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


Steve Goldstein
Steve Goldstein
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How to file a BOI Report in Florida: 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 Florida, 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.

Florida, also known as The Sunshine State, has a population of 22,359,251. 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 Florida

What is Beneficial Ownership in Florida?

Beneficial ownership in Florida 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 Florida, 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 Florida 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 Florida.

BOI Reporting Companies (Entities) in Florida

Not every company, located in Florida, 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 Florida that do not have BOI reporting requirements such as;

corporate-act
  • Sole proprietorships or any business structure that does not require registration under Florida 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 Florida?

In Florida, 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 Florida has to fill up the form and submit it within the given time. Here are the steps to file the BOIR in Florida

Online BOI Report Filing in Florida

  • For online filing, reporting companies in Florida 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 Florida

  • 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 Florida and the rest of the United States. All the LLCs in Florida, Corporations, and other types of businesses registered under Florida Secretary of State will have to file the report within the given time.

  • Entities in Florida incorporated or registered before January 1, 2024, will have to file their BOI report before January 1, 2025.
  • Entities in Florida 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 Florida SOS or similar authority.
  • Entities in Florida 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 Florida 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 Florida is $500 a day for the company
  • The Criminal Penalty for not filing the BOI Report in Florida is $10,000
  • Continuing violating rules and non-compliance in Florida 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 Florida.

BOI Reporting Required Information in Florida

The Beneficiary Ownership Information consists of some confidential information about the LLC owners in Florida. 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 Florida 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 Florida 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 Florida

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 Florida 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 Florida or forming a corporation in Florida 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 Florida.

State Specific Data: Florida

Capital and Incorporation

  • The capital of Florida is Tallahassee.
  • The population of Florida: 22,359,251
  • The Annual GDP of Florida: 1,403,241
  • Incorporation in Florida can be done through various methods including online and offline. For more details, visit Florida Secretary of State.
  • Incorporation Method in Florida (Online): Get the online form from Secretary of State, fill it up, and submit. Don’t refresh the page during the process. It will erase everything.
  • Incorporation Method in Florida (Offline): Send the form by mail to New Filing Section, Division of Corporations, P.O. Box 6327, Tallahassee, FL 32314

Filing Fees

  • LLC Initial Filing Fee: $125
  • LLC Amendment Fees: $25
  • Annual Fee: $138.75
  • DBA Filing Fee: $50 Processing Fee, $10 Certificate of Status, $30 Certified Copy
  • Incorporation Fee: $35 for filing in-person and by mail
  • Registered Agent Change Fee: $25
  • Corporate Amendment Fee: $50.00

Important Offices

  • State Tax Office: Florida Department of Revenue
  • State Insurance Office: Florida Office of Insurance Regulation
  • Secretary of State Address: New Filing Section, Division of Corporations, P.O. Box 6327, Tallahassee, FL 32314
  • 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: $50 Processing Fee, $10 Certificate of Status, $30 Certified Copy
  • Online Filing for DBA: For online filing, check the Sunbiz Fictitious Name portal. There, look for the “Trade Names” section. You will get the registration form.
  • Offline Filing for DBA: For filing offline, you must send the downloaded PDF form or drop it off in person at the Fictitious Name Registration, P.O. Box 6327, Tallahassee, FL 32314

