How to File BOI Report with FinCEN - Example for Single Member LLC

The Corporate Transparency Act (CTA) now requires domestic and foreign reporting companies to provide information about their beneficial owners and company applicants to FinCEN.

The BOI Report is a one-time filing obligation, however, the reporting company may need to file an updated BOI Report in future years if there are any changes to information originally submitted on the report. Updates would include changes to the beneficial ownership structure (changes in who holds the equity), changes in address for either the company or beneficial owners, expired identification documents for the beneficial owners, changes in the company management (e.g., CEO retires and new CEO is appointed), etc.

In this example, we have a foreign-owned single-member LLC that was established in March 2024. The LLC must file a BOI Report within 90 days, which discloses the owner as the beneficial owner and company applicant.

Timestamps
0:00 Introduction
0:45 Background on CTA
2:36 What is a Reporting Company
4:26 What is Substantial Control
5:52 Fact Pattern for Tutorial
9:06 Sample BOI Report for Foreign Owned Single Member LLC

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#FinCEN #CorporateTransparencyAct #BeneficialOwnership

[LuisGarcia-qntc]

Thanks Very clear It get a little more complicated when the owner are other corporations Thanks

[vinniej.]

Thanks for the video Mr. Jason. May I ask; Is it necessary to update the Boi form after closing the company?

[cristobalbravo]

is there a video on how to make an update to your report? i cant seem to find one? I did a name change to my company and now i dont know how to make a update to my report?

[johnkitners]

Who do we put down for company applicant if we used a third party service such as Legal Zoom to file?

[MongolBrickOrganic]

Thanks. Could you tell me how to file initial BOI report for non-resident LLC owner?

[talhanoor]

Sir if the a company owns by another company, on benefacial owner information what information we have to add?? The parent company name and Details?? Or we simply can add any CFO/CEO information as benefacial owner??