How to Complete Beneficial Ownership Information (BOI) Reporting | Rhode Island Department of State

[@thunderstreet78]

I found out about this accidentally through an email from an attorney, which I thought was a phishing email. How are small businesses supposed to know about new requirements like this? The email says if we don't file, the government will put us in prison, fine us $10,000 plus $591 per day. This is so incredibly stressful. Having to put all my work on hold to try to figure out how to file this report for two businesses. One has two partners and I can't find any information about whether I need to add both partners. I know several other small business owners and no one knew about this report.

[@RhodeIslandDepartmentofState]

Hi there. Thanks for your question. This is a requirement of the federal government, but the RI Department of State has worked to assist entities in learning about the requirement through mailings and information available on our website. If your business was created by filing a document with the Secretary of State’s Office (in Rhode Island or elsewhere in the United States), your business probably has to file the report. FinCEN has some FAQs that may assist you here: fincen.gov/boi-faqs#D_1 If you’re still unsure, contact us at [e-mail] or 401-222-3040 and we can help direct you to the most appropriate resource to help.

[@scottb9793]

Why did you skip over item 16 about an existing reporting company before January 1, 2024? And you just showed that we need to fill out all the information in the ensuing lines. Because if we were an existing company before January 1, 2024 and check box 16 we do not need to fill out anything in that section.

[@DANDYMENSAH]

Does this apply to rental property owners? For example, a 3 family unit home.

[@RhodeIslandDepartmentofState]

Thanks for the question! According to FinCEN, this requirement applies to all businesses that were created by filing a document (such as Articles of Organization or Articles of Incorporation) with the Secretary of State’s office, unless that business meets one of the 23 exemptions detailed in the federal Corporate Transparency Act. FinCEN offers many resources to help business owners determine if they must submit this report: fincen.gov/boi. If you are unsure if a business you own was created by filing a document with the RI Department of State, please contact us at [e-mail] or 401-222-3040.

[@darlyd.mervius7145]

How do you know which business need to apply for this?

[@RhodeIslandDepartmentofState]

@@darlyd.mervius7145 If your business was created by filing a document with the Secretary of State’s Office (in Rhode Island or elsewhere in the United States), your business probably has to file the report. There are some exemptions that you can see here: www.fincen.gov/boi-faqs#C_2. If you’re still unsure, contact us at [e-mail] or 401-222-3040 and we can help direct you to the most appropriate resource to help.

[@azteca123]

Do we have to request the FinCEN ID?

[@RhodeIslandDepartmentofState]

Great question! Requesting a FinCEN Identifier is optional. FinCEN Identifiers are typically used by those whose information will be included on many BOI reports (for example, professionals who provide incorporation services and would be frequently reported as a Company Applicant). You can learn more about FinCEN Identifiers here: fincen.gov/boi-faqs#M