My First Experience with BOI Reporting

I created a new entity this week that require me to report this on FinCEN.gov and I used their online direct input process. It was a bit clunky.

Photo by John Kakuk on Unsplash

I created a new LLC this week and the new Beneficial Ownership Information Report is required to be filed with 90 days for all new LLCs created in 2024. The deadline is 30 days beginning in 2025.

I logged onto fincen.gov and elected to use their Web version of the software to report the LLC. There is a fillable PDF that can be downloaded and done offline too.

As expected with any governmental report process, it was a bit clunky. I almost messed up entering my name since I assumed it would be first name, then last name, but it was the opposite.

You had to enter the information for the company, the reporting person (me) and then list the beneficial owners (there were two of us). The clunky part is they wanted to know which country you are located in, then the state. It would have been much easier to simply enter the state and if that state was in the US, then it would automatically pick the US. But of course, it was not that easy.

Also, it would be much better if you could simply check a box to add yourself as a beneficial owner after entering the information for the reporting person. This required me to completely enter all of the same information all over again and then upload a copy of my drivers license a second time.

Also, if you take a photo of your drivers license on your iPhone or Android phone you will need to convert it to a PDF, JPEG and other format. It will not accept the default iPhone file.

All-in-all, it only took about 20 minutes to input the information, but in the future, I think I will use the downloadable PDF to do the inputting. I think that will be cleaner, but I will let you know since I have several LLCs to enter before the end of the year.