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Art Beyond

Corporate Transparency Act: Not as Scary as It Seems

Updated: Jan 23


There has been a lot of talk, and a little bit of confusion, around the Corporate Transparency Act that went into effect on January 1, 2024. This is the one we're hearing about that fines an LLC up to "$500 a day" if the paperwork isn't filed asap.

I'm not an expert, but I wanted to share what I do know and give you all a set of step-by-step instructions with pictures for filling out the form online.


Here's what I know:

The purpose of this form - Beneficial Ownership Information (BOI) Report - is to provide information about your LLC's owners in one place for the US government's Financial Crimes Enforcement Network. This information is available to them in other places, it just might take some digging. For example, the paperwork to create Art Beyond as an LLC was filed using a Registered Agent so that we didn't have to deal with all of the spam and junk mail we would have received otherwise. A Registered Agent files LLC paperwork on your behalf with their address. Elizabeth and my information wasn't filed with the original LLC paperwork, but the government could find it if they went looking.

Deadlines

If you established your LLC prior to January 1, 2024, then you have until the end of 2024 to file this paperwork. If you start and LLC in 2024, you'll have 90 days. For 2025 and beyond, you'll have 30 days.

This filing will need to be updated any time there is a change to your LLC that effects the information on the BOI Report. Ex. you move into a new apartment or get a business partner.

Filing Process

The online form took me less than 10 minutes to fill out and I already had everything I needed on hand. You will need:

  • Your LLC's Tax ID

  • For each individual beneficiary* of your LLC

    • First and Last Name   

    • Date of birth

    • Residential Address

    • ID information – license, issued ID, passport

    • Uploaded photo of the ID

*someone who owns at least 25% of the company's shares, has a major influence on decisions or operations, or has similar control over the company's equity.


Filing Instructions

1. Go to FinCEN website.

2. Select "Get Started" on the BOI E-Filing Box.


3. Decide if you are going to fill out a PDF and upload it (Option 1) or Fill out the information online (Option 2). *For these instructions, Option 2 - File Online BOIR, was selected.

*If you select Option 1, you will need to fill the PDF form out on a computer in order to access all features including instructions.


4. Select which type of filing you are submitting.


5. For an initial filing, you’ll select the “Request to receive a FinCen ID” checkbox, which will be provided in the submission confirmation.

**to see instructions for any section, click on the gray “Need help?” heading


6. Enter your official business name, any Alternate names, and Tax ID information.


7. Enter jurisdiction information and US current address for the business entity. Then select “Next.”

*this address should be the principal place of business, NOT the address assigned by a Registered Agent.

8. If you are filing for an EXISTING company (created before Jan 1, 2024) check box # 16. Click “Next.”

*If your company is brand new, you may have to fill out “Part II. Company Applicant” information for each person who will be a beneficial member of the company.


9. For existing companies, you will fill out “Part III. Beneficial Owner Information.”For each individual Beneficial Owner, the following information is required:

a.    Individual First and Last Name

b.    Date of birth

c.    Residential Address

d.    ID information – license, issued ID, passport

e. Uploaded photo of the ID


10. If you have more than one Beneficial Owner, click “Add Beneficial Owner” at the top of the section.


11. The final section will ask you to enter your information and agree that you are authorized to file this and that the information is correct.


12. Don’t forget to Download the Transcript of your filing! This is both proof that you’ve completed the filing AND includes your FinCEN ID that you’ll need to update your filing in future.



I really hope this information and the instructions are helpful to those of you that own a creative business LLC.


❤️- Esther


Check out our classes HERE.

Have a specific question(s) for Elizabeth or me? Book a 15-minute "Ask us Anything" Consultation available HERE.

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