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


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

Missouri, also known as The Show-Me State, has a population of 6,204,710. 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 Missouri

What is Beneficial Ownership in Missouri?

Beneficial ownership in Missouri 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 Missouri, 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 Missouri 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 Missouri.

BOI Reporting Companies (Entities) in Missouri

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

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

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

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Online BOI Report Filing in Missouri

  • Step 1: For online filing, reporting companies in Missouri are required to visit the FinCEN BOIR e-filing page.
  • Step 2: The first page shows 4 options, Initial Report, Correct Prior Report, Update Prior Report, and Newly Exempt Entity.
  • Step 3: For the fresh filing, select Initial Report and click NEXT.
  • Step 4: On the next page, fill out the form for Reporting Company and ask for FinCEN ID.
  • Step 5: The ‘Company Applicant’ page comes up next. Add the details wherever is required.
  • Step 6: The next page shows the details of the Beneficial Owner(s). Also, mention if there is an exemption.
  • Step 7: Submit the online form after sharing your name and email on the final page.
BOI reporting e-filing

Offline BOI Report Filing in Missouri

  • Step 1: For offline filing, visit the FinCEN BOI Report filing page
  • Step 2: Download the PDF form from the ‘Prepare BOIR’ option
  • Step 3: The PDF form requires Adobe Reader 8 or higher, make sure you have this version installed on your device.
  • Step 4: Save the form on your device.
  • Step 5: 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.
  • Step 6: Once filled up, upload the form on the site by clicking on ‘Submit BOIR’.
  • Step 7: 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

Reporting Process and Timeline

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

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

BOI Reporting Required Information in Missouri

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

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 Missouri 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 Missouri or forming a corporation in Missouri 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 Missouri.

State Specific Data: Missouri

Capital and Incorporation

  • The capital of Missouri is Jefferson City.
  • The population of Missouri: 6,204,710
  • The Annual GDP of Missouri: 392,935
  • Incorporation in Missouri can be done through various methods including online and offline. For more details, visit Missouri Secretary of State.
  • Incorporation Method in Missouri (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in Missouri (Offline): Send the form by mail or drop it off in person to Corporations Unit, James C. Kirkpatrick State Information Center, P.O. Box 778, Jefferson City, MO 65102

Filing Fees

  • LLC Initial Filing Fee: $105 (by mail and $50 online)
  • LLC Amendment Fees: $25
  • Annual Fee: $7
  • DBA Filing Fee: $7
  • Incorporation Fee: $50 fo filing online, $105 for filing by mail
  • Registered Agent Change Fee: $10
  • Corporate Amendment Fee: $25

Important Offices

  • State Tax Office: Missouri Department of Revenue
  • State Insurance Office: Missouri Department of Insurance, Financial Institutions and Professional Registration
  • Secretary of State Address: Corporations Unit, James C. Kirkpatrick State Information Center, P.O. Box 778, Jefferson City, MO 65102
  • 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: three methods, online, by mail, and in person filing.
  • Filing Fee for DBA: $7
  • Online Filing for DBA: For online filing, check the Missouri Corporations Online Portal. There, look for the “Assumed Names” section. You will get the registration form.
  • Offline Filing for DBA: For filing offline, you must send the downloaded PDF form to the Corporations Division, P.O. Box 778, Jefferson City, MO 65102 or drop it off in person at the Corporations Division, 600 W. Main St., Rm. 322, Jefferson City, MO 65102

