How to File BOI Report in Arkansas – Ultimate Guide (2024)


Steve Goldstein
Steve Goldstein
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How to file a BOI Report in Arkansas: Since the Corporate Transparency Act, the Beneficial Ownership Information (BOI) principle has become an important aspect of the regulatory framework for Limited Liability Companies, Corporations, and all types of business structures. This act aims to increase transparency and fight against illegal financial activities by requiring businesses to disclose information about beneficial owners. In Arkansas, companies must comply with these BOI reporting obligations, and this guide will give a comprehensive overview of the processes involved, entities affected, and compliance actions that must be put in place.

Arkansas, also known as The Natural State, has a population of 3,040,207. That makes the state small business friendly. According to the act, small and medium-sized businesses have to file BOI reports. In this article, LLCBuddy editors shared the latest update and mandate on filing BOI reports in Arkansas

What is Beneficial Ownership in Arkansas?

Beneficial ownership in Arkansas entails individuals who own or control an entity ultimately even though legal ownership rests with some other person. These persons may have significant influence over it or hold substantial interest therein as owners. Identifying who qualifies as a beneficial owner is a critical first step in complying with BOI reporting requirements. To be a beneficial owner, one must meet at least one of the following:

  1. Has direct or indirect ownership of 25% or more of the entity’s equity interests
  2. Directly or indirectly exercises significant control over the entity

It should be noted that beneficial ownership can involve complicated ownership structures; therefore entities should conduct thorough assessments of their organizational structure and holdings.

Beneficial Ownership Information Reporting

The BOI (Beneficial Ownership Information) Report is a memo or document that every small and medium-sized business (exemption applicable) has to file with the Financial Crimes Enforcement Network (FinCEN). In Arkansas, any LLC that is eligible to enlist under the reporting company must file the BOI Report within the given period.

It is not only mandatory for all businesses in Arkansas but also can lead to heavy monetary penalties along with imprisonment. There are many reasons why the Corporate Transparency Act was started and BOI Report filing becomes mandatory for all businesses in Arkansas.

BOI Reporting Companies (Entities) in Arkansas

Not every company, located in Arkansas, is required to file BOI reports with FinCEN. Only the eligible companies (Reporting Companies) are liable to file the BOI report. Following are the requirements for BOI reporting,

Entities Required to Report

There are certain entities that are considered “Reporting Companies” as per the Corporate Transparency Act and must report beneficial ownership information. Normally, these include:

Exempted Entities

However, it is important to note that there are certain entities in Arkansas that do not have BOI reporting requirements such as;

corporate-act
  • Sole proprietorships or any business structure that does not require registration under Arkansas SOS.
  • Large entities (more than 20 employees with $5M revenue)
  • Tax-exempt organizations
  • Inactive entities meeting specific criteria
  • Subsidiaries of exempt entities
  • Complex ownership that is not publicly known

For PLLCs, selected types of companies get to file BOI reports. Small PLLCs that do not meet the eligibility of reporting companies are exempted from filing BOIR. Besides, PLLCs that are already under stringent regulatory authority like the medical or law field, might get an exemption too.

List of Entities Exempted from BOI Reporting According to FinCEN

  • Securities reporting issuer
  • Governmental authority
  • Bank
  • Credit union
  • Depository institution holding company
  • Money services business
  • Broker or dealer in securities
  • Securities exchange or clearing agency
  • Other Exchange Act registered entity
  • Investment companies or investment advisers
  • Venture capital fund adviser
  • Insurance company
  • State-licensed insurance producer
  • Commodity Exchange Act registered entity
  • Accounting firm
  • Public utility
  • Financial market utility
  • Pooled investment vehicle
  • Tax-exempt entity
  • Entity assisting a tax-exempt entity
  • Large operating company
  • Subsidiary of certain exempt entities
  • Inactive entity

Entities should review their classification carefully in order to ascertain if they fall under the requirement for reporting or qualify for an exemption. It is recommended to consult an expert before you start filing your BOI Report. Also, not only the above-mentioned sectors but also the size and structure of the business matters when it comes to filing the report. Hence, it is important to consult an expert beforehand.

