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New Federal Law: BOI Reporting for All Businesses, Including Notarial

By NotaryLive Staff

Published on 08/16/2024

KEY TAKEAWAYS:
32.6 million registered businesses in the U.S., including notaries, must file BOI reports with FinCEN by January 1st, 2025.
FileForms offers quick and easy BOI report filing with expert support to file in 10 minutes.
Non-compliance with BOI reporting can lead to significant penalties of $10,000 per business.

In a significant development for businesses across the United States, a new federal law mandates the filing of Beneficial Ownership Information (BOI) reports.

This report will be with the Financial Crimes Enforcement Network (FinCEN) by January 2025.

Here’s how this impacts businesses and how NotaryLive, along with its partner FileForms, can help.

1. Understanding the BOI Requirement

This regulation aims to enhance transparency and combat financial crimes by requiring businesses to disclose detailed ownership information.

What is BOI?

Any registered businesses must submit a BOI report. The aim is to create a transparent business environment that prevents illegal activities like money laundering and fraud.

Who needs to file?

If you own a business, whether it’s a Limited Liability Company (LLC), corporation, or any other registered structure, you are now required to comply with this new federal mandate.

This requirement applies to all types of businesses including:

Small Businesses
Limited Liability Companies (LLCs)
Corporations
Partnerships

2. The Impact on Businesses

The BOI report requires you to submit specific details about your business, including:

Names of beneficial owners
Addresses
Birthdates
Identification Numbers of the beneficial owners and company applicants

How this affects your business

Failure to comply with these reporting requirements could result in significant penalties of up to $10,000 or even jail time.

Therefore, understanding and adhering to these regulations is crucial for any business owner.

3. The Unique Impact on Notaries

Specific Requirements for Notary Businesses

While this law affects nearly every business, it has specific implications for notary businesses.

If you own a notary business, whether it’s an LLC, corporation, or any other registered structure, you must comply with the BOI reporting requirements.

4. Introducing FileForms: Your Solution to Regulatory Compliance

Who is FileForms?

FileForms is a platform designed to simplify regulatory compliance.

Notaries can file their BOI reports efficiently, saving hours that would be otherwise spent navigating extensive regulations.

Benefits of using FileForms

Quick Filing: File your BOI report in just 10 minutes, significantly reducing the time spent on compliance.

Automated Processes: FileForms automate much of the data entry and document preparation, saving you from the tedious task of going through 98 pages of regulations.

*Expert Guidance: Receive support from compliance experts who can help you understand and meet all regulatory requirements.

Secure Data Privacy: Collect and store data securely with a SOCII compliant technology and security.

Monitoring and Alerts: Stay updated with necessary compliance deadlines and avoid penalties through proactive monitoring and alerts provided by FileForms.

Intuitive Platform: The easy-to-use platform ensures you don’t need to be a compliance expert to file your BOI report accurately.

Step-by-Step Assistance: The platform guides you through each step of the filing process, ensuring all required information is correctly submitted.

Direct Integration with FinCEN: Ensure quick and secure submission directly to the federal government and receive confirmation.

5. Why Choose NotaryLive and FileForms?

Streamlined process

At NotaryLive, we understand the importance of staying compliant with federal regulations while maintaining the efficiency of your notary services.

Our partnership with FileForms ensures that notaries can focus on their core responsibilities without getting delayed by regulatory difficulties.

24/7 Support

NotaryLive offers round-the-clock remote online notarization, ensuring that you can handle notarization tasks anytime, anywhere. (A plus, if you have your own notary business!)

End-to-end solutions

Together with FileForms, we provide a comprehensive solution that respects confidentiality and ensures all requirements are met.

6. Preparing for January 2025

Steps to take

As the deadline approaches, you have to prepare for the new BOI reporting requirements.

Leverage the services offered by NotaryLive and FileForms so you can ensure that your business remains compliant without sacrificing efficiency.

Get started

Visit our page to learn more about how we can assist you in complying with the new federal law.

Get Compliant Now

An Additional Business Opportunity

Looking to make the most out of your downtime? If you are a certified Notary Public in a state where providing RON services is permitted, you can get paid to work with us and notarize documents at your convenience during your downtime. Not only will you be paid for your services, but depending on your industry, the connections you make along the way could come in handy as these small interactions can quickly turn into long-term business relationships.

For more info on working with NotaryLive as a notary, read:

Why is NotaryLive the Best Online Notary Service for Notaries?

Does NotaryLive sound like the right fit for you and your business?

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Details On NEW Features & Updates

Updated Date: 09/18/2024

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