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


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

Louisiana, also known as The Pelican State, has a population of 4,695,071. 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 Louisiana

What is Beneficial Ownership in Louisiana?

Beneficial ownership in Louisiana 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 Louisiana, 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 Louisiana 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 Louisiana.

BOI Reporting Companies (Entities) in Louisiana

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

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

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

Online BOI Report Filing in Louisiana

  • For online filing, reporting companies in Louisiana 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 Louisiana

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

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

BOI Reporting Required Information in Louisiana

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

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 Louisiana 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 Louisiana or forming a corporation in Louisiana 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 Louisiana.

State Specific Data: Louisiana

Capital and Incorporation

  • The capital of Louisiana is Baton Rouge.
  • The population of Louisiana: 4,695,071
  • The Annual GDP of Louisiana: 284,650
  • Incorporation in Louisiana can be done through various methods including online and offline. For more details, visit Louisiana Secretary of State.
  • Incorporation Method in Louisiana (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 Louisiana (Offline): Send the form by mail to State of Louisiana Secretary of State, P.O. Box 94125, Baton Rouge, LA 70804. Drop it off in person to 8585 Archives Ave., Baton Rouge, LA 70809. Fax it to 225-932-5314

Filing Fees

  • LLC Initial Filing Fee: $100
  • LLC Amendment Fees: $60
  • Annual Fee: $30
  • DBA Filing Fee: $75 Filing Fee and $300 for 24-hour Expedited fiiling
  • Incorporation Fee: $75 for filing online, fax, in person and by mail
  • Registered Agent Change Fee: $30 (for credits card payment) & $25 (for other mode of payment)
  • Corporate Amendment Fee: $25

Important Offices

  • State Tax Office: Louisiana Department of Revenue
  • State Insurance Office: Louisiana Department of Insurance
  • Secretary of State Address: State of Louisiana Secretary of State, P.O. Box 94125, Baton Rouge, LA 70804
  • 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: $75 Filing Fee and $300 for 24-hour Expedited fiiling
  • Online Filing for DBA: For online filing, check the Louisiana geauxBIZ Website. There, look for the “Fictitious Names” section. You will get the registration form.
  • Offline Filing for DBA: For filing offline, you must send the downloaded PDF form to the Office of the Commercial Division, P.O. Box 94125, Baton Rouge, LA 70804-9125 or drop it off in person at the Louisiana Secretary of State, 8585 Archives Ave., Baton Rouge, LA 70809