How to File a BOI Report in Arkansas?

In Arkansas, you can file your BOI report in two ways. The report can be filed online or offline. The process is pretty simple. There is an online and offline (PDF) form available. The reporting company in Arkansas has to fill up the form and submit it within the given time. Here are the steps to file the BOIR in Arkansas

Online BOI Report Filing in Arkansas

  • For online filing, reporting companies in Arkansas are required to visit the FinCEN BOIR e-filing page.
  • The first page shows 4 options, Initial Report, Correct Prior Report, Update Prior Report, and Newly Exempt Entity.
  • For the fresh filing, select Initial Report and click NEXT.
  • On the next page, fill out the form for Reporting Company and ask for FinCEN ID.
  • The ‘Company Applicant’ page comes up next. Add the details wherever is required.
  • The next page shows the details of the Beneficial Owner(s). Also, mention if there is an exemption.
  • Submit the online form after sharing your name and email on the final page.
BOI reporting e-filing

Offline BOI Report Filing in Arkansas

  • For offline filing, visit the FinCEN BOI Report filing page
  • Download the PDF form from the ‘Prepare BOIR’ option
  • The PDF form requires Adobe Reader 8 or higher, make sure you have this version installed on your device.
  • Save the form on your device.
  • Fill it up with the correct information. Make sure to select the ‘Initial Report’ if you’re filing it afresh. For correction or updating the previous form, select the other options.
  • Once filled up, upload the form on the site by clicking on ‘Submit BOIR’.
  • On the Submit page, you will have to provide your name and email. Click on the ‘upload document’ section to upload the PDF form and submit it.
BOI offline filing

Though it is not very difficult to file a BOI Report on your own, it is recommended to get a professional help. Mainly because of the diverse business structure. We recommend TailorBrands as they not only offer free LLC formation, but also guide you through the BOI reporting process and deadline. That can save you a lot of money and penalty.

LLCBuddy Editors

Reporting Process and Timeline

BOI Reporting effectively becomes mandatory from January 1, 2024, in Arkansas and the rest of the United States. All the LLCs in Arkansas, Corporations, and other types of businesses registered under Arkansas Secretary of State will have to file the report within the given time.

  • Entities in Arkansas incorporated or registered before January 1, 2024, will have to file their BOI report before January 1, 2025.
  • Entities in Arkansas incorporated or registered on or after January 1, 2024, will have to file their BOI report within 90 working days from the date of completion of company registration with Arkansas SOS or similar authority.
  • Entities in Arkansas incorporated or registered on or after January 1, 2025, will have to file their BOI report within 30 working days from the date of completion of company registration with Arkansas SOS or similar authority.

Penalties for Non-Compliance with CTA (BOI Report Filing)

The authority decides to make it more difficult for the companies that fail to comply with the Corporate Transparency Act or BOI report filing. Following are the monetary and other penalties for non-compliance,

  • The Civil Penalty for missing the deadline in Arkansas is $500 a day for the company
  • The Criminal Penalty for not filing the BOI Report in Arkansas is $10,000
  • Continuing violating rules and non-compliance in Arkansas can lead to 2 years imprisonment

The FinCEN makes sure that every reporting company must file the BOI report as soon as they meet the eligibility criteria. The penalty is heavy, especially for small businesses in Arkansas.

BOI Reporting Required Information in Arkansas

The Beneficiary Ownership Information consists of some confidential information about the LLC owners in Arkansas. The compulsory information to be given in respect of each beneficial owner includes:

business requirement
  • Reporting Company legal name
  • Alternative or DBA Name (if any)
  • Tax Identification type
  • Country/Jurisdiction of Formation
  • Address (number, street, and apt. or suite no.)
  • Individual’s Full Legal Name
  • Date of birth
  • Current Address
  • Identifying document (Type, Number, Issuing Jurisdiction, Image)
  • Beneficial Owner Details (Legal Name, FinCEN ID, Address, DOB)

Entitles should confirm that the information given is correct and up-to-date as any inconsistencies or inaccuracies may attract penalties.

