Starting this month, we at VP, will elucidate the components of the BOI -Beneficial Ownership Information (that is to be filed by small entities, to safeguard not only the commercial interest, but also economic safety). This post is in continuation of the earlier post on the BOI- Beneficial Ownership Information.
Millions of small businesses are formed within the United States each year as corporations, limited liability companies, or other corporate structures.
By requiring beneficial owners—that is, the people who actually own or control a company—to disclose their ownership, the government can much better identify funds that come from corrupt sources or abusive means.
The individuals who will be included on the form would be:
Company Applicants
Beneficial Owners
Who are Company Applicants:
1. First if you are a newly formed entity in 2024
a. You will need to report the Company Applicant. This is usually the Lawyer, Accountant who corresponds with the registration authorities to form the company.
b. If there is a person in your company that made the critical decisions as to the formation (usually the CEO) then it is this person who is designated as the Company Applicant.
In most case there would be two Company Applicant, one being the officer who made the decision to open the company and the other being the Accountant or Lawyer who actually did the act of corresponding with the State authority. Please Complete any missing information in the List of Company Applicant’s Tab.
Who are Beneficial Owners:
A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25 percent of a reporting company’s ownership interests.