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

FAQs

What is a BOI report in Louisiana?
A BOI report in Louisiana stands for Birth of Inquiry report, which is filed to document incidents of suspected child abuse or neglect.
How do I file a BOI report in Louisiana?
To file a BOI report in Louisiana, contact the Department of Children and Family Services (DCFS) Child Protection Hotline at 1-855-4LA-KIDS.
Who is required to file a BOI report in Louisiana?
In Louisiana, any person who suspects child abuse or neglect is required by law to file a BOI report.
When should I file a BOI report in Louisiana?
A BOI report in Louisiana should be filed as soon as possible after you suspect that a child is being abused or neglected.
Can I file a BOI report anonymously in Louisiana?
Yes, you can file a BOI report anonymously in Louisiana, but providing your contact information may help in the investigation.
What information do I need to include in a BOI report in Louisiana?
When filing a BOI report in Louisiana, you will need to provide as much information as possible about the child and the suspected abuse or neglect.
What happens after I file a BOI report in Louisiana?
After you file a BOI report in Louisiana, the DCFS will conduct an investigation to determine if the child is in danger and provide services if needed.
Are there any legal consequences for not reporting suspected child abuse in Louisiana?
Yes, there are legal consequences for not reporting suspected child abuse in Louisiana, including possible criminal charges.
What protections are in place for reporters of child abuse in Louisiana?
Louisiana law protects reporters of child abuse from civil or criminal liability as long as the report is made in good faith.
Can I file a BOI report online in Louisiana?
As of now, you cannot file a BOI report online in Louisiana; you must call the DCFS Child Protection Hotline.
Are educators mandated reporters of child abuse in Louisiana?
Yes, educators are mandated reporters of child abuse in Louisiana and are required by law to file a BOI report when they suspect abuse or neglect.
What are some signs of child abuse or neglect that I should look for in Louisiana?
Signs of child abuse or neglect in Louisiana may include unexplained injuries, changes in behavior, fear of parents or caregivers, and lack of appropriate supervision.
How long does it take for the DCFS to respond to a BOI report in Louisiana?
The DCFS is required to respond to a BOI report in Louisiana within 24 hours, or sooner if the child is in immediate danger.
Can I file a BOI report for a child who is not in Louisiana?
No, you must file a BOI report in the state where the child resides, so if the child is not in Louisiana, you should contact the appropriate child welfare agency.
What is the role of law enforcement in cases of suspected child abuse in Louisiana?
Law enforcement in Louisiana may become involved in cases of suspected child abuse to protect the child, gather evidence, and assist in the investigation.
Can I file a BOI report for a child who is being emotionally abused in Louisiana?
Yes, you can file a BOI report in Louisiana for a child who is being emotionally abused, as emotional abuse is considered a form of neglect.
Can I file a BOI report for a child who is being sexually abused in Louisiana?
Yes, you can and should file a BOI report in Louisiana immediately if you suspect a child is being sexually abused.
Will I be kept informed of the status of the investigation after filing a BOI report in Louisiana?
Yes, the DCFS will keep you informed of the status of the investigation after you file a BOI report in Louisiana to the extent permitted by law.
Can I file a BOI report for a child who is being physically abused in Louisiana?
Yes, you can and should file a BOI report in Louisiana if you suspect a child is being physically abused, as this is a form of child abuse.
What can I do if I suspect child abuse but am not sure if I should file a BOI report in Louisiana?
If you are unsure, it is better to err on the side of caution and file a BOI report in Louisiana so that the authorities can investigate.
Are healthcare professionals mandated reporters of child abuse in Louisiana?
Yes, healthcare professionals are mandated reporters of child abuse in Louisiana and are required by law to file a BOI report when they suspect abuse or neglect.
Can I file a BOI report for a child who is being neglected in Louisiana?
Yes, you can and should file a BOI report in Louisiana if you suspect a child is being neglected, as neglect is a form of child abuse.
What if I suspect child abuse but the child denies it in Louisiana?
Even if a child denies being abused, you should still file a BOI report in Louisiana if you have reason to suspect abuse or neglect.
Can I file a BOI report for a child who is being psychologically abused in Louisiana?
Yes, you can file a BOI report in Louisiana for a child who is being psychologically abused, as this is a form of emotional abuse.
Are social workers mandated reporters of child abuse in Louisiana?
Yes, social workers are mandated reporters of child abuse in Louisiana and are required by law to file a BOI report when they suspect abuse or neglect.
What should I do if I suspect child abuse but am not sure if it rises to the level of filing a BOI report in Louisiana?
If you have any suspicion of child abuse or neglect in Louisiana, it is important to report it to the authorities so that an investigation can be conducted.
Can I file a BOI report for a child who is being abused by a family member in Louisiana?
Yes, you can and should file a BOI report in Louisiana for a child who is being abused by a family member, as no child should be subjected to abuse.
Can I file a BOI report if I witness child abuse in a public place in Louisiana?
Yes, you should file a BOI report in Louisiana if you witness child abuse in a public place, as it is important to report any suspected abuse or neglect.
How do I file a boi report in Louisiana?