Ensuring their BOI reports are accurate and updated is a responsibility that these bodies have. Disputes or concealed information, therefore, need to be attended to quickly and openly as this is essential in compliance maintenance. Should organizations fail to do this, they may invite increased scrutiny with possible penalties imposed against them.

Privacy and Data Security

While the requirements for BOI reporting in Arkansas aim at increasing transparency levels, there are practical challenges faced by entities regarding the identification and disclosure of beneficial ownership information. These may include:

  • Complexity in identifying beneficial ownership for entities with intricate ownership structures or multi-layered holding companies.
  • Difficulties in obtaining accurate and up-to-date information from beneficial owners, particularly where ownership interests are held indirectly or via intermediaries.
  • This places an additional burden on small businesses which will find it hard to deploy enough resources and personnel to deal with compliance matters.

Entities can overcome these hurdles through engagement of professionals’ advice; and having internal mechanisms that strengthen their capacity to communicate with their beneficiaries.

Regulatory and Legal Considerations

In addition to the issues above, entities in Arkansas must also navigate numerous regulatory and legal considerations when reporting BOI. These include:

  • Balancing transparency with legitimate privacy concerns, especially for individuals who may be exposed to personal safety risks or other sensitive situations.
  • Addressing international implications and cross-border ownership structures since BOI reporting requirements can vary across jurisdictions.
  • Compliance with other relevant legislations such as anti-money laundering (AML) laws and know-your-customer (KYC) regulations is necessary as well.

What helps entities address these concerns is consulting the legal fraternity on changes occurring within the regulatory space.

Anticipated Changes and Updates

With time, FinCEN together with other relevant agencies will provide further guidance on complying with these reporting requirements as financial crime evolves. For instance, new changes could affect how they comply with these requirements. Additionally, in the future, there is a possibility of expanding or modifying the reporting requirements to deal with emerging issues or any possible loopholes.

Impact on Businesses and Financial Sector in Arkansas

The introduction of BOI reporting requirements will have profound effects on both corporate entities and the financial sector as a whole. Likely consequences could include:

  • Increased administrative burdens and compliance costs for firms, especially at the early stages of implementation.
  • Enhanced due diligence procedures by financial institutions to verify the accuracy of BOI reports and identify potential red flags.
  • Business practices may change leading to ownership structures that are more flexible to fit into new transparency needs.
  • Entities that have complex ownership arrangements or those operating internationally may face some difficulties.

Nonetheless, in the long run, it can be expected that this law would go towards creating an environment where business is transparent and accountable thus enhancing trust and integrity within the financial system.

Significance of Reporting Beneficial Ownership Information

Reporting BOI is essential for several reasons. We have come up with three main reasons that CTA pointed out for having BOI reporting.

business
  • Preventing Illegal Activities: Identifying true owners helps to combat money laundering, terrorist financing, and other financial crimes in Arkansas since bad actors cannot hide behind complex corporate structures.
  • Enhancing Transparency: It ensures corporate transparency and accountability so that entities cannot operate under cover but are required to reveal who their beneficial owner(s) are.
  • Facilitating Law Enforcement: Accurate data on BOI allows law enforcement authorities to investigate and prosecute fraudulent activities better thus protecting a fair business environment.

Starting an LLC in Arkansas or forming a corporation in Arkansas can be an eyewash of hiding other shady activities or illegal businesses. Companies often create shell companies to money launder. This reporting was started to prevent such activities in Arkansas.

State Specific Data: Arkansas

Capital and Incorporation

  • The capital of Arkansas is Little Rock.
  • The population of Arkansas: 3,040,207
  • The Annual GDP of Arkansas: 166,488
  • Incorporation in Arkansas can be done through various methods including online and offline. For more details, visit Arkansas Secretary of State.
  • Incorporation Method in Arkansas (Online): There’s no online filing available.
  • Incorporation Method in Arkansas (Offline): Send the form by mail or drop it in person to Arkansas Secretary of State, 1401 W. Capital Ave., Suite 250, Little Rock, AR 72201

