Since it initially took effect in January of 2024, the BOI reporting requirement has gone through quite a few changes. In an effort to provide services helping our customers complete this requirement, we began offering a free BOI report as part of every LLC purchase.

While we no longer offer this service, we have many customers who did receive it while the requirement was active. This article outlines some questions you may have regarding the requirement, the service, and the discontinuance of the product.

The Beneficial Ownership Information (BOI) report was originally introduced as a requirement under the Corporate Transparency Act (CTA). This requirement, initially enforced by the Financial Crimes Enforcement Network (FinCEN), required US companies to disclose their beneficial owners. A beneficial owner was defined as anyone who owns at least 25% of the company or otherwise has substantial control.

The reporting rule officially took effect on January 1, 2024. However, the rule was contested in multiple court cases, resulting in confusion for business owners across the country. The current status is that the BOI reporting requirement is no longer being enforced for 100% domestically-owned companies. The law is being rewritten to apply to foreign reporting companies only.

You can still file a BOI report through FinCEN, but it’s not required or being enforced. If you still want to file a report for any reason, you can do so here: boiefiling.fincen.gov

Way to be on top of it! At this time, there should be no further action required on your part. If you filed through FinCEN Fetch (PRIME’s BOI fulfillment partner), rest assured that any information submitted through your portal will remain confidential.

If we included a BOI reporting platform with your LLC and told you the report was required, it’s because it was required at the time. We did our best to keep up with the ongoing litigation surrounding BOI reporting and halted any incorrect communications at the time they became incorrect.

Unfortunately rescinding your report is not an option. Once it’s in FinCEN’s hands, it’s out of our control.

If the BOI reporting platform came with your LLC, you were not charged for it! It was a complementary addition to your entity formation service. If you’d already established an LLC and purchased our BOI service separately, we are unfortunately not able to issue a refund at this time. PRIME has already incurred the costs associated with enrolling you in our BOI reporting system. As the law was in effect at the time that you were enrolled, the purchase is considered necessary and legitimate.

Nothing! You’re no longer required to report, so you don’t need to do anything with your FinCEN Fetch platform. If you still want to file your report, you’re welcome to! But it is not necessary.

The BOI reporting service we’ve offered our customers was simply access to a platform that simplified the reporting process. We don’t file any reports on behalf of anyone. If you never completed your report within the platform, it wasn’t submitted.