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What is the BOI and why was this requirement established?
The BOI stands for Beneficial Ownership Information. It was implemented to increase transparency and prevent illicit activities.
Who needs to comply?
Businesses registered in the U.S., except for some exemptions such as inactive entities or certain types of businesses.
What is the deadline for submission?
You must submit it within 30 days if there are changes and annually if there are no changes.
What happens if I don't submit it?
You could face civil and criminal penalties. It's important to comply to avoid legal issues.
If I'm a business owner and an immigrant without an American license, can I submit it?
Yes, nationality does not affect the submission. You must comply even without an American license.
What documents should I have on hand to submit it?
Valid identification (driver's license/passport/foreign ID)
Details about the beneficial owners, such as names and ownership percentages.
LLC Certificate (to verify the correct name and address of the business)
EIN.
If I registered my business this year, do I need to submit it?
Yes, you must submit the BOI, even if you registered your business this year.
