Content Entrepreneurs With LLCs Must Complete This Form or Pay Penalties
I have a question for all content entrepreneurs who structured your business as an LLC in the United States:
Have you filed your BOI with the US Treasury? It’s due by Jan. 1, 2025, for all LLC businesses incorporated before Jan. 1, 2024. (Started since Jan. 1? Your BOI was due in the first 90 days after LLC approval.)
TL;DR: Visit the BOI page of the US Treasury Financial Crimes Enforcement Network to submit the form and get more answers to your questions.
What the heck is BOI? It stands for beneficial ownership interest. It’s a new reporting requirement that came from the bipartisan Corporate Transparency Act passed in 2021. According to the US Treasury, the intent is “to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies and other opaque ownership structures.”
And the government means business. Failure to file by the deadline could lead to civil penalties starting at $500 per day and criminal penalties of up to $10,000 and/or two years in prison.
What do you need to do? Fortunately, it’s a simple process. You can file online or fill out and upload a PDF. I just did it for my LLC in 10 minutes. In addition to the standard name, address, etc. information, you need to share the state in which you incorporated, your EIN or Social Security number (whichever is connected to the LLC), and upload an image of your government ID.
Once you submit the application, it will provide a transcript of the submission. Make sure to download and save it with your other important documents.
Of course, we’re not the expert on this. The government’s Taxpayer Advocate Service hosts a wealth of BOI-related sources, and if you need more help, contact a professional service provider.
Considering forming as an LLC or S Corporation? Check out this article from The Tilt: Why Forming a Legal Entity is Critical for Entrepreneurs.
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