Filing Fees

  • LLC Initial Filing Fee: $50
  • LLC Amendment Fees: $30
  • Annual Fee: $0 because it is not mandatory
  • DBA Filing Fee: $22.50 for filing online, $25 for filing by mail or in-person
  • Incorporation Fee: $45 for filing in-person and by mail
  • Registered Agent Change Fee: $0
  • Corporate Amendment Fee: $22.50

Important Offices

  • State Tax Office: Arkansas Department of Finance and Administration
  • State Insurance Office: Arkansas Insurance Department
  • Secretary of State Address: Arkansas Secretary of State, 1401 W. Capital Ave., Suite 250, Little Rock, AR 72201
  • Department of Treasury: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520​

Key Contacts

  • Form 2335 Mailing Address: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520​
  • Filing Method for DBA: three methods, online, by mail, and in person filing.
  • Filing Fee for DBA: $22.50 for filing online, $25 for filing by mail or in-person
  • Online Filing for DBA: For online filing check the https://www.ark.org/sos/corpfilings/index.php for online forms.
  • Offline Filing for DBA: Check Arkansas Secretary of State website for the Form DN-18. Download the form, fill it up and send it to the Arkansas Secretary of State, 1401 W. Capital Ave., Suite 250, Little Rock, AR 72201

By staying compliant with the BOI reporting requirements and leveraging the resources available in Arkansas, businesses can ensure they meet all regulatory obligations efficiently.