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

FAQs

How do I file a BOI report in Missouri?
To file a BOI report in Missouri, you can visit the Missouri Department of Revenue’s website and follow their instructions.
Is there a deadline for filing a BOI report in Missouri?
Yes, in Missouri, the deadline for filing a BOI report typically falls on March 1st of each year.
What information do I need to include in my BOI report in Missouri?
In Missouri, you will need to provide detailed information about your business, including your gross income, expenses, and any deductions you may have.
Can I file my BOI report online in Missouri?
Yes, Missouri provides an online filing system for BOI reports, making it convenient for business owners to submit their information.
What happens if I fail to file my BOI report in Missouri?
If you fail to file your BOI report in Missouri, you may face penalties and fines from the Department of Revenue.
Do I need to file a BOI report in Missouri if my business is not profitable?
Yes, in Missouri, all business owners are required to file a BOI report, regardless of whether their business is profitable or not.
Can I amend my BOI report in Missouri after filing?
Yes, if you need to make changes to your BOI report in Missouri after filing, you can file an amended return to update your information.
Are there any exemptions for filing a BOI report in Missouri?
There are some exemptions for filing a BOI report in Missouri, such as certain charitable organizations or businesses with gross receipts under a certain threshold.
How do I calculate my gross receipts for my BOI report in Missouri?
In Missouri, you can calculate your gross receipts by adding up all of the money your business earned during the reporting period.
Can I get an extension to file my BOI report in Missouri?
Yes, Missouri allows business owners to request an extension to file their BOI report, but you must do so before the original deadline.
What documentation do I need to support my BOI report in Missouri?
In Missouri, you should keep detailed records of your business income, expenses, and deductions to support your BOI report in case of an audit.
How often do I need to file a BOI report in Missouri?
In Missouri, business owners typically need to file a BOI report annually, but it’s essential to check with the Department of Revenue for specific requirements.
How can I pay the taxes owed on my BOI report in Missouri?
In Missouri, you can pay the taxes owed on your BOI report through the Department of Revenue’s online payment portal or by mail.
Can I deduct business expenses on my BOI report in Missouri?
Yes, business owners in Missouri can deduct legitimate business expenses on their BOI report to reduce their taxable income.
What should I do if I am unsure how to file my BOI report in Missouri?
If you are unsure how to file your BOI report in Missouri, you can reach out to the Department of Revenue for assistance or consult with a tax professional.
Are there any resources available to help me understand how to file a BOI report in Missouri?
Yes, the Missouri Department of Revenue provides helpful guides and resources on their website to assist business owners in filing their BOI reports correctly.
Can I file my BOI report in person at a Missouri Department of Revenue office?
Yes, if you prefer to file your BOI report in person, you can visit a Missouri Department of Revenue office for assistance with the process.
What do I do if I made a mistake on my BOI report in Missouri?
If you made a mistake on your BOI report in Missouri, you should file an amended return to correct the error as soon as possible.
Is there a fee for filing a BOI report in Missouri?
In Missouri, there is no fee for filing a BOI report, but you may owe taxes based on your business income.
How long does it take to process a BOI report in Missouri?
The processing time for a BOI report in Missouri can vary depending on the volume of reports filed, but you can check the status of your return online.
What type of businesses are required to file a BOI report in Missouri?
Most types of businesses are required to file a BOI report in Missouri, including sole proprietors, partnerships, and corporations.
Can I request a payment plan for taxes owed on my BOI report in Missouri?
Yes, if you cannot pay the full amount of taxes owed on your BOI report in Missouri, you can contact the Department of Revenue to set up a payment plan.
What penalties can I face for failing to file a BOI report in Missouri?
In Missouri, failing to file a BOI report can result in penalties, interest, and other consequences, so it’s essential to meet the deadline and requirements.
Do I need to file a separate BOI report in Missouri for each of my business entities?
Yes, in Missouri, business owners with multiple entities typically need to file separate BOI reports for each business to report their income accurately.
Can I file my BOI report early in Missouri?
Yes, you can file your BOI report early in Missouri as long as you have all the necessary information to complete the return accurately.
What do I do if I have questions about my BOI report in Missouri after filing?
If you have questions about your BOI report in Missouri after filing, you can contact the Department of Revenue or seek assistance from a tax professional.
Are there any tax credits available for businesses filing a BOI report in Missouri?
Yes, there are various tax credits available for businesses in Missouri, so it’s essential to review the eligibility requirements and claim any credits you qualify for.
How do I file a bias or discrimination report in Missouri?
You can file a report with the Missouri Commission on Human Rights or the U.S. Equal Employment Opportunity Commission.
What is the process for filing a bias incident report in Missouri?