To file a boi report in Louisiana, you can visit the Louisiana Board of Pharmacy’s website and follow their instructions.
Is it mandatory to file a boi report in Louisiana?
Yes, it is mandatory to file a boi report in Louisiana if you are a pharmacy or healthcare provider.
When is the deadline to file a boi report in Louisiana?
The deadline to file a boi report in Louisiana varies, but it is usually within a specified timeframe after a breach is discovered.
What information do I need to include in a boi report in Louisiana?
In Louisiana, a boi report should include details such as the date of the breach, the type of information accessed, and steps taken to mitigate the breach.
Can I file a boi report anonymously in Louisiana?
No, you cannot file a boi report anonymously in Louisiana. You must provide your contact information when filing a report.
What are the consequences of not filing a boi report in Louisiana?
Failing to file a boi report in Louisiana can result in fines and penalties for non-compliance with state regulations.
How long does it take to file a boi report in Louisiana?
The time it takes to file a boi report in Louisiana depends on the complexity of the breach and the thoroughness of the investigation.
Can I get assistance with filing a boi report in Louisiana?
Yes, you can contact the Louisiana Board of Pharmacy for assistance with filing a boi report and understanding the requirements.
Are there specific forms for filing a boi report in Louisiana?
Yes, there are specific forms that need to be filled out when filing a boi report in Louisiana. You can find these forms on the Louisiana Board of Pharmacy’s website.
What is the purpose of filing a boi report in Louisiana?
The purpose of filing a boi report in Louisiana is to protect patient privacy and security by reporting any breaches of personal information.
Can I appeal a decision made based on a boi report in Louisiana?
Yes, you have the right to appeal any decisions made based on a boi report in Louisiana. You can follow the appeals process outlined by the Louisiana Board of Pharmacy.
Who is required to file a boi report in Louisiana?
Any pharmacy or healthcare provider in Louisiana that experiences a breach of confidential information is required to file a boi report.
Is there a fee associated with filing a boi report in Louisiana?
There may be a fee associated with filing a boi report in Louisiana, depending on the nature of the breach and the services provided by the Louisiana Board of Pharmacy.
Can I email my boi report to the Louisiana Board of Pharmacy?
Yes, you can email your boi report to the Louisiana Board of Pharmacy, along with any supporting documentation.
How to know if a breach requires filing a boi report in Louisiana?
If a breach of confidential information occurs in Louisiana, it is important to consult with legal counsel to determine if it meets the criteria for filing a boi report.
Are there specific guidelines for filing a boi report in Louisiana?
Yes, there are specific guidelines that must be followed when filing a boi report in Louisiana to ensure compliance with state laws and regulations.
Can I track the progress of my boi report in Louisiana?
Yes, you can contact the Louisiana Board of Pharmacy to track the progress of your boi report and receive updates on any decisions made.
Is there a helpline available for questions about filing a boi report in Louisiana?
Yes, there is a helpline available for questions about filing a boi report in Louisiana. You can contact the Louisiana Board of Pharmacy for assistance.
Can I request a copy of my boi report from the Louisiana Board of Pharmacy?
Yes, you can request a copy of your boi report from the Louisiana Board of Pharmacy for your records.
What are the confidentiality requirements for a boi report in Louisiana?
Boi reports in Louisiana are subject to strict confidentiality requirements to protect patient privacy and comply with state laws.
Can I file a boi report if the breach occurred out of state but involves Louisiana residents?
Yes, if a breach of confidential information involves Louisiana residents, you are required to file a boi report in Louisiana, regardless of where the breach occurred.
How will I be notified of the outcome of my boi report in Louisiana?
You will be notified of the outcome of your boi report in Louisiana through official communication from the Louisiana Board of Pharmacy.
Can I request an extension for filing a boi report in Louisiana?
In some cases, you may be able to request an extension for filing a boi report in Louisiana. It is important to contact the Louisiana Board of Pharmacy to discuss your options.
What are the reporting requirements for a boi report in Louisiana?
The reporting requirements for a boi report in Louisiana include detailing the breach, identifying the affected individuals, and outlining the steps taken to address the breach.
Do I need to notify individuals affected by a breach when filing a boi report in Louisiana?
Yes, you are required to notify individuals affected by a breach when filing a boi report in Louisiana. Notification must be made in accordance with state laws and regulations.
Are there any exemptions to filing a boi report in Louisiana?
There may be exemptions to filing a boi report in Louisiana for certain types of breaches or situations. It is important to consult with legal counsel to determine eligibility for exemptions.
What are the time limits for filing a boi report in Louisiana?
In Louisiana, the time limits for filing a boi report vary, but it is generally recommended to report any breaches promptly to ensure compliance with state regulations.
Can I file a boi report online in Louisiana?
Yes, you can file a boi report online in Louisiana through the official website of the Louisiana Board of Pharmacy.

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

In Louisiana, 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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