How To File The BOI Report For FREE (Step By Step)

In this comprehensive tutorial, discover how to file the Beneficial Ownership Information (BOI) report for your new LLC. Whether you’re establishing a new company or have an existing business that needs to comply with recent regulations, this video will guide you through filing your BOI report, step by step, using FinCEN’s online system.
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Lawyer Disclaimer (Occupational Hazard): This is not legal advice. Everything here is for informational purposes only and not to provide legal advice. You should contact your attorney for advice regarding any particular issue or problem.

[@YourSubconsciousIsSpeaking]

How hard was that !! Simple and concise Every other how to video on this subject is 25min long and includes subject that matter that has Nothing to do with the new BOI. Thank you.

[@JamesBakerCPA]

Thanks for the comment I'm glad it helped!

[@geekslabllc]

Hey @James, I ordered a Tello line as you recommended from one of your videos. Then I had it delivered to me in Kenya, then I activated it, ported my SKype line to it, and now I have a real U.S. number not VoIP. Major success! The other is I applied for a Relay account and it was approved, I was given U.S. debit card and now my business transactions are easy to track! I owe you coffee dude!

[@JamesBakerCPA]

Nice!!! Happy to hear this. If you used an affiliate link for tello and relay you are helping me add to my cellphone collection so that's awesome. Would love to get coffee in Kenya tho. Best of luck!

[@jonathanhenriquez9437]

thank you for your videos i learned a lot from you, wish I would've found your channel before paying someone to open my LLC! but I got it now for my next LLC!!!😎

[@premalaschlitt6675]

Thank you, thank you so much, James! New subscriber here!

[@hakiml5381]

Well done James

[@jeffreyrh]

So you suggest continuing to submit the BOI report. What about the Alabama Federal District judge that ruled it unconstitutional? Is that still in the works?

[@shalala9871]

I am wondering the same?

[@JamesBakerCPA]

If you are a part of that organization in Alabama you don't have to file it

[@abdulrabb1616]

Thank you very much james ❤

[@personaltravelandexplorati9627]

What if the owner of LLC passed away and the LLC is shut down in 2024. What is the BOIC filing requirements? I can find no info on this scenario anywhere.

[@chrisguli2865]

Great job James! Nice explanation. My registered agent keeps sending me emails to file the BOI for $25 but this is really easy peasy for DIY. It appears there's no new litigation to challenge this right? So it appears filing this is inevitable.

[@maxstyne]

Can you post a video on how to get an ITIN?

[@libardobarreto7932]

Can you do also a video if you change your company name but after you file a BOI report. What are the steps?

[@jomission5793]

Question: If an LLC has several owners, do all owners need to file their passports or just 1 person only?

[@maksimapelsin6966]

You rock!

[@innocent575]

Thank you for the video. What about a LLC formed before 2024. The LLC has a Wyoming state entity ID but no EIN yet because the business for the LLC is inactive/not functioning for now. Does it still need to file the BOI initial report and does it fall under L.2 Reporting company Excursion?

[@dross0123]

SMLLC w S-corp tax election. If in a community property state, specifically California, do both spouses need to be added as a beneficiary?

[@jomission5793]

Another question If a LLC is owned by another LLC, how is that handled?

[@LulJersey]

Incfile doesn't take foreign order anymore Please can you give the best alternatives? 🙏

[@elpablitorodriguezharrera]

Hey James and Team, Can you make a complete step by step process to form an LLC from start to finish including all the necessary things to compliance for non us residents in a single video? It would be helpful for most people. Also, how much it cost total your service is?

[@JamesBakerCPA]

It's too much for a single video but I have done this in the last three or four videos. More to come

[@elpablitorodriguezharrera]

@@JamesBakerCPA yes but I feel like you designed the video for Non-US + US at the same time which is not specific. It'd be helpful if there's one video titled smth like "How to form LLC + EIN + BOI + US Number + US Address + US Bank Account + Stripe + Tax etc. for Non-US Residents from start to finish in 2024" because that's me and I believe most people find from expert like yourself. Thanks.