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

FAQs

How do I file a BOI report in Florida?
To file a BOI report in Florida, you can visit the Department of Financial Services website or contact the Division of Risk Management directly.
Is a BOI report the same as filing a claim in Florida?
No, a BOI report is different from filing a claim in Florida. A BOI report is used to report injuries or incidents that may result in a claim.
What information do I need to include in a BOI report in Florida?
When filing a BOI report in Florida, you will need to include details such as the date, time, and location of the incident, as well as a description of what happened and any injuries sustained.
Can I file a BOI report online in Florida?
Yes, you can file a BOI report online in Florida through the Department of Financial Services website.
Is there a time limit for filing a BOI report in Florida?
Yes, there is a time limit for filing a BOI report in Florida. It is recommended to file the report as soon as possible after the incident occurs.
What happens after I file a BOI report in Florida?
After filing a BOI report in Florida, the Division of Risk Management will review the report and determine if further investigation or action is necessary.
Can I report a BOI anonymously in Florida?
No, you cannot report a BOI anonymously in Florida. You must provide your contact information when filing a report.
Are all incidents required to be reported in a BOI report in Florida?
Yes, all incidents that result in injuries or potential claims must be reported in a BOI report in Florida.
Can I file a BOI report on behalf of someone else in Florida?
Yes, you can file a BOI report on behalf of someone else in Florida, as long as you have the necessary information and authorization to do so.
What is the purpose of filing a BOI report in Florida?
The purpose of filing a BOI report in Florida is to document and address any incidents or injuries that occur within state agencies or organizations.
How long does it take to process a BOI report in Florida?
The processing time for a BOI report in Florida can vary depending on the complexity of the incident and the availability of information.
What should I do if I need assistance with filing a BOI report in Florida?
If you need assistance with filing a BOI report in Florida, you can contact the Division of Risk Management for guidance and support.
Can I file a BOI report in person in Florida?
Yes, you can file a BOI report in person at the Division of Risk Management office in Florida.
Is there a fee for filing a BOI report in Florida?
No, there is no fee for filing a BOI report in Florida.
Can a BOI report be used as evidence in a legal case in Florida?
Yes, a BOI report may be used as evidence in a legal case in Florida to support claims or provide documentation of incidents.
What are the consequences of not filing a BOI report in Florida?
Failing to file a BOI report in Florida may result in delayed or denied claims, as well as potential legal issues for not reporting incidents.
Can I amend a BOI report after it has been submitted in Florida?
Yes, you can request to amend a BOI report after it has been submitted in Florida by contacting the Division of Risk Management.
What is the format for submitting supporting documents with a BOI report in Florida?
Supporting documents for a BOI report in Florida can be submitted in various formats, such as PDF, JPEG, or Word documents.
Are there specific guidelines for filing a BOI report in Florida?
Yes, there are specific guidelines and procedures for filing a BOI report in Florida that must be followed to ensure accurate and timely reporting.
Does filing a BOI report impact my insurance coverage in Florida?
Filing a BOI report in Florida may impact your insurance coverage, as it provides documentation of incidents that may require claims to be processed.
Can I request a copy of a BOI report after it has been filed in Florida?
Yes, you can request a copy of a BOI report after it has been filed in Florida, as long as you have the necessary authorization to do so.
Are there any confidential or sensitive information that should not be included in a BOI report in Florida?
Yes, certain confidential or sensitive information should not be included in a BOI report in Florida, such as personal identification numbers or medical records.
Can I file a BOI report for incidents that occur outside of Florida?
No, you can only file a BOI report for incidents that occur within the state of Florida.
How can I follow up on the status of a BOI report filed in Florida?
You can follow up on the status of a BOI report filed in Florida by contacting the Division of Risk Management and requesting an update.
Can a BOI report be used to track trends or patterns of incidents in Florida?
Yes, a BOI report can be used to track trends or patterns of incidents in Florida, which can help to prevent future occurrences and improve safety measures.
Who has access to a BOI report once it has been filed in Florida?
Access to a BOI report filed in Florida is limited to authorized personnel and entities involved in the investigation or resolution of incidents.
What recourse do I have if I am dissatisfied with the handling of a BOI report in Florida?
If you are dissatisfied with the handling of a BOI report in Florida, you can file a complaint or request a review of the investigation process through the appropriate channels.
Can I file a BOI report for incidents that occurred in the past in Florida?
Yes, you can file a BOI report for incidents that occurred in the past in Florida, as long as the incident meets the reporting criteria and is within the allowable time frame.
Is there a specific deadline for filing a BOI report in Florida?
While there is no specific deadline for filing a BOI report in Florida, it is recommended to file the report as soon as possible after an incident occurs to ensure accuracy and documentation.
Is there a deadline for filing a BOI report in Florida?
It is important to file a BOI report in Florida as soon as possible after the incident occurs.
Can I file a BOI report anonymously in Florida?
In Florida, you may have the option to file a BOI report anonymously, but keep in mind that providing contact information can help with the investigation process.
How long does it take for a BOI report to be resolved in Florida?
The time it takes for a BOI report to be resolved in Florida can vary depending on the complexity of the case and the availability of information.
Can I appeal a decision made based on my BOI report in Florida?
If you are not satisfied with the outcome of your BOI report in Florida, you may have the option to appeal the decision.
Is there a fee to file a BOI report in Florida?
There may be a fee associated with filing a BOI report in Florida, so be sure to check the Florida Department of Business and Professional Regulation’s website for specific details.
Who can file a BOI report in Florida?
Anyone who has witnessed or experienced unethical behavior, misconduct, or fraud can file a BOI report in Florida.

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 Florida, especially, small and medium businesses must file the Business Ownership Information Report to combat growing financial crimes. In Florida, the companies must understand the obligations to comply with the rules.

In Florida, 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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