File the Required Federal Beneficial Ownership Information Report
Beneficial Ownership Information is required by the Federal government to standardize incorporation practices and to protect interstate and foreign commerce.
Step 3 File the Required Federal Beneficial Ownership Information Report
Most businesses are required to file Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN) of the United States Treasury. The BOI is collected under the Corporate Transparency Act, which the United States Congress enacted in part to protect national security interests, as well as interstate and foreign commerce. The information is considered sensitive information only available to certain authorized governmental authorities for certain purposes such as
- facilitating national security, intelligence, and law enforcement activity
- confirming financial institution compliance with anti-money laundering and anti-terrorism endeavors
The report and additional information can be found at the FinCEN BOI site. Please make sure that you have already obtained your SDAT ID and your FEIN prior to reporting the BOI.
Stay Consistent
When filing with different agencies for the same business, it is important you keep your business information consistent. For example: make sure the business name submitted to the IRS is identical to the business name registered with SDAT, including punctuation.