Required Information Checklist
Confused by the buzzwords surrounding BOI reporting? Feeling lost in a sea of legalese? Fear not! This article cuts through the jargon and equips you with a clear understanding of the key players involved. We’ll provide a comprehensive checklist that demystifies both “reporting companies” and “beneficial owners,” ensuring you have a firm grasp on who needs to report and who they need to report about. So, grab a pen and get ready to navigate the world of BOI compliance with confidence!
Reporting Company
- Full Legal Name
- Any and All trade name or “doing business as” (DBA) name
- Report all trade names or DBAs
- Complete and Current United States address
- Report the address of the principal place of business in the United States, or, if the reporting company’s principal place of business is not in the United States, the primary location in the United States where the company conducts business.
- State, Tribal, or Foreign jurisdiction of formation
- For a foreign reporting company only, State or Tribal jurisdiction of first registration
- Internal Revenue Service (IRS) Taxpayer identification Number (TIN) (including an Employer Identification Number (EIN)
- If a foreign reporting company has not been issued a TIN, report a tax identification number issued by a foreign jurisdiction
Each Beneficial Owner (including individuals with substantial management and control) and Company Applicant*
- Full Legal Name
- Date of Birth
- Complete current address
- Report the individual’s residential street address, except for company applicants who form or register a company in the course of their business, such as paralegals. For such individuals, report the business address. The address is not required to be in the United States.
- Unique identifying number and issuing jurisdiction from, and image of, one of the following non-expired documents
- U.S. passport
- State driver’s license
- Identification document issued by a state, local government, or tribe
- If an individual does not have any of the previous documents listed, a foreign passport
* Only applicable for reporting companies formed after January 1, 2024
Summary
The ever-changing landscape of BOI (Beneficial Ownership Information) reporting can be daunting. This article simplifies things by offering a clear checklist to identify both “reporting companies” and “beneficial owners.” By understanding who needs to report and who this information pertains to, you’ll gain the confidence to navigate BOI compliance with ease.
