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

[@ClaraCFO]

Make sure to watch this video made after recent legal action on the Corporate Transparency Act: kzbin.info/www/bejne/j4eooXZ9iKpkeqM

[@soccersprint]

You no longer have to file BOI. New judicial system ruling has blocked BOI

[@OldSkoolDJ54]

This video should be removed. It's now moot.

[@ClaraCFO]

@@OldSkoolDJ54 it is not moot. The enforcement of the CTA is paused, but it is still law. More time is needed before we know it is completely unnecessary. The updated video posted above shares the facts.

[@singerjen212]

@@ClaraCFOit’s unconstitutional. Null and void.

[@brittanybraxton5080]

Thank you so much! This is my first year in my business, and I had no idea what to do!!! I appreciate you so much!!!

[@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!

[@ClaraCFO]

Glad it helped! thanks for sharing!

[@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!

[@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.

[@PH-md8xp]

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

[@ClaraCFO]

I am happy I could save you $495 :)

[@quentology11]

They were going to make me pay $200, it's crazy how they wouldn't inform me, I could do it for free, and under 15 minutes no less. I am also grateful!!

[@chanmanchu9071]

You did a superb job! I followed your instructions, screen by screen, and I ended up with a successful submission. Thank you very much.

[@ClaraCFO]

Woohoo! Love you hear it! that’s what I was hoping people would be able to do!

[@kathypietzsch9473]

Thank you very helpful and i successfully filed to abd with you explaining word for word and step by step made it less stressful i was very stressed out about this .God bless you this is the best teaching of how to do this

[@madedigitalgmb]

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

[@ClaraCFO]

Woohoo!

[@LunadaBayRider]

So helpful! My accountant offered to do this for me for $275...Thanks for saving me the money. So easy! And, yes, I subscribed!

[@ClaraCFO]

Woohoo! You don't know happy it makes me to hear how many people are keeping their hard-earned money in their pockets! Thanks for subscribing!

[@eusoj50]

Seems Luke you have a crook for accountant. I'd ok paying $100 for his time, but $275 is a stretch.

[@LunadaBayRider]

@@eusoj50I don’t think so. He does excellent work. It’s his right to request what he thinks is fair for his service and it’s my right to take care of it myself.

[@ClaraCFO]

@@eusoj50 accountants and lawyers are charging $200-750 to do this for clients. This is not outside a reasonable range. What most small businesses don't realize is that it is very easy to DIY, and most don't need to hire someone to do it for them.

[@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!

[@jpaul4595]

Thank you very much for the video, it is very clear and takes you through step-by-step on what to do. Great job.

[@jonathanwhite4256]

Extremely helpful! Thanks for walking everyone through this. I followed along and it was a breeze. Thank you!!

[@ClaraCFO]

Great!

[@edwardgarcia3800]

Thank you so much for making this video. It was extremely helpful and saved me some money.

[@angieashby71]

Thank you so much for making this video, it is very informative. I followed your instructions as I filled out my own report.

[@ClaraCFO]

Glad it helped!

[@bigdaddysstorytime]

Thank you for the great help and guidance in this process! Happy Holidays!😃

[@user-rm8rc1xi8g]

Thank you SO MUCH for showing us how to file! 🙏

[@Deesaigh]

Thank you for doing this, i filed successfully and i appreciat your help

[@DaveNicholson-t8t]

Thank you for doing this, Hannah. I'm new to business ownership, so this presentation was invaluable to me. You are so awesome! By the way, I purchased your 1040-ES Excel Worksheet earlier this year and found it to also be invaluable for estimating my taxes. Thank you, thank you, thank you!!!

[@ClaraCFO]

So glad this and the estimated tax worksheet have been helpful!

[@karlamurphy9934]

@@ClaraCFO where can I find that worksheet? I would love it!

[@k.t.6497]

I truly appreciate you sharing your knowledge. This video was extremely helpful, since I the only provider for my business. Thank you

[@ClaraCFO]

Awesome!

