Does My Business Have to File a BOI Report? (Spoiler: Probably Yes)

If you're wondering whether your business needs to file this new BOI report, you're not alone. It's one of the most common questions business owners are asking right now. Let's cut through the government jargon and figure out if your business needs to deal with this new requirement.

The Quick Answer

If you own an LLC, corporation, or any business created by filing paperwork with your state, you probably need to file. Let's break this down into simple terms.

The "Probably Yes" List

You'll need to file if you have:

• An LLC (including single-member LLCs)
• A corporation
• A business partnership that filed state paperwork
• Any company that was created by filing with your state

Simply put, if you had to file paperwork with your state to create your business, you're probably required to file a BOI report.

The "You're Exempt" List

You can skip this requirement if your company:

• Has more than 20 full-time employees AND makes more than $5M in sales annually
• Is already heavily regulated (like banks and credit unions)
• Files extensive tax forms already (like larger corporations)
• Is a tax-exempt organization
• Is a sole proprietorship (no state filing required)

Important note: For some of these exemptions, you need to meet ALL criteria in each category.

Still Not Sure? Take This Quick Assessment

Answer these questions:

1. Did you file paperwork with your state to create your business?
   • Yes → Keep reading
   • No → You're probably exempt
2. Do you have more than 20 full-time employees AND $5M+ in sales?
   • Yes → You're exempt
   • No → You need to file
3. Are you a bank, credit union, or tax-exempt org?
   • Yes → You're exempt
   • No → You need to file

Common Questions

"What if I just started my business?"

If you formed after January 1, 2024, you have 90 days to file.

"What if I have multiple businesses?"

You'll need to file for each one (unless they're exempt).

"What if I'm the only owner?"

Yes, even single-member LLCs need to file.

"What if I run my business from home?"

Location doesn't matter – if you filed with the state, you need to file a BOI report.

What You'll Need to File

If you need to file, here's what you'll need to gather:

• Company details (legal name, address, formation date)
• Owner information (name, birthdate, address, ID)
• Company applicant info (who filed the paperwork)

Important Deadlines

• Existing businesses (pre-2024): January 1, 2025
• New businesses (2024 and beyond): 90 days from formation
• Updates to your filing: 30 days from any change

Why You Shouldn't Ignore This

The penalties for non-compliance are significant:

• Up to $500 per day in civil penalties
• Up to $10,000 in criminal penalties
• Possible jail time

Making It Simple

You don't have to navigate this alone. BOISimply can help you file accurately and efficiently. For $129, we:

• Guide you through the process step-by-step
• Provide live support when needed
• Review your filing for accuracy
• Handle the submission process
• Keep your data secure

Next Steps

1. Determine your filing requirement (hopefully this guide helped!)
2. Gather your basic business information
3. Choose your filing method: DIY or let BOISimply handle it for you

Have more questions? We're here to help. Contact us through our website or chat with us live for personalized assistance.

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