Watch Me File the BOI Report for FREE | Step by Step
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- Опубліковано 10 лип 2024
- #smallbusiness #smallbusinessowner #smallbusinesstips
In the Watch Me File the BOI Report for FREE | Step by Step video, I share details about why the beneficial ownership information report is import, why most limited liability companies and corporations have to submit this report, and give step by step instructions on how to fill out this report on the FinCEN.gov website.
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TIMESTAMP
00:00 Intro
0:22 What is the BOI Report?
1:45 Who is Exempt from the BOI Report?
2:21 BOI Report Step by Step Guide
8:27 Don't Make These Mistakes
Easy-to-Follow Tutorials To Help You Start the Business:
Write A Business Plan Using AI: • I Wrote A Business Pla...
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ABOUT ME
Hey, I'm Darcy. I enjoy learning new skills and finding creative ways to make money online. The purpose of Darcy's Business is to create a community of people who want to break free from their 9-5, start a business of their own, and get financially free. Let’s create wealth one step at a time, and together!
Music by CreatorMix.com
DISCLAIMER
The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship. You should not act or rely on any of the information contained herein without seeking professional legal advice.
//TAGS//
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This breakdown is gold! 👏 Clear, concise, and straight to the point. Thanks for demystifying the Boi report and making it so easy to understand and follow. Keep up the fantastic work!
Awww thank you! I appreciate the kind words!
Awesome info following your guide, I fill the BOI out quickly. Thank you
Thank you so much!
The need for this filing took me by surprise, and not a happy one. Thank you for making this simpler!
Glad I could help!
A Million Thanks Darcy, I followed your youtube video on filing BOI Report. I got my done! Again, thank you for all you do.
Great! I’m glad it helped!!
Great Job, Darcy. You just keep it Simple & Easy !
Awww thank you!
Great video! Much clearer than another I watched that's currently ranking #1 on the subject.
I try! I’m glad you found it helpful!
Exactly what I've been looking for thank you!
Glad it was helpful!
Your video has been the most helpful and not confusing. thank you
Aww thank you! I try!
Thank you, Darcy! This video was great and very simple to follow!
Glad it was helpful!
You helped me do this in less than 10 minutes! THANK YOOOOOU!
Awww I’m glad to hear it!!
Thanks for this, I was just looking this up today. Your video is right on time
Awww thank you!! I’m glad the video was helpful
Thank you Sis!
I wouldn't have known about this if you hadn't mentioned it.
KUDO's to YOU!!!
Awww I’m glad it was helpful!
Thank you 😊 for taking the time for us I got my BOI DONE ✅.🎉
Great!! I’m glad it worked out!
Darcy You are my new go to person. You Rock.
Awwww thank you!
Thank you for the information. It is on my to do list.
Thank you so much for this information!!!! Knowledge Is Power!
Yessss!
Hi Darcy!! Thank you, thank you, thank you!!!!! This was so helpful!! I've been struggling with this, OMG!! Bless you! You've got a new follower!
Awww thank you! I’m glad it was helpful!!
Thank you so much!!!! This was easy and straightforward
Awww I’m glad it was helpful!
you're the best. Thumbs'd up!
Awww thank you!
You earned a subscriber!!! Superb content.
Awww thank you!
Thank you so much, I usually don't comment on videos, but I had to say thank you. I've been pushing this off since I registered my LLC back in February! Was finally able to just sit down and get it done thanks to you!
Awww I’m glad the video was helpful Julian!! Hope everything works out for you and your business!
I filed mine in Feb 24 for my LLC and I just did my BOI in 06/25/2024. I know I'm late but I forgot... Hopefully they let me slide on this fine for being late 😂
@@Ariana0999 🤞🏽🤞🏽
You are awesome! Thanks so much!
Awww thank you!
Thank you, this video was very helpful.
That’s great to hear!!
Thanks. You’re An Angel ❤
Awww thank you!
Very impressive. Thank you ma'am.
Great - thanks so much!!
I’m glad it was helpful!
Thanks a lot!!! your video is really helpful.
Awww thank you!
You were so helpful
Awww I’m glad!!
Good afternoon. I would just like to say thank you. And I appreciate your video, your information was extremely helpful, better than most of the videos that I've been looking at. I thank you for the time and consideration that you put into your video. Sincerely, Seymour's small jobs LLC.
