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


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How to file a BOI Report in Indiana: 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 Indiana, 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.

Indiana, also known as The Hoosier State, has a population of 6,876,047. 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 Indiana

What is Beneficial Ownership in Indiana?

Beneficial ownership in Indiana 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 Indiana, 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 Indiana 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 Indiana.

BOI Reporting Companies (Entities) in Indiana

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

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

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

Online BOI Report Filing in Indiana

  • For online filing, reporting companies in Indiana 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 Indiana

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

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

BOI Reporting Required Information in Indiana

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

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 Indiana 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 Indiana or forming a corporation in Indiana 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 Indiana.

State Specific Data: Indiana

Capital and Incorporation

  • The capital of Indiana is Indianapolis.
  • The population of Indiana: 6,876,047
  • The Annual GDP of Indiana: 458,796
  • Incorporation in Indiana can be done through various methods including online and offline. For more details, visit Indiana Secretary of State.
  • Incorporation Method in Indiana (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in Indiana (Offline): Send the form by mail to Department of Secretary of State Business Services Division, 302 West Washington Street, Room E018, Indianapolis, IN 46204

Filing Fees

  • LLC Initial Filing Fee: $100 (by mail and $95 online)
  • LLC Amendment Fees: $30
  • Annual Fee: $0 because it is not mandatory
  • DBA Filing Fee: $35
  • Incorporation Fee: $30 for filing online and by mail
  • Registered Agent Change Fee: $30
  • Corporate Amendment Fee: $30.00

Important Offices

  • State Tax Office: Indiana Department of Revenue
  • State Insurance Office: Indiana Department of Insurance
  • Secretary of State Address: Secretary of State Business Services Division, 302 West Washington Street, Room E018, Indianapolis, IN 46204
  • Department of Treasury: Department of the Treasury Internal Revenue Service Center – Kansas City, MO 64999 Fax: 855-887-7734​

Key Contacts

  • Form 2335 Mailing Address: Department of the Treasury Internal Revenue Service Center – Kansas City, MO 64999 Fax: 855-887-7734​
  • Filing Method for DBA: two methods, by mail and in person
  • Filing Fee for DBA: $35
  • Online Filing for DBA: There is no online filing available
  • Offline Filing for DBA: For filing offline, you must send the downloaded PDF form or drop it off in person at the Marion County Recorder’s Office, 200 E. Washington Street, Suite T-741, Indianapolis, IN 46204