FAQs

How do I file a BOI report in Arkansas?
You can file a BOI report in Arkansas by submitting the necessary forms and documents to the state authorities.
What is a BOI report in Arkansas?
A BOI report in Arkansas is a Business Ownership Interest report that discloses information about the ownership structure of a business entity.
When is the deadline to file a BOI report in Arkansas?
The deadline to file a BOI report in Arkansas varies depending on the entity type, but it is typically within a specific period following the formation or registration of the business.
Can a BOI report in Arkansas be filed online?
Yes, you can file a BOI report in Arkansas online through the state’s official website.
What information is required to file a BOI report in Arkansas?
The information required to file a BOI report in Arkansas may include the names and addresses of the business owners, their ownership percentages, and other relevant details.
Are there any filing fees for a BOI report in Arkansas?
Yes, there may be filing fees associated with submitting a BOI report in Arkansas. The fee amount will depend on the entity type and the state’s regulations.
How often do I need to file a BOI report in Arkansas?
The filing frequency of a BOI report in Arkansas may vary depending on the entity type and the state’s requirements, but it is typically required annually or biennially.
What happens if I don’t file a BOI report in Arkansas?
If you fail to file a BOI report in Arkansas within the designated timeframe, your business may face penalties, fines, or administrative actions by the state authorities.
Can I amend a BOI report in Arkansas?
Yes, you can typically file an amended BOI report in Arkansas if there are changes to the ownership structure or other relevant information about the business entity.
What is the purpose of filing a BOI report in Arkansas?
The purpose of filing a BOI report in Arkansas is to provide transparency and accountability regarding the ownership interests of a business entity, helping the state monitor compliance with relevant regulations.
How can I request an extension to file a BOI report in Arkansas?
You may need to contact the Arkansas Secretary of State’s office to request an extension for filing a BOI report, explaining the reason for the delay and providing any necessary documentation.
Can I file a BOI report for multiple business entities in Arkansas?
Yes, you can file a BOI report for multiple business entities in Arkansas if you own or control interests in more than one entity. Each entity will require a separate filing.
What is the deadline for late filing of a BOI report in Arkansas?
If you miss the initial deadline to file a BOI report in Arkansas, you may still be able to submit a late filing within a specified grace period, although late fees or penalties may apply.
How long does it take to process a BOI report in Arkansas?
The processing time for a BOI report in Arkansas can vary based on factors such as the volume of submissions, accuracy of the information provided, and the state’s administrative procedures.
Are there any exemptions from filing a BOI report in Arkansas?
There may be certain exemptions from filing a BOI report in Arkansas for specific types of business entities, such as sole proprietorships or partnerships without significant changes in ownership.
Can I file a BOI report in Arkansas after dissolving my business entity?
If you have dissolved your business entity in Arkansas, you may still need to file a final BOI report to confirm the termination of ownership interests and close out your reporting obligations.
How can I verify that my BOI report has been successfully filed in Arkansas?
You can typically check the status of your BOI report filing in Arkansas through the state’s online portal or by contacting the relevant regulatory agency for confirmation.
What documents do I need to submit along with the BOI report in Arkansas?
In addition to the required forms, you may need to provide supporting documents such as organizational charts, shareholder agreements, or ownership certificates when filing a BOI report in Arkansas.
Can I request a copy of a previously filed BOI report in Arkansas?
Yes, you may be able to obtain a copy of a previously filed BOI report in Arkansas by requesting it from the state’s records office, subject to any applicable fees or restrictions.
What should I do if there are errors or discrepancies in my BOI report in Arkansas?
If you discover errors or discrepancies in your BOI report after filing it in Arkansas, you should promptly notify the state authorities, amend the report as needed, and provide corrections or clarifications.
Is there a separate deadline for foreign-owned businesses to file a BOI report in Arkansas?
Foreign-owned businesses operating in Arkansas may have additional reporting requirements or deadlines to file a BOI report, depending on their legal status, registration, or ownership arrangements.
Can I appoint an attorney or representative to file a BOI report on my behalf in Arkansas?
Yes, you may authorize an attorney, accountant, or other representative to file a BOI report on your behalf in Arkansas, provided that they have the necessary permissions and documentation.
What happens if there are changes to my business ownership after filing a BOI report in Arkansas?
If there are significant changes to your business ownership structure in Arkansas after filing a BOI report, you may need to submit an amended report, update your records, and comply with any additional reporting requirements.
How can I reach the Arkansas Secretary of State’s office for assistance with filing a BOI report?
You can contact the Arkansas Secretary of State’s office directly by phone, email, or in person to get help with questions, guidance, or instructions on filing a BOI report.
Are there any special requirements for filing a BOI report for non-profit organizations in Arkansas?
Non-profit organizations in Arkansas may have specific rules, forms, or exemptions when filing a BOI report, due to their tax-exempt status, governance structure, and reporting obligations.
Can I file a consolidated or combined BOI report for multiple affiliated entities in Arkansas?
If you have affiliated entities with shared ownership structures, you may be able to submit a consolidated or combined BOI report in Arkansas, consolidating the ownership details for all relevant entities.
How can I request a copy of the BOI reporting guidelines or instructions in Arkansas?
You can access the official BOI reporting guidelines, forms, and instructions in Arkansas on the state’s website, regulatory agency, or business registration portal for reference and compliance.
Do I need to include all insurance policies in my BOI report in Arkansas?