Awwww thank you! I really appreciate the kind words
Thank you!!
That’s great to hear!!
Thank you so much!
I’m glad it was helpful!
Thank you for this and all that you do! Can you do a video for those that filed their business after Jan 1, 2024 specifically when it comes to the company applicant part of the form
Thank you for the video idea!!
Thanks for the educational information, i leav outside USA and i am planning to register my online shop and I really need help so to not run into problems
Thanks
Hey there notice that you wanted to file for your BOI. D need more help?
Amazing video very well explained,I want to give u Million likes 👍 Thank u
Awww thank you! I’m glad it was helpful!
@@DarcysBusiness I FILLED ALL FIELDS IM S CORP LLC AND IM UNABLE TO SUBMIT,DONT KNOW WHY?
@@50-STARS Hey! I would look for any messages at the top that say error. If you don’t see any messages, I would try to fill out the application on a different browser
Hi, thank you so much for the video. I do have a question since I'm doing my business as a DBA, do I put my legal name as the "reporting company legal name" and put my DBA business name on 6. Alternate name?
Hey there notice that you wanted to file for your BOI. Do need more help?
Awesome video! Thank you!!!!
Quick question, my agent formed my LLC with a personal home address of a managing member, we recently got a virtual office from alliance, however it was done after the formation of the LLC. Therefore i need to input the inital address on file with SOS correct?
Yes, you will want to update all records across the board with the new address - SOS, IRS, banks, vendors, credit agencies - Dun&Bradstreet, 411 listing, Google My Business.
I did it !!! Thank you. The husby is 75% and I am 25% but not 26% so I'm not over 25% so hoping "over 25%" meant 26%+ :-)
I’m glad you were able to get it submitted!
thanks dear for this video its really helpful.
if u can pls make video on annual report also that will be your pleasure .
🥰🥰🥰🥰
Hey! Thank you for the kind words. I have a video on annual reports right here: ua-cam.com/video/0muyarBfrdA/v-deo.htmlsi=r7cZVVdnLaeJFzQd
Thanks for making this video. In question 24, do I need to select my business address or residential address?
Hey friend! I put my residential address for that section! The "Need Help" icons are very helpful.
Thanks 💐💐💐👸🏾💖💖💖
Good afternoon, I have 2 companies, do I use the BOI # from my first filing for the second company?
Hey! The FinCEN number is the one that can be used across applications. The BOI number is tied to the company whereas the FinCEN number is tied to the person
Hi, Thanks Very Much For Helping Guide.
Please question: In section 11. , "Current US Address" I don't have Current US Address because i have Non-US Residents LLC in Wyoming, which have all addresses outside the united states . so which address we can put?
Hey friend! To form the business in Wyoming, you would have needed to use a US address as your business address. You should be able to include this same address for section 11.
Hey sis thx for the info. I wanted to know does a DBA have to report a BOI report ?
As of now, to my understanding, no, a DBA does not have to report. Only an incorporated business
Hello I wanted to ask if you own 2 businesses but the same name for both do you have to file twice if one was started in February of this year
Hey friend! It’s based on business entity type. If you have one LLC and one sole prop, you need to file only for your LLC. If you have two LLCs, you need to file for both
You do not need an llc, only after making a certain amount of money. I dont know where that is at these days
I do have an llc. Its great if you are working as a subcontractor. But you only need a ssn.
Thank you for sharing Lisa! From my personal experience, it’s been easier getting business funding with a business entity (LLC, S-Corp, C-Corp).
@@DarcysBusiness right exactly for funding if you're working as a subcontractor as I stated it's really useless. I'm not saying there's anything wrong with having an LLC I was just stupid and didn't realize I didn't have to have one even as a subcontractor. People also get the wrong idea to get an LLC, I filled out my form with my company name
Sent in 25.00 and $25 each year!!! People believe it takes thousands of dollars to get an llc. If you haven't done a video on that maybe you should and let people know it doesn't cost much at all. There I gave you content. Lol
@@lisamoorehouse7146 thank you!
How can we add it to our current Fincen ID?
on your vid, it requests to receive a FinCEN ID. But, what if we already have one?
Hey! If you have an existing FinCEN ID, my understanding is that you should use that same ID in the application. It makes reporting easier. The FinCEN ID is tied to the individual. You can read more here: fincenid.fincen.gov/landing
So if on the formation document shows the address of the register agent can be used same address to fill the Boi?