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

FAQs

How do I file a BOI report in Indiana?
You can file a BOI report in Indiana by submitting a Complaint Form to the Indiana Bureau of Investigation.
Where can I find the Complaint Form for filing a BOI report in Indiana?
The Indiana Bureau of Investigation’s website has the Complaint Form available for download.
Is there a deadline for filing a BOI report in Indiana?
It is recommended to file a BOI report in Indiana as soon as possible after the incident occurs.
Can I file a BOI report in Indiana anonymously?
Yes, you can submit a BOI report in Indiana anonymously if you prefer.
What information do I need to include in a BOI report in Indiana?
You should include as many details as possible when filing a BOI report in Indiana, including names, dates, times, locations, and descriptions of the incident.
How long does it take for the Indiana Bureau of Investigation to respond to a filed BOI report?
The response time for the Indiana Bureau of Investigation to a filed BOI report can vary depending on the nature of the complaint.
Can I file a BOI report in Indiana for any type of criminal activity?
Yes, you can file a BOI report in Indiana for any type of criminal activity that falls within their jurisdiction.
What is the contact information for the Indiana Bureau of Investigation for filing a BOI report?
You can contact the Indiana Bureau of Investigation at [phone number] or [email address] to file a BOI report.
Are there any fees associated with filing a BOI report in Indiana?
There are no fees for filing a BOI report in Indiana.
Can I file a BOI report in Indiana online?
Yes, you may be able to file a BOI report in Indiana online through their official website.
How do I follow up on a BOI report filed in Indiana?
You can follow up on a BOI report filed in Indiana by contacting the Indiana Bureau of Investigation directly.
What happens after I file a BOI report in Indiana?
The Indiana Bureau of Investigation will review the filed BOI report and investigate the allegations if necessary.
Is my identity protected when I file a BOI report in Indiana?
The Indiana Bureau of Investigation takes confidentiality seriously when it comes to filed BOI reports and will do their best to protect your identity.
Can I file a BOI report in Indiana on behalf of someone else?
Yes, you can file a BOI report in Indiana on behalf of someone else if you have the necessary information to do so.
Are there any limitations on who can file a BOI report in Indiana?
Anyone can file a BOI report in Indiana, regardless of age, gender, or relationship to the incident.
Can I submit evidence with my BOI report in Indiana?
Yes, you can submit any evidence you have with your filed BOI report in Indiana.
What should I do if I need immediate assistance after filing a BOI report in Indiana?
If you need immediate assistance after filing a BOI report in Indiana, contact local law enforcement or emergency services.
Can I file a BOI report in Indiana for a crime that occurred outside the state?
The Indiana Bureau of Investigation may have limitations on investigating crimes that occurred outside of the state, but you can still file a report with them.
How can I track the progress of my BOI report in Indiana?
You can contact the Indiana Bureau of Investigation to inquire about the progress of your filed BOI report.
What is the purpose of filing a BOI report in Indiana?
The purpose of filing a BOI report in Indiana is to report criminal activity to the proper authorities for investigation.
Can I file a BOI report in Indiana if I am a victim of a crime?
Yes, victims of crimes can file BOI reports in Indiana to report the incident to law enforcement.
Are there any specific protocols or guidelines for filing a BOI report in Indiana?
The Indiana Bureau of Investigation may have specific protocols or guidelines outlined for filing a BOI report, which you should follow.
What should I do if I suspect criminal activity but am not sure if it warrants filing a BOI report in Indiana?
If you suspect criminal activity but are unsure, it is best to consult with the Indiana Bureau of Investigation for guidance on whether to file a report.
Can I file a BOI report in Indiana for fraudulent activity?
Yes, you can file a BOI report in Indiana for fraudulent activity, such as scams or financial crimes.
Can I request confidentiality when filing a BOI report in Indiana?
Yes, you can request confidentiality when filing a BOI report in Indiana to protect your identity.
Is there a specific form I need to use when filing a BOI report in Indiana?
Yes, you will need to use the designated Complaint Form provided by the Indiana Bureau of Investigation when filing a BOI report.
How long does it take to file a BOI report in Indiana?
Filing a BOI report in Indiana can vary in the amount of time it takes, depending on how quickly you are able to gather all the necessary information.
Can I file a BOI report in Indiana for non-criminal incidents?
The Indiana Bureau of Investigation typically handles criminal incidents, but you may still be able to file a report for non-criminal incidents – it’s best to check with them for guidance.
What is a BOI report in Indiana?
A BOI report in Indiana is a Bureau of Investigation report commonly referred to by law enforcement agencies.
What information do I need to provide when filing a BOI report in Indiana?
When filing a BOI report in Indiana, you will need to provide details such as the date, time, and location of the incident, as well as a description of what occurred.
Is it necessary to file a BOI report in Indiana for all incidents?
It is important to file a BOI report in Indiana for all criminal incidents, including theft, vandalism, and assault.
Can I file a BOI report online in Indiana?
Unfortunately, there is no online option available for filing a BOI report in Indiana at this time.
How long do I have to file a BOI report in Indiana?
It is recommended to file a BOI report in Indiana as soon as possible after the incident occurs to ensure a thorough investigation.
Can I file a BOI report anonymously in Indiana?
You may be able to file a BOI report anonymously in Indiana, depending on the nature of the incident and the discretion of law enforcement.
Can I file a BOI report on behalf of someone else in Indiana?
Yes, you can file a BOI report on behalf of someone else in Indiana if they are unable to do so themselves.
Are BOI reports in Indiana confidential?
BOI reports in Indiana are generally considered confidential, but certain information may be shared with authorized individuals for investigative purposes.

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

In Indiana, 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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