Frequenty Asked Questions

• Who needs to file BOI?
  Most LLCs, corporations, and similar entities must file, particularly if they are registered in the U.S.



• What is the purpose of BOI filings?
  To increase transparency and combat money laundering and other financial crimes.



• How do I file BOI?
  Using our online portal www.1clickboi.com



• What information is required for BOI filings?
  Information about beneficial owners, including names, addresses, dates of birth, and identification numbers.



• What qualifies as a beneficial owner in a small business?
  An individual who directly or indirectly owns 25% or more of the business or exercises substantial control.



• Do I need to file BOI if my business has no employees?
  Yes, if you meet the ownership criteria, you still need to file.



• Are there any exemptions for small businesses?
  Certain entities like larger companies or those regulated by the government may be exempt.



• What if my small business changes ownership?
  You must update your BOI filing to reflect the new ownership.



• How often do I need to file BOI?
  Initially upon formation and whenever there are changes in beneficial ownership.



• Is a rental LLC required to file BOI?
  Yes, if it meets the criteria for beneficial ownership.



• Who counts as a beneficial owner in a rental LLC?
  Anyone owning 25% or more of the LLC or having substantial control.



• What if my rental LLC has multiple members?
  Each member’s ownership percentage must be reported.



• Do I need to file if my rental LLC is owned by a corporation?
  Yes, the corporation’s beneficial owners must also be reported.



• Are rental income and property details required in BOI filings?
  No, only ownership details are necessary.



• What is the deadline for filing BOI?
  Generally, it’s within 30 days of formation or changes.



• Can I file BOI manually?
  No, filings must be submitted electronically through the designated portal.



• What happens if I miss the filing deadline?
  You may face penalties, including fines.



• Is there a fee for filing BOI?
  Yes, filing through 1clickboi.com may incur fees.



• What if I don’t have a Social Security number?
  You can use an Individual Taxpayer Identification Number (ITIN) instead.



• What are the penalties for not filing BOI?
  Penalties can include fines and possible criminal charges for willful noncompliance.



• How does FinCEN enforce BOI compliance?
  Through audits and investigations, with cooperation from other agencies .
  
  
• Can I contest a penalty?
  Yes, you can appeal penalties through FinCEN’s procedures.



• What constitutes “substantial control”?
  It refers to the ability to make significant decisions regarding the business operations.



• Can I be both a beneficial owner and an employee?
  Yes, many owners also serve in operational roles.



• How do I update my BOI filing?
  Submit a new filing reflecting the changes.



• What types of changes need to be reported?
  Changes in ownership percentages, new beneficial owners, or removal of existing ones.



• Is there a time limit to update after a change?
  Yes, updates must generally be made within 30 days.



• What if my beneficial owner is a trust?
  You must report the individuals controlling the trust.



• Can changes be made retroactively?
  No, filings reflect current ownership only.



• What if my business is a sole proprietorship?
  Sole proprietorships are not required to file BOI.



• Do partnerships need to file BOI?
  Yes, partnerships are required to disclose beneficial owners.



• What if my LLC is inactive?
  If it’s still registered, you must file, regardless of activity status.



• Can my accountant file BOI for me?
  Yes, if they have proper authorization.



• Are there resources for assistance with filing?
  Yes, FinCEN provides guidance and resources on its website.



• Is my information kept confidential?
  BOI information is generally confidential but can be accessed by law enforcement.



• What measures are in place to protect my information?
  FinCEN employs security protocols to safeguard data.



• Can I request to view my BOI filing?
  Yes, you have the right to access your submitted information.



• Will my information be sold or shared?
  No, FinCEN does not sell or share personal information without legal cause.



• What if my information is incorrect?
  You can submit corrections as needed.



• What technology do I need to file?
  A computer with internet access and a valid email.



• Is there a specific format for filing?
  Follow FinCEN’s guidelines for data input. You can use www.1clickboi.com for quick and easy filings.



• Can I save my filing and return later?
  Yes, you can save drafts in the filing portal.



• What if I encounter technical issues while filing?
  Contact www.1clickboi.com support for assistance.



• Do I need a digital signature?
  Yes, electronic signatures are required for submissions.



• What if my business is a nonprofit?
  Nonprofits may still need to file, depending on their structure.



• Can I file for multiple entities at once?
  Each entity must be filed separately.



• Are there any penalties for inaccurate filings?
  Yes , inaccuracies can lead to penalties.



• What is FinCEN’s role in BOI?
  FinCEN oversees the collection and maintenance of BOI filings.



• Is BOI filing similar to tax filings?
  While they both require personal information, their purposes and processes differ.



• Do all states have the same BOI requirements?
  While federal guidelines apply, state laws may vary.



• What if I operate in multiple states?
  You must comply with BOI requirements in each state of operation.



• Are there state-specific exemptions?
  Yes, check your state’s laws for any specific provisions.



• How do state regulations affect my BOI filing?
  You must adhere to both state and federal regulations.



• Can I receive state assistance for BOI filing?
  Some states offer resources or guidance for compliance.



• What are best practices for maintaining BOI records?
  Keep detailed records of ownership and any changes.



• Should I consult a lawyer for BOI filings?
  It can be beneficial to ensure compliance with all regulations.



• How can I stay updated on BOI regulations?
  Regularly check FinCEN’s website and subscribe to updates.



• What documentation should I retain for BOI?
  Retain ownership agreements, tax documents, and communication records.



• Is it advisable to use a compliance service?
  Yes, especially if you have multiple entities or complex ownership structures.



• Is BOI the same as a business license?
  No, BOI relates to ownership information, while business licenses are regulatory approvals.



• Do all LLCs have to file BOI?
  Yes, unless specifically exempted under the law.



• Can my business remain anonymous with BOI?
  No, BOI filings require disclosure of beneficial owners.



• Is BOI only for large businesses?
  No, it applies to all qualifying entities, regardless of size.



• Will BOI filings impact my credit score?
  No, BOI filings do not affect credit ratings.



• What should I do if I can’t remember my filing login?
  Use the password recovery option on www.1clickboi.com



• What if I receive a notice from FinCEN?
  Read it carefully and respond as instructed.



• Can I file an extension for BOI filings?
  Extensions are generally not permitted; filings must be made on time.



• What if my filing is rejected?
  Review the rejection notice and correct any issues before resubmitting.



• How do I verify that my filing was accepted?
  Check your filing status in the www.1clickboi.com portal



• Will BOI requirements change in the future?
  Regulations may evolve, so stay informed and adapt to changes.