BOI Filing Costs Explained: What You'll Really Pay in 2024

While there's no government fee to file a BOI report, there are other costs to consider. Let's break down what this new requirement might actually cost your business, both in dollars and time.

Direct Costs: What You'll Actually Pay

Government Filing Fees

• BOI Report Filing: $0
• Information Updates: $0
• Annual Reports: $0

Professional Filing Options

• DIY Filing: Free
• BOISimply Professional Filing: $129
• Attorney Services: $500-1,500
• Accountant Services: $200-800

Hidden Costs of DIY Filing

Time Investment

• Research and Learning: 1-2 hours
• Information Gathering: 30-60 minutes
• Form Completion: 30-60 minutes
• Review and Filing: 30 minutes

Business Disruption

• Owner time allocation
• Document gathering
• Information verification
• Update management

Cost of Mistakes

Penalties

• Civil penalties: Up to $500 per day
• Criminal penalties: Up to $10,000
• Possible imprisonment
• Business relationship impacts

Common Costly Errors

• Missing deadlines
• Incorrect information
• Incomplete filings
• Failed updates

Long-Term Considerations

Annual Maintenance

• Information updates
• Document management
• Compliance tracking
• Time investment

Future Requirements

• Ownership changes
• Information updates
• Regular verification
• System maintenance

Cost Comparison

DIY Approach

Pros:

• No direct filing cost
• Complete control
• No service fees

Cons:

• Time intensive
• Risk of errors
• No expert support
• Future update challenges

BOISimply Service ($129)

Pros:

• Professional filing
• Error prevention
• Time savings
• Expert support
• Update reminders

Cons:

• One-time fee

Attorney Services ($500+)

Pros:

• Legal expertise
• Comprehensive service
• Additional consultation

Cons:

• Higher cost
• May be unnecessary
• Longer process

Making the Right Choice

When DIY Makes Sense

• Simple business structure
• Plenty of available time
• Comfortable with regulations
• Clear ownership structure

When Professional Help is Worth It

• Multiple owners
• Complex structure
• Limited time
• Value accuracy

ROI Consideration

Time Value

• Owner hourly rate: $100-200
• DIY time investment: 2-4 hours
• Potential cost: $200-800 in time value

Risk Mitigation

• Penalty prevention
• Accurate filing
• Proper updates
• Compliance assurance

Next Steps

1. Assess your business complexity
2. Value your time
3. Consider risk factors
4. Choose your filing method

Why Choose BOISimply

Our $129 service includes:

• Complete filing handling
• Information verification
• Expert support
• Update reminders
• Peace of mind

Ready to File?

Choose your path:

• DIY: Start gathering information
• BOISimply: Let us handle it for $129
• Need help deciding? Chat with our team

Don't let BOI filing costs surprise you. Make an informed choice and ensure your business stays compliant.