[@bluespaghetti93]

Thank you so much for putting this together! It made a daunting task seem very simple and easy

[@cassiebrunson1590]

Great video, thank you so much! I have a business started before Jan 1 2024, Am I supposed to file out the Beneficial Owner Information too? Step 34?

[@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!

[@ClaraCFO]

Thanks for that note!

[@maryhegrat6001]

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

[@ClaraCFO]

Great!

[@allen2577]

THANK YOU FOR DOING THIS VEDIO WAS SO EASY TO FILE

[@datinhdao]

Thank you for all your updates ❤ My business is Sole Proprietor, just only me. Do I need to file?

[@charlesfreitag8338]

My accountant told me to fill this out. I was in a rush to leave for vacation so Somehow I was directed to a paid site that ended up charging $159 and I didn't realize until it was done. Thank you for your video wish I'd have seen it sooner.

[@Ken-tc5mp]

Great help! I’m LLC pre Jan 24. Checked box 16. When, at what box do I re-enter

[@blancaalvarez7637]

great easy to follow video! thank you.

[@elenascampini3759]

AMAZING THANK YOU! Do you have a video on how to close a small business ? Thanks!

[@rajeshsharma9998]

This is really helpful. Thanx a lot. Quick question, what if my US entity has any subsidiary out of country, how to file that information?

[@jackj20111]

Thank you for your help, Hannah.

[@ClaraCFO]

Thanks for watching!

[@JohnPeltonen]

Wow, that was easy! Thanks for the walk through.

[@clementinod7946]

Who is the beneficial owner in case the LLC is under your Holding LLC and you're the only member? And how to report both?

[@Ztheprofm]

Thank you so much, this was so helpful! 🙏

[@MarsKellokoski]

Thank you so much Hanna!!!!! Great video and so helpful!

[@andrealeslie5961]

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

[@ClaraCFO]

Great!

[@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.

[@ClaraCFO]

Hi! I answered your specific question here: kzbin.info/www/bejne/kGXRlJWFrZyLrNE

[@ClaraCFO]

Check out this follow-up video: kzbin.info/www/bejne/kGXRlJWFrZyLrNE

[@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!

[@ClaraCFO]

Thanks for the question! I answered it here: kzbin.info/www/bejne/kGXRlJWFrZyLrNE

[@LMarryshow]

Thank you so much!! I was almost on the verge of tears, lol. Now easy peasy lemon sqeezie

[@ClaraCFO]

No tears! Happy it helped!

[@ShayHolt80]

Thank you kindly for your info. I just subscribed as well!! Great content 🎉❤💯🤗 Question: If it was created 2020, but was inactive for a few months and now you’re active. Would the person still select existing?

[@ClaraCFO]

Hi - yes, if the entity (LLC, corporation, etc) was active in 2024, then they would file. However, be sure to watch the latest video on this issue: kzbin.info/www/bejne/j4eooXZ9iKpkeqM

[@lashundalamotte452]

Hello Clara! Okay I registered my business 01/2023 so I want to know so that I will know if I’m following EVERYTHING CORRECTLY if I would need to check the book on #16 and proceed with the following questions. I just want to make sure that I’m doing everything correctly. So if you don’t mind, please help?

[@AaronWilletteDesign]

If I am operating as a DBA - In the 'Reporting Company' tab, do I enter my full name in step 5 and then my trade name in step 6? Thank you for your content!

[@germanarturo11]

What do you mean by Secretary of State filing?

[@alisonlewis5626]

So I don't understand #16 because I did my EIN in 2019. Didn't click it and filled it all out already. So do I need to go back and correct it? Or Leave it. I didn't apply ... someone else did so I got that wrong. Ugh.

[@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!

[@greenerpastures1000]

Thank you asking that question!

[@hypermotivation5387]

What if you only have your EIN but never registered in any state, does this still apply? Thank you to for responding in advance to anyone who does.