Hey CEO! If the registered agent has given you permission to use it as the business address, that should work but I would not use it as my personal address
Hey quick question if u have several llc can u do some one day and another time the rest of the llc or just all in one day
Hey friend, you can do it anytime you’d like. One note though is that if these are new LLCs, you have 90 days to fill out the forms.
Hi Darcy I have a question, I have a virtual address for my business and a registered agent who filed my llc,. I am not living in the state which i formed my business. For the company address I can put my virtual address ... in the owners information & benefical owner , will putting my residental (out of state) address cause any issues?
Hey! It shouldn’t cause any issues but to make sure I’d consult a legal professional.
Hi quick question, I have a 50/50 partner. Under the “Company Applicant” section, where it says “company applicant number 1”, do I add my info THEN select “add company applicant” on the right side of the screen to add my partner’s info as well? Thanks for your help
Hey there notice that you have more questions about filing your BOI. Do need more help?
Hey friend! According to the guidelines, it says for the company applicant, it just needs to be the person that filed the formation paperwork. If you'd like, you can include up to two company applicants. The Need Help icons throughout the online application are very helpful as well.
Hello there, thank you for the video. May I ask for foreigners, what should we put down for the US company address? Can I put down my virtual office address?
Hey, you can call them and ask: 1-800-767-2825
Do we need FinCEN ID before filling BOI Report? Confused what to do First FinCEN ID or BOI? I own Wyoming based LLC.
Hey!! No, you don’t need a FINCEN ID before filing out the report. You will get a FINCEN ID at the end after you are done filling out the BOI Application
What about for a business owner who’s business owns a portfolio company? How would a company go as Beneficial owner or would an officer of the company go as a beneficial owner. Given that the company owns 30% of portfolio company.
Hey! I would hire a professional to assist with filling out the forms. In most cases, every business entity filed with the state should have a BOI Report filed for it.
Thank you for all informations, i tried filling BOI report, the end the option (submit) is not active so that i can submit.
also i have one question:
As a non resident should i put my virtual address on section 11( current US address) or Agent address?
Thank you
Hey! I would personally would put my business address here. Typically, one needs explicit permission from a registered agent to use the same address as a business address.
@@DarcysBusiness Thank you 🙏
What if you did not file for an EIN? I do not see n option in the dropdown for "none". Thank you for the content, and appreciate any answer.
In my personal opinion, I believe most if not all businesses should have an EIN. It’s free to get and helps you protect your social security card number
Hi thank you for the info but at last of your video say you have to a office separate from your home address.what about I don't have office or I don't need it. so my business address and home is the say it is going to be issue or not .
It’s not recommended to use your home address as your business address because it will be public record
@@DarcysBusiness thank you for your respond did it require by law or just it's good idea. I don't understand it. Because I'm a truck driver I just use LLC for my business I don't need office.
@@waad4054 It’s not required by law, you can use your home address. It’s just something to consider if you do email marketing, business cards or any type of marketing in which a business address might be needed, you won’t have one if you use your home address
I don’t have my drivers license with the updated address. I have a DL but it doesn’t match the address with the company. Can I submit the temporary document that dmv sends? Can I use my id that has a different address?
My ID has a different address than where I currently live. That was not an issue
As an e commerce should I use the registered agent address or a virtual address?
Hey!! Unless the registered agent says you can use there address as a business address, I would get a separate virtual address
Hello, thank you soooo much for the video it was really simple to see all the steps explained. However i have a question please . I got my company established in feb 2024 , by an accountant who am no linger dealing with
Can i put my info on the company applicant section ? Or i need to put his information ??
I heard many opinion about it .😢am confused 😕
Thank you hope to gear from you very soon .
Love your Channel❤❤❤❤
Hey! It likely depends on if he filed the paperwork as an individual or as a business. A company applicant has to be an individual. It sounds like you could have a complicated situation. You can learn more about how to reach out to FINCEN here: www.fincen.gov/contact
Thank you so much for this video I was stressing out and had no clue it was this easy but I have my business address as my home address is that not okay to do so? I seen that you said it’s publicly but will besides that does that come with any fines? I’ll be good no? Because my business address is my home address I’m on day 88 so I have to submit this as soon as possible my business was active February 14th is when I formed my LLC and EIN
Hey! It’s fine to use your home address since that was used as your business address on your LLC documents. As you grow, I would work on getting enough money to update this as soon as possible because it is public record.
