

[@ukiemanserg5163]

Thanks Clara

[@ukiemanserg5163]

I know it’s Hannah

[@ClaraCFO]

I respond to both :D

[@202vaughn]

My CPA is charging $300 to file this for me. Is that a fair price?

[@ClaraCFO]

Is your beneficial ownership structure complex? I am seeing $50-300 when things are simple.

[@202vaughn]

@@ClaraCFONo, I’m the sole member of the LLC.

[@АндрейАлфёров-б7ы]

I have a problem with uploading photo, jpeg format. Does anyone experiencing the same? The system doesn’t let me go through

[@ClaraCFO]

You might want to check your file size and if it meets the requirements. I use the old Paint app to resize .jpeg files. That's probably an old-school way to do it :D

[@mbiranzue3075]

Please help me open a bank account for my LLC

[@carloyngedenberg7377]

What if you formed the business in August 2023 and actually started business at the end of 2023?

[@ClaraCFO]

Then you would go by the rules for a pre- 1/1/2024 business.

[@jennyherman8896]

You do need to make note of any expiration dates on the gov documents that you enter. You will need to update your report with the new document with an updated document whenever the initial document expires. For this reason using a passport instead of a drivers license will likely have a longer time before it expires, causing you to need to update your BOIR.

[@mariasbookclub]

Is Legal Zoom considered the company applicant? Or is it me? Or both of us? This is from the Q&A Does Legal Zoom fall under automated incorporation service? E. 7. If an individual used an automated incorporation service, such as through a website or online platform, to file the creation or registration document for a reporting company, who is the company applicant? If a business formation service only provides software, online tools, or generally applicable written guidance that are used to file a creation or registration document for a reporting company, and employees of the business service are not directly involved in the filing of the document, the employees of such services are not company applicants. For example, an individual may prepare and self-file documents to create the individual’s own reporting company through an automated incorporation service. In this case, this reporting company reports only that individual as a company applicant. [Issued January 12, 2024]

[@ClaraCFO]

I am not sure how you used Legal Zoom for your registration. It sounds like legal zoom could be just a software?