[@LMH2502]

Hi! Thank you for your awesome video! I have a quick question about the address of the Reporting Company. Which address should I use to file for the Reporting Company address section if I don't have a US primary address but only a virtual address in Texas (this virtual address is used for mail forwarding and business address purpose)? Should I use the virtual address or my Registered Agent's address if they allow me to use theirs? Also my home address is an apartment address so will this apartment address be qualified and legally used to file? Thank you so much!

[@alicefuller3071]

But is that FINCEN-ID registered to your business or to you? As an individual, if you start a new business will you have to then file a new FINCEN-ID to include both businesses?

[@stephanievanhorn8094]

Thank you so much for this. I appreciate your wealth of knowledge.

[@ClaraCFO]

Happy to share!

[@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

[@ahmedyasinabdulahi8090]

@@mbiranzue3075. All you need make an appointment any bank. Like Usbnak WellsFargo etc. get ready business registration tax ID EIN number. And drivers license and passport ID. You good to go. Bro

[@ClaraCFO]

Each of the individual companies that have been registered with the Secretary of State. Then you will report the beneficial owner of each. That beneficial owner must be an individual, not a company. So really it is whoever is the beneficial owner of the holding company will be the beneficial owner of the reporting company. I am doing another FAQ video that will post next week with more detail on this.

[@ClaraCFO]

See above!

[@quanphan712]

if my business starts from 2023... should I mark " initial report" or "update prior report". Thank you

[@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!

[@karlamurphy9934]

is box 11 the address we receive mail (i.e. my registered agent's address?) or my business address? (my home?)

[@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?

[@leassiaturner7724]

how do I add a second beneficial owner or is that necessary? I added one of us but didn't see where to add the other owner.

[@ClaraCFO]

At the top right hand corner of the beneficial owner section, you can add another owner.

[@Andyhandy92]

I just filed a BOI for one of my LLC and when checking the printout discovered that I misspelled the Legal name of the company I am reporting, just an 'e' instead of 'á'. Following the BOI instructions it indicated that you can just do a correction with that process going through the whole process without any reference to what I had filed previously. I just don't understand how the new information will find and replace the old miss-pelt info. What is the key info if not name and/or EIN or at least requesting the BOIR ID for the filing I am correcting. I just don't see how it hangs together and then addressing this at some point down the track with threats of huge fines.

[@gsp064]

Thank you for information, I also saw your video on stay on punitive actions. Great work. I still want to report, how do I deal with a siation where we sold the LLC (registered prior to Jan 1 2024) during the year ?

[@DalitaP]

Can you help me please or video how to make the CORRECT PRIOR REPORT I put my company name but I forget to write LLC in the end . How I can correct any video please ?

[@EpicEdgeAi]

My LLC was formed last March/2024 had not a clue about this so I filed today. Way Past 90 days but you can't act on info you don't have?

[@livinginlongbeachcaliforni4674]

Perfect...thanks so much for this!

[@RafaDeAtlanta]

great video, thanks a lot, I did mine with you hehehehe, step by step. Thanks.

[@normagonzalez9043]

if an error occur with the id number, does an update or correction is needed?

[@ahmedyasinabdulahi8090]

What if you had PartinershipHow did you fill out the name of the information part beneficial ownership ?

[@ClaraCFO]

You can add another beneficial owner on the "beneficial owner" section.

[@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.

[@petergamboa8614]

THANK YOU, I find this video very helpful.

[@ClaraCFO]

Great!

[@New_Horiz0n]

I’m sole proprietorship, Please tell me, do I also need to submit this form? Thanks. I have EIN and assumed business name sertificate

[@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

[@ClaraCFO]

If you create a new LLC, you will have created a new reporting company and will need to file a new BOI. But you would update an existing BOI report for a reporting company if you were to take on a partner with more than 25% ownership or you added a new manager that has substantial control over the business.

[@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.

