Comply with the Corporate Transparency Act. File Beneficial Ownership Information (BOI) reports in 10 minutes, whether you have just one report to file for yourself or many to file for clients.
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Our bulk filing solution helps you simplify compliance for your clients, increase your efficiency, and grow your business by offering a seamless, secure way to handle BOI filings. Let us help you stay ahead of regulatory changes and make BOI reporting a snap!
SnapFile lets you file, submit, and track your BOI reporting with speed and accuracy so you can focus on what matters most—growing your business.
Businesses required to complete BOI reporting in 2024.
of U.S. businesses are expected to file under the CTA, and small businesses are even more likely to need to file.
If businesses don't comply and file by the deadline.
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Whether you're a small business doing just one or a few filings, or a professional with many filings for clients, we have the compliance tools to meet your needs. The SnapFile platform offers customized compliance solutions designed to simplify BOI reporting for every type of organization.
No need to navigate complex government websites. Our intuitive platform keeps you on track and on budget.
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Submit your BOI Report quickly and securely with our encrypted platform connected directly to FinCEN's systems, ensuring your data is always protected.
SnapFile reviews your submission for common errors, ensuring your BOI report is accurate and compliant before you file.
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The Corporate Transparency Act (CTA) was passed in early 2021 and requires U.S. companies to report their "beneficial owners"—those who own or control at least 25% of the company—to the Financial Crimes Enforcement Network (FinCEN). This law aims to combat illicit activities like money laundering and terrorism financing. (1)(2)(3)
Most U.S. businesses, including corporations (S-corp, C-corp), limited liability companies (LLCs), and other entities created by a filing with a state or tribal authority, are required to submit BOI reports. Certain exempt entities, like large companies or publicly traded entities, may not need to file.
Approximately 95% of US businesses are expected to file, so odds are you need to file.
See “Who does not have to file (exemptions)?” or p. 11 of FinCEN’s Small Entity Compliance Guide or FinCEN FAQ’s for lots more detail.
According to FinCEN, a "beneficial owner" is defined as an individual who:
- Exercises substantial control over the entity, or
- Owns or controls at least 25% of the ownership interests of the entity.
This person benefits from the company's profits and has a say in how it operates, even if they're not publicly listed as an official owner. For example, someone behind the scenes pulling the strings or having a large share of the company would be considered a beneficial owner.
- Existing companies (formed before January 1, 2024): Must file by January 1, 2025.
- New companies (formed on or after January 1, 2024): Must file within 90 days of formation.
- Companies formed after January 1, 2025: Must file within 30 days of formation.
See FinCEN source here for more information.
Yes, if you fail to file a Beneficial Ownership Information (BOI) report, the penalties can be severe:
- Civil Penalty: Up to $591 per day until the report is filed.
- Criminal Penalty: Fines up to $10,000 and/or imprisonment for up to 2 years for willful failure to report or providing false information.
These penalties apply if you knowingly avoid filing or submit inaccurate information. It's important to comply to avoid these significant consequences.
See FinCEN source here for more information.
You can file your BOI report through GetSnapFile.com, which simplifies the filing process by guiding you through the required steps. You can also file with the online portal provided by the Financial Crimes Enforcement Network (FinCEN) or through a professional service, like a lawyer.
See FinCEN source here for more information.
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Small to Medium-Sized Enterprises (SMEs)
Corporations and Limited Liability Companies (LLCs)
Foreign Companies Doing Business in the U.S.
Legal and Compliance Service Providers
Financial Services Companies
Real Estate Entities, Including HOAs
Financial Technology (FinTech) Companies
Family Offices
Businesses Without In-House Compliance Resources
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Our intuitive platform provides step-by-step guidance, ensuring that your submission is accurate and complete.
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contact@getsnapfile.com
Boston, MA
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