@@DarcysBusiness thanks so much when it said home or business I put business and then put my home address because that was what I clicked on my LLC my hole address
I have a question if I’m dissolving my LLC that I started before 2024 in October of 2020 do I still need to fill out this form? The business made no money in 2023. Thanks for your help!❤
Hey! I’d personally fill out the form. It’s free to do.
I received a letter about my annual report today. When I’m filling out the reporting company section shown in the video, do I use the EIN number that was given when I formed my business or the ones that’s on the letter?
Hey! The EIN numbers should be the same across all documents.
@@DarcysBusiness I’m in the state of Georgia and the letter is showing me two entity identification numbers.
@@jaydixon32 Hey, I would give your Secretary of State a call to work it out. The only way, I see you having two different EINs is if you have two businesses or you got an EIN as a sole proprietor and then got another one as an LLC/S-Corp/Corp
@@DarcysBusiness also on the last section when choosing your drivers license, the identification number is the driver’s license number right?
@@jaydixon32 You can schedule a 1-1 consultation, if you'd like. The question mark icons are next to each question and explain what you need to include when filling it out.
Sooo I was watcing another video and they said the DEFINITION of Beneficial Owner is OWNING 25% OR HAVING SUBSTANTIAL CONTROL OF THE BUSINESS... you may want to add that info in future videos.. THANKS ~~
Hey! I believe I spoke about this in my previous video and I have a BOI Report eBook as well on my website with this information.
I just filed an llc and the sole proprietor. To be clear I do not have to file the BOI report?
Hey, no a sole proprietor doesn’t have to file the BOI report.
I opened a non-USA residential LLC in the state of NH. My LLC is approximately 9 months old, and I have not opened any business bank account or conducted any business on Amazon through my LLC. I have not made any transactions through my LLC. Now, I want to close my LLC permanently, but I am confused about the BOI. Is it compulsory for me to submit the BOI before disclosing my LLC, or not?
Yes, I would say any LLC registered in the US should file the BOI report. It is free to fill out so it would cost you more not filing than if you do.
You should research "Inactive Entity Exemption" If you meet all 6 then you are exempt. 1. Entity formed prior to 1/1/20, 2. Entity is not engaged in active business. 3. Entity is not owned directly or indirectly by any foreign person. 4. Entity has had no change in ownership in the preceding 12 months. 5. The entity has not sent or received any funds greater than $1K. 6. The entity holds no assets of any kind. Sounds like you might meet those requirements and so if you close your LLC .... in AZ we fill out a form with the AZ Corp. Commission and pay $35. Just keep your records to show you never acted upon your LLC. Remember, this Law is under the IRS and they are looking for illicit behavior (money laundering...).
If the drivers license expires in the future do I have to re do this paperwork, any consequences if one forgets!
Your driver’s license number should stay the same. You should be good. You can also use another form of ID.
Hello! If my company has two partners, each one fills out their form?
Hey! There is really helpful information on the BOI's FAQ section: www.fincen.gov/boi-faqs
When completing this does one need to file all openers of an LLC. Or does just one suffice?
You need to file a BOI Report for every LLC/Corp that you have.
Sorry I meant all owner or members of the LLC
Mam, when I submit a BOI report for my LLC, FinCEN is asking for the current U.S. address mentioned on lines 11, 12, 13, 14, and 15 on the FinCEN website. However, the address listed for my LLC is India address. Mam, please advise on what to do.
Hey! I would hire a professional to assist you with this! If you’d like to fill it out yourself, you can reach out to www.fincen.gov/contact or you could call them at 1-800-767-2825 or toll free at 703-905-3591
hello, I have a quick question. I applied to close my company on 23 january 2024. should i fill this form? thanks in advance
If I were you, I’d fill out the form
I formed my LLC with a third party Bizee for the applicant information would that be me or the person who actually filed my paperwork?
Hey there notice that you wanted to file for your BOI. D need more help?
@@coachcortneyrose Yes i figured out how to file with the help of this video but its that one section about the applicant info that im unsure of.
Hey friend! You would put your name as the company applicant. Company applicants must be individuals, not businesses. The "Need help?" icons have very helpful information and can be found right next to each question on the online application.
