Don’t Pay To Have Your Corporate Transparency Act BOI Report Prepared

Through trademarks, corporate rights, contracts, and ongoing legal support, I’m going to show you this whole shirt because I think it’s really cute. You see? The definition of a genius is a person who uses their education and experience to create amazing businesses. That’s what we do. So, that is what a genius is, and that is who we help.

At the end of last year, the government announced the Corporate Transparency Act, requiring a majority of businesses to disclose their owners. This was introduced to counter money laundering and hidden shell companies, as it’s often challenging to identify who is financially responsible in such cases. For this workshop, if you have an LLC or corporation, you may have to file what’s known as a beneficial owner information report (BOIR).

Welcome back to the Own Your Genius podcast, where we discuss building businesses, growing brands, and owning your genius. I’m your host, Attorney LaConya Murray, owner of Off The Mark IP Solutions. Off the Mark is a boutique intellectual property firm representing innovative entrepreneurs, also known as geniuses, who are looking to protect their brand and grow their business with ongoing legal support and business mentorship. We have a good one for you today, so let’s get started.

If you are formed by filing paperwork with your state agency—like in Alabama, where it’s filed with the Secretariat of State—you may need to file this report. Even if a third party filed that paperwork on your behalf, your company is responsible for submitting this report.

A beneficial owner is someone who owns over 25% of the company. If you’re a minor, someone else can file for you. A beneficial owner could also be someone with substantial control over the reporting company, meaning they directly or indirectly hold a significant influence. If you own a company that owns another company, this would also apply.

To file this report, make sure you are on the correct website—fincen.gov—to avoid spoof sites. For businesses formed before 2024, you have until the end of the year to submit this report. If you formed a business this year, the report is due within 30 to 60 days of its formation.

This workshop is to ensure you don’t pay an unnecessary fee for something that can be done quickly. You’ll need your driver’s license, social security card, or passport as identification. Make sure you upload a copy of that ID. They also want to know what type of report you’re filing, whether it’s an initial or a correction.

For businesses created by filing paperwork with the state, you’ll need your company’s legal name, any trade name, tax identification number, and the physical address where your business is located. Avoid using a PO box here. The reporting company will also need identifying documents, such as a state ID, driver’s license, or passport.

The beneficial owner information is similar; you’ll provide identifying documentation and residential address for the owner, not a business address. Once completed, submit the report, and remember—it’s absolutely free, with no filing fees.

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I hope this has been helpful. Let’s continue the conversation in the MARKEDlegal Community. Share this episode with three people, and don’t forget to subscribe and rate the podcast. Until next week, keep building your business, growing your brand, and owning your genius.