BOI Reporting Filing

BOI Reporting Filing

$75.00

In response to new federal reporting requirements mandated by the U.S. Congress, it’s crucial for small and mid-sized businesses to comply with the Corporate Transparency Act. This 2021 Act aims to increase transparency and combat illicit activities by requiring limited liability companies (LLCs) and small corporations to report their Beneficial Ownership Information (BOI). Starting January 1, 2024, Illinois businesses must submit this information to the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of Treasury or face severe penalties.

For just a $75 filing fee, Supernus Law can assist your business in navigating these new regulations and ensure timely and accurate reporting. By entrusting Supernus Law with your business registration, you can avoid the risk of penalties and focus on running your business.

For Supernus Law to get started on filing your BOI Reporting, fill out the information below: 

Instructions: Check box 1a “Initial report” if this is the first BOIR filed for the reporting company. Check box 1b “Correct prior report” if the report corrects inaccurate information from a previously filed BOIR. Check box 1c “Update prior report” if the report updates a previously filed BOIR, for example, to include one or more new beneficial owners. Check box 1d “Newly exempt entity” if, after having filed a BOIR, the reporting company is now exempt from BOI reporting requirements. If this checkbox is selected, then filer must fill out fields 1e–1h (reporting company information associated with most recent report) and no other fields in the BOIR.
Instructions: Select Yes to receive a unique FinCEN Identifier for the reporting company. The FinCEN Identifier will be provided to the filer after the BOIR is accepted by FinCen.
Instructions: Select Yes if the reporting company is a foreign pooled investment vehicle required to report information pursuant to 31 CFR 1010.380(b)(2)(iii). If the reporting company is a foreign pooled investment vehicle, the company need only report one beneficial owner who exercises substantial control over the entity. If more than one individual exercise substantial control over the entity, the entity shall report information with respect to the individual who has the greatest authority over the strategic management of the entity. The report should not include any information about company applicants.
Instructions: Enter the reporting company’s full legal name as recorded on the articles of incorporation or other documents creating or registering the entity.
Instructions: Enter any of the reporting company’s trade names, “doing business as” or DBA names, or “trading as” or T/A names. If the reporting company has multiple alternate names, use the “+” button after each name to add additional alternate names. Do not include the acronyms DBA or AKA with the alternate name.
Street # and name City State Zip Code Instructions: Enter the reporting company’s complete current street address information, including city, State, ZIP Code. This is the “business address” you reported on your filing documents (Articles of Organization or Incorporation) and which is used on your EIN.
Instructions: Select Yes if the reporting company was created or registered before January 1, 2024. Select No the box if the reporting company was created or registered on or after January 1, 2024. If you selected “Yes” are not required to report any company applicants and may proceed to Section 3. If you selected "No” you must provide the following information:
Provide the information for the person seeking to file this BOI Report
Provide the information for the person seeking to file this BOI Report
Please provide: Address (Number, street name, and apartment or suite number) City State Zip Code
Identification – Applicant must provide government issued identification.
Include First Name, Last Name, Date of Birth, Address, Type of ID, ID Number
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Description

WHO IS REQUIRED TO REPORT?

Your business may be required to file a BOI report if it is:

  • a corporation, limited liability company (LLC), or other business entity that is registered
    with the Illinois Secretary of State’s Department of Business Services; OR
  • a domestic or foreign corporation, LLC, or other business entity with fewer than 20 U.S.
    employees and less than $5 million in gross receipts or sales.

Essentially, all LLCs, corporations, and other business entities filed in Illinois are required to file
a BOI report.

IS MY BUSINESS ENTITY EXEMPT?
A limited set of entities are exempt from BOI reporting. Exempt entities include tax-exempt not-
for-profits entities, publicly traded companies, banks/credit unions, investment advisors, brokers,
and entities dealing with securities, public utilities, certain types of large operating companies,

WHAT IS A BENEFICIAL OWNER?
A beneficial owner is:
(a) any individual who owns at least 25% of an entity; or
(b) any individual who has “substantial control” over the entity — meaning a senior officer,
important decision-maker, or someone who can appoint and remove officers.

A person has substantial control over an entity if:

  • that person is a senior officer such as the company’s president, chief executive officer,
    chief financial officer, chief operating officer, general counsel, or other similar officer;
  • that person has authority to appoint or remove certain officers;
  • that person is an important decision-maker for the company (anyone who is able to
    make important decisions about the company’s nature, scope, operations, finances, or
    structure);
  • the person has any other form of substantial control over the entity.

Ownership interests includes any arrangement that establishes ownership rights in the entity,
such as shares, member interests, stocks, voting rights, or any other mechanism used to establish
ownership.

WHEN TO FILE
Your timeframe for mandatory BIO reporting is based on when your entity was registered (filed)
with the Illinois Secretary of State:

Before January 1, 2024: If your business was registered (filed) with the Illinois Secretary of
State before January 1, 2024, you will have until January 1, 2025, to file a report.

After January 1, 2024: If your business was registered (filed) with the Illinois Secretary of State
on or after January 1, 2024, and before January 1, 2025, you must file a report within 90
calendar days of receiving confirmation of your corporation's incorporation or
organization of your LLC or partnership.

After January 1, 2025: If your business registers (is filed) with the Illinois Secretary of State
after January 1, 2025, you must file a report within 30 calendar days of receiving
confirmation of your corporation's incorporation or organization of your LLC.

Updates: If you have updates or corrections to previously filed BOI reports, you must submit
them within 30 days.

WHO CAN SEE MY REPORTED INFORMATION?
Information in your BOI report is confidential and is not accessible by the general public.
However, the following exceptions may apply.

  • Certain federal, state, local, tribal, and foreign officials can request access to your BOI
    information for the purposes of national security, intelligence, and law enforcement, but
    only if they can demonstrate specific reasons and relevance of the disclosure.
  • Financial institutions can access the information to help customers comply with certain
    requirements, but only with the company’s permission.

WHAT HAPPENS IF I DON’T REPORT?
The penalties for non-compliance are very severe. Owners who don’t comply could face serious
fines and other penalties, which include civil penalties of up to $500 each day the offense
persists and criminal penalties of up to two (2) years imprisonment and a fine of up to $10,000.

HOW TO FILE
BOI reports are filed electronically through FinCEN’s website: Https://boiefiling.fincen.gov .
Filing your BOI report online is free and the FinCEN system will provide a confirmation of
receipt once a report is successfully filed.
You can obtain more information regarding BIO reporting, as well as a list of frequently asked
questions, by visiting https://www.fincen.gov/boi-faqs#C_2.

NEED ASSISTANCE FILING?
If you don’t have time to understand BIO reporting requirements or would like us to file for you,
please contact our office at your earliest convenience at 815-710-0200 or via email at
Jed@JWMcClureLaw.com. We’ll gather the required information and file your BIO report for
you.

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