So can the company applicant and the beneficial owner be the same? I’m starting a small dog grooming salon with no employees. And Im filling this report out myself.
Yes, they can be the same
@@DarcysBusiness thank you!! Also, the address for the business and is the same as my residential address. Which one do I click? Residential or business?
@@user-vd1zs2od8p I'm not sure what number you are on in the application. Also, if you have any additional funds in business budget, I would look into virtual business addresses so that your house isn't listed publicly online.
Will I be able to receive my Fincen number before I submit my BOI?
You will receive both at the time at the end of submitting the BOI report.
Do all members of the LLC have to fill out their name and Drivers License info? Or just one ?
Hey friend! All business owners with a 25% stake in the company or higher have to fill out this report. You can check out the BOI cheat sheet here: www.darcysbusiness.com/products/beneficial-ownership-information-report-step-by-step-guide
@@DarcysBusiness thank you !
NO one is explaining what address to put in a foreign Non-Resident of the USA for the BOI if "Company address cannot be Registered Agent address, PO Box or Virtual Office"!!!!!!
Hey! You can call FINCEN and ask. I put my virtual office address as my business address when filling out the forms.
How soon after submitting an LLC for approval do you need to file the BOI?
I just applied for my LLC yesterday, so I just was curious if I had time to request an EIN because I'd like to use that instead of my SSN
Yes, you have 90 Days. Which formation company did you wind up forming your LLC with or did you go directly to your state?
@DarcysBusiness thank you! I went through Tailor Brands
I honestly respect accountant professionals. But I feel I was almost scammed by my accountant. They were charging us usd400 to file this report. Will you please tap in your opinion/ experience if you have paid someone to file for you?
I would say it's all about knowledge and the exchange of value. As a business owner, you likely charge others for services that people would prefer you do or they don't know how to do. Since the BOI is so new, your accountant probably has business owners willing and able to pay the $400 so they don't have to worry about it. In other words, I'm glad to have you in my community so I can share my knowledge and experiences with you in the hopes that it makes things easier for you
You forgot the subsidiaries of exempt companies.
Thank you for sharing!
@@DarcysBusiness Great video !!! And thank you for informing!!! You are a true Nubian Princess
When I fill out, they keep telling me submission fail, Try again later.
Hey! I would try again later and double check that all the sections are filled out. You might have missed one
Hi! I have a Non-US Resident llc and my business address is my foreign residential address. This form requires a US address amd I dont understand what am I supposed to write for current US address.. please guide 😢
Hey! I would consult a lawyer or whoever helped you set up an LLC in the US. Also, you should consider getting a virtual business address that’s based in the US. You can learn more here: ps.alliancevirtualoffices.com/DarcysBusiness
@@DarcysBusiness Hey darcy! Thankyou so much for replying. It doesn’t seem as simple as just getting a virtual address now is it? I will have to file a report with the IRS about changing my address and go through a long, time taking and expensive process. What do you suggest I do? Is there any alternate way of doing this so its done quickly?
@@musicless6086 Hi,
Have you found any solution? I am stuck with the same thing.
@@Ropuch7 Nope. Contacted Fincen wrote them emails multiple times they said they have escalated the issue but no one has git back to me since.
I have the same problem. Do you have any suggestions? Thank you
OK WAIT'?.. the beneficial Owner Information Report is for owner who have 25% or more in the business? There are 5 of us and we all only own 20% each. So do I even need to fill this out? and if so How do I go about filling out the Beneficial Owner section, since the information doesn't apply? and it will not let me go forward without putting information in that section?? 😵💫😵💫😵💫😵💫😵💫
Most businesses need to have the BOI report filled out. You can consult your CPA or tax professional if you'd like. Also business formation companies assist with the filing of this document
i am non us citizen i file llc this week and i dont get my EINS yet how can i file BOI reports ?i will be helpful if you give me a reply thank you
Hey! I’m not sure. I would hire a professional or formation company to set this up for you!
@@DarcysBusiness thank you i am waiting for your reply
@@rajubaral1387 A professional is best to assist you
FYSA, If you are doing government contracting virtual address will not work. Don’t learn the hard way like I did.
Thanks for sharing? Even addresses with a physical office location. I personally recommend virtual offices and not virtual addresses.
Unfortunately, I find you late, the accountant charged me $250.
Turn on that bell so I can keep you up-to-date on everything!!