[@JamesBakerCPA]

Yes I mean I'm doing these but step by step on different videos. That would be a 2 hour video with a bunch of stops and delays.

[@JamesBakerCPA]

I appreciate the feedback. If I can cover a topic and address the NR and Resident viewers and keep the whole video under 10 minutes I try to do that

[@ahmadmustafa5794]

My company was registered in may 2024, 90 days passed and i didn't file boi report yet. What should i do now? I'll face a fine now when i filled boi report?

[@kevinc7439]

What happens if you accidentally do not check "Reporting company is existing before January 2024" do I need to refile or resubmit?

[@theamazingadvnturesofboopa8033]

Can I use my business address as my physical address that where I get my business mail at

[@SujanShakya06]

Hello, my business started in 2019 as sole proprietor and this year i changed to llc. Do i file as a existing business? Thanks

[@JayN4GO]

Great question. I’m assuming your LLC name is not exactly the same name as the SP?

[@Jzemb]

what about a LLC I had to reinstate in 2024 but was active since 2021 but soemthing happend and it was shut down

[@gaganbains2254]

I received a 1099-NEC from the states, what do I do with it.

[@robdalton5961]

Im waiting for the update on whether we should file or not? 6 months ago, you said wait to see it we need to file or not.. Court case Alabama? Thanks

[@JamesBakerCPA]

There have been no other updates. You should still file it

[@gianbonme]

Do you recommend getting a FinCEN ID?

[@JamesBakerCPA]

Not if you don't need it

[@AnneDahl-rr6wd]

Merci 🤩

[@heythemboudraa402]

Thank you very much you came on time and im with your pace from opeing the llc until now but you cheated on me you got the ein fast im a foreign lol

[@JamesBakerCPA]

Lol well you get to have your LLC and pay no taxes so id rather get it slow in exchange for being anonymous

[@blazernation5035]

What is an “identifying document number”? Is that my ID #? Or my EIN#??

[@JayN4GO]

So I chose drivers license. Enter your drivers license number. Passport will be passport number.

[@leogarcia7039]

What about a church?

[@LulJersey]

Incfile keeps canceling my llc order 😢

[@carlosjarquin5540]

If you provide all the info they request, you'll be good to go... They just started the process with me after submitting everything they asked (selfie holding my ID, photo of the last 4 digits of the 💳 I used, photo of my bank statement showing that the money has been deducted from my card), I know it's annoying but I got not choice 😅

[@dismahusername8309]

bro I havent done it and it’s been like 100+ days? no penalties or anything

[@jay.rhoden]

The proper answer is probably "talk to a lawyer", the penalties are expensive. I suspect the answer might be "you just gotta do it". I do note that the scary yellow message says "willful non filing" so it comes down to how they decide what is willful or not. Hopefully if someone was genuinely ignorant they accept that. I wonder if anyone has had penalties actually applied for not doing it in time? Does anyone know?

[@JamesBakerCPA]

Probably another thing where they require something and don't enforce it at all. They haven't started enforcing yet but could at any time.

[@chrisguli2865]

@@jay.rhoden From what I read, it's difficult for the IRS to prove "willful failure to file" (in most cases) and I presume it will be the same for Fincen which is also part of the Dept of the Treasury. However, that will not stop them from issuing bills for thousands of dollars. If you're 30-40 days over the time limit, that is $500 per day or $15,000 to $20,000, but I think it is capped at $10,000. Not a lawyer, but jail time is for those who "willfully" fail to file, IMO. Talk to an attorney, and they may tell you to file asap, and hope for the best. Or, they may tell you to dissolve the company (so filing requirement goes away) and then start a new company which resets the clock. I suspect there will be many who aren't even aware they need to do this. Definitely speak to an attorney and CPA asap!

[@RoderickDerham]

8061 Reynolds Road