Yes, you should include all insurance policies in your BOI report in Arkansas, including those that may be written through a surplus lines carrier.
What information do I need to provide when filing a BOI report in Arkansas?
When filing a BOI report in Arkansas, you will need to provide information such as premium written, losses incurred, and details about your insurance company’s operations.
Can I file my BOI report in Arkansas online?
Yes, you can file your BOI report in Arkansas online through the Arkansas Insurance Department’s website.
Are there any fees associated with filing a BOI report in Arkansas?
Yes, there are fees associated with filing a BOI report in Arkansas, and the amount may vary depending on your insurance company’s operations.
What happens if I miss the deadline to file a BOI report in Arkansas?
If you miss the deadline to file a BOI report in Arkansas, you may incur penalties or fines from the Arkansas Insurance Department.
Can I file a BOI report extension in Arkansas?
Yes, you can request an extension to file your BOI report in Arkansas by contacting the Arkansas Insurance Department and providing a valid reason for the extension.
Do all insurance companies in Arkansas need to file a BOI report?
Yes, all insurance companies operating in Arkansas are required to file a BOI report with the Arkansas Insurance Department.
How can I access my previous BOI reports in Arkansas?
You can access your previous BOI reports in Arkansas through the Arkansas Insurance Department’s online portal by logging in with your credentials.
Can I file a BOI report in Arkansas if I am a new insurance company?
Yes, even new insurance companies operating in Arkansas are required to file a BOI report with the Arkansas Insurance Department.
What should I do if I discover errors in my BOI report after filing?
If you discover errors in your BOI report after filing in Arkansas, you should contact the Arkansas Insurance Department to make corrections.
Are independent insurance agencies required to file a BOI report in Arkansas?
Yes, independent insurance agencies operating in Arkansas are also required to file a BOI report with the Arkansas Insurance Department.
Can I utilize a third-party service to file my BOI report in Arkansas?
Yes, you can utilize a third-party service to file your BOI report in Arkansas, but ensure that they are approved by the Arkansas Insurance Department.
Does the information provided in the BOI report need to be verified by a third party in Arkansas?
The information provided in the BOI report in Arkansas does not typically need to be verified by a third party, but accuracy is crucial to avoid penalties.
What documents do I need to have handy when filing a BOI report in Arkansas?
When filing a BOI report in Arkansas, you should have documents such as financial statements, policy records, and other relevant information ready for submission.
Can I file a BOI report in Arkansas without an insurance agent?
Yes, you can file a BOI report in Arkansas without an insurance agent if you are the owner or representative of the insurance company.
Is there a specific format for submitting the BOI report in Arkansas?
The Arkansas Insurance Department may provide specific guidelines on the format for submitting a BOI report, so it is important to follow those instructions.
How long does it take to complete and file a BOI report in Arkansas?
The time it takes to complete and file a BOI report in Arkansas may vary depending on the complexity of your insurance company’s operations.
Can I request an in-person meeting with the Arkansas Insurance Department to discuss my BOI report?
Yes, you can request an in-person meeting with the Arkansas Insurance Department to discuss your BOI report if needed.
Can I file a BOI report on behalf of someone else in Arkansas?
If you are authorized to do so, you can file a BOI report on behalf of someone else in Arkansas, such as the owner of the insurance company.
Are there any training programs available for filing a BOI report in Arkansas?
The Arkansas Insurance Department may offer training programs or resources to help insurance companies understand the process of filing a BOI report.
Can I request a copy of my filed BOI report in Arkansas?
Yes, you can request a copy of your filed BOI report from the Arkansas Insurance Department for your records.
Is it mandatory to file a BOI report for each insurance policy written in Arkansas?
Yes, it is mandatory to file a BOI report for each insurance policy written in Arkansas to ensure compliance with state regulations.
What steps should I take to appeal a decision made by the Arkansas Insurance Department regarding my BOI report?
If you disagree with a decision made by the Arkansas Insurance Department regarding your BOI report, you may follow the outlined appeals process to address your concerns.
Can I file a BOI report in Arkansas if my insurance company is headquartered out-of-state?
Yes, if your insurance company operates in Arkansas, even if headquartered out-of-state, you are required to file a BOI report with the Arkansas Insurance Department.
What penalties may be imposed if I fail to file a BOI report in Arkansas?
Failure to file a BOI report in Arkansas may result in penalties such as fines, suspension of licenses, or other disciplinary actions from the Arkansas Insurance Department.

Also Read

In Conclusion

In the world of business, conducting illicit monetary transactions is not a new thing. To prevent that the Corporate Transparency Act came into the picture. Businesses in Arkansas, especially, small and medium businesses must file the Business Ownership Information Report to combat growing financial crimes. In Arkansas, the companies must understand the obligations to comply with the rules.

In Arkansas, before you start filing the BOI Report, there are a few important points to note. Important points worth noting are:

  • Identifying beneficial owners from their control or ownership interests over the entity.
  • Reporting accurate information at all times including names, dates of birth, addresses, and identification details about beneficiaries.
  • Timely filing of the initial reports and updating the reports in case of changes.
  • When required, involve reputable third-party service providers to assist in the filing process.
  • Ensure compliance with relevant penalties for non –compliance.
  • Deal with practical challenges and legal issues related to BOI reporting.
  • Keep abreast of future developments and advice from relevant bodies.

Filing the BOI Report does not require complicated steps, however, it definitely requires an expert to proceed. We recommend TailorBrands, one of the best LLC formation services that not only offers free LLC formation but also offers BOI Reporting at a very reasonable cost.

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