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How to File a BOI Report: The Texan Guide

Filing a Beneficial Ownership Information (BOI) report can be straightforward, but knowing what details to include is key. Follow these steps to ensure a smooth process:

Steps to File Your BOI Report

1. Gather Company Information
You’ll need to provide specific details about your company, its beneficial owner(s), and its company applicant(s).

• Beneficial Owner/Company Applicant Information
  • Full legal name
  • Residential address
  • Date of birth
  • Valid photo ID
• Company Information
  • Full legal name (including DBA names)
  • Principal address
  • Jurisdiction of formation
  • Tax ID (EIN, SSN, or ITIN)

Who is a beneficial owner?
A beneficial owner is anyone who owns at least 25% of your company or significantly influences its operations. For corporations, this might include directors or board members; for LLCs, it may include members or managers.

Who is a company applicant?
The company applicant is the person responsible for forming the company. If one person filed or directed the formation, include their information. If two individuals were involved, provide details for both.

2. Visit the FinCEN Website
Submit your BOI report online through the Financial Crimes Enforcement Network (FinCEN) platform.

Is my BOI report information public?
No, the information you submit will remain confidential and not accessible to the public.

3. Complete the Filing
Once you submit your BOI report, you’ll receive an email confirmation.

Key Filing Deadlines

• Formed before January 1, 2024: File by January 1, 2025 (no company applicant information required).
• Formed during 2024: File within 90 days of formation.
• Formed after January 1, 2025: File within 30 days of formation.

FAQs on BOI Reports for Texas Businesses

What is the Corporate Transparency Act (CTA)?
The CTA, passed in 2021, aims to combat financial crimes by requiring companies to report ownership details. The information is collected by FinCEN to increase transparency and reduce illicit activities.

Who must file a BOI report?
Most businesses registered with the Texas Secretary of State, including domestic and foreign corporations and LLCs, must file. Sole proprietorships and general partnerships are exempt.

Who is exempt?
There are 23 exempt entity types, typically in highly regulated industries (e.g., finance) or publicly traded companies.

Is this a recurring requirement?
No, the BOI report is a one-time filing. However, if the reported information changes, updates must be filed within 30 days.

What does it cost?
Filing through FinCEN is free. For added convenience, you can hire us to handle your filing for just $25.