[@ClaraCFO]

I answered your question here: kzbin.info/www/bejne/kGXRlJWFrZyLrNE

[@kazihussain1136]

Is Not for profit also need to do it?

[@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.

[@ArielVincent-Doe]

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

[@ClaraCFO]

You should also have received an email confirmation of your filing.

[@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

[@greghulst6985]

What do you do if one of the owners of the LLC is another LLC? One owner is a person but the other is an LLC?

[@ClaraCFO]

I answer holding company questions in this video I posted today: kzbin.info/www/bejne/kGXRlJWFrZyLrNE

[@Forlazytravelers]

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

[@ClaraCFO]

Absolutely! here to help!

[@CeylanCakmakci]

Hi I filled the application but it rejected. I got email that says “reporting company already has been filed” I am very confused I didn’t filed the application. How can I check my status if everything is good? Can anyone please advise me what to do? I don’t wanna pay to the agents 😕 thank you

[@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!!

[@cayana-r4p]

Good clear instructions!!!

[@ClaraCFO]

so glad you think so!

[@mb1958jay49]

QUICK QUESTION- What is your secretary of state filing? I have been in business since 1991.

[@ClaraCFO]

Did you register with the Secretary of State? Hi can usually do a public search for your business on your state’s website.

[@rantallacleaning]

very clear, easy to follow guide through. thanks.

[@ClaraCFO]

Glad it helped!

[@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?

[@ClaraCFO]

Sounds like you don't need to if you never registered it as a separate entity.

[@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.

[@IvanAlferovUSA]

Really good guide 👏 Thanks

[@ClaraCFO]

Glad it was helpful!

[@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.

[@olakusibeanimashaun]

Thank you very much for this video

[@ClaraCFO]

Happy to help!

[@MikeSnover]

If I started business on 2023 do I need to do this?

[@ClaraCFO]

If you have set up a separate entity (like a LLC or Corporation) then yes. Watch this one for more specifics about who needs to file: kzbin.info/www/bejne/jKa8mX2jnJaIkNE

[@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

[@ahmedyasinabdulahi8090]

@@ClaraCFO. What is the best way to do partnership. Same time or different time to submit. Thank you ?

[@ClaraCFO]

@@ahmedyasinabdulahi8090 you add a second beneficial owner at the top of the beneficial owner page - there is a button on the top right to add another beneficial owner.

[@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

[@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

[@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.

[@linochacon266]

@@ClaraCFO Thank you Clara. I really appreciate your clarification. Very good content for entrepreneurs!!!

[@elisemusu]

thanks for this super helped and well-explained video!

[@ClaraCFO]

So glad it helped you out!

[@sammyj8613]

Nice explanation

[@76rtc]

Very helpful. Thank You!

[@ClaraCFO]

great!

[@truthseeker4111]

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

[@ClaraCFO]

Beneficial owners control 25% of the company or more.

[@codyrich1317]

just subscribed!

[@ced11773]

I never received any notice to file this, I heard about it from a friend. If I didn't hear about it from him, I would have been charged hundreds of dollars everyday as a penalty?? How is this allowed 😩

[@ClaraCFO]

To be honest - I don't know. They SAY they've launched awareness campaigns, but if they wanted to be effective, they would be hiring influencers like me and other financial/legal professionals to spread the word! I am NOT paid to do this content - it's totally out of the hopes to help business owners understand this stuff and avoid penalties!

[@TheJazzyRedTalkShow]

Thanks I own 3 Businesses and I never got a notice by mail or email..

[@TheJazzyRedTalkShow]

I never got a notice ever

[@sesirealty]

Thank You!!

[@ClaraCFO]

You're welcome!

[@southernloveinteriors]

My submit doesn’t work. I’ve checked all my info

[@ClaraCFO]

Try again? If you can't do it online, there is a PDF version you can do

[@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

[@lifecoach3]

Thank You for doing this video: very helpful.

[@ClaraCFO]

Glad it was helpful!