You can report incidents of bias or discrimination to local law enforcement or civil rights organizations in Missouri.
Is it necessary to include personal information when filing a bias report in Missouri?
Yes, providing accurate personal information when filing a report in Missouri can help with the investigation process.
Can I file a report anonymously in Missouri?
Some agencies in Missouri may allow you to file anonymous reports, but providing your information can help with the investigation and resolution of the incident.
What types of bias incidents can be reported in Missouri?
Bias incidents related to race, gender, sexual orientation, disability, religion, or other protected characteristics can be reported in Missouri.
How long do I have to file a bias report in Missouri after the incident occurs?
It is recommended to file a bias report in Missouri as soon as possible after the incident occurs to ensure a thorough investigation.
Can I file a bias report online in Missouri?
Some agencies in Missouri may offer online reporting options for bias incidents, but you can also file a report in person or over the phone.
What information should I include when filing a bias incident report in Missouri?
When filing a report in Missouri, include a detailed description of the incident, any witnesses, and any evidence that supports your claim.
Can I file a report for someone else in Missouri?
If you witness a bias incident in Missouri, you can file a report on behalf of the victim with their consent.
Are there specific agencies or organizations in Missouri that handle bias reports?
The Missouri Commission on Human Rights and the U.S. Equal Employment Opportunity Commission are two organizations that handle bias reports in Missouri.
What resources are available to me in Missouri if I have been a victim of bias or discrimination?
In Missouri, you can contact civil rights organizations, legal aid services, or local law enforcement for support if you have been a victim of bias or discrimination.
How long does it take for a bias report to be resolved in Missouri?
The resolution time for bias reports in Missouri can vary depending on the complexity of the case and the availability of resources for investigation.
Can I file a report for a bias incident that occurred outside of Missouri?
If you are a resident of Missouri and the incident occurred in another state, you may still be able to file a report with the appropriate authorities in that state or with federal agencies.
Will filing a bias report in Missouri protect me from retaliation?
In Missouri, there are laws and regulations in place to protect individuals from retaliation for filing a bias report.
What steps can I take in Missouri if I believe my bias report was not handled properly?
You can contact the agency or organization where you filed the report in Missouri to inquire about the status of the investigation and seek resolution.
Are there legal resources available to assist me with filing a bias report in Missouri?
Legal aid services in Missouri may provide assistance with navigating the process of filing a bias report and understanding your rights.
Can I file multiple bias reports for different incidents in Missouri?
Yes, you can file multiple bias reports for different incidents that occur in Missouri to ensure all instances of bias or discrimination are addressed.
How do I follow up on a bias report filed in Missouri?
Contact the agency or organization where you filed the report in Missouri to inquire about the status of the investigation and any updates on the resolution.
Are there community organizations in Missouri that offer support for bias incident victims?
Yes, there are community organizations in Missouri that offer support, resources, and advocacy for individuals who have experienced bias or discrimination.
Can I file a bias report in Missouri if the incident occurred at my workplace?
Yes, you can file a bias report with the Missouri Commission on Human Rights or the U.S. Equal Employment Opportunity Commission if the incident occurred at your workplace.
Are there specific forms to fill out when filing a bias report in Missouri?
Some agencies in Missouri may provide specific forms for filing bias reports, while others may accept written statements or oral reports.
Will my bias report in Missouri remain confidential?
While efforts will be made to keep bias reports confidential in Missouri, some information may need to be shared for the investigation and resolution of the incident.
Can I request accommodations when filing a bias report in Missouri?
Individuals with disabilities can request accommodations when filing a bias report in Missouri to ensure equal access to the reporting process.
Can I appeal the decision of a bias report in Missouri?
If you disagree with the resolution of your bias report in Missouri, you may be able to appeal the decision through the appropriate channels outlined by the investigating agency.
What support services are available to bias incident witnesses in Missouri?
Witnesses of bias incidents in Missouri may access support services through local community organizations, counseling services, or victim advocacy programs.
How do I know if my bias report in Missouri has been received and is being investigated?
Contact the agency or organization where you filed the report in Missouri for confirmation of receipt and updates on the investigation process.
Can I file a bias report in Missouri if I am a minor?
Minors in Missouri can file bias reports with the assistance of a parent, guardian, or legal representative to ensure their rights are protected.
Are there specific laws in Missouri that protect individuals from bias or discrimination?
Yes, Missouri has anti-discrimination laws that protect individuals from bias or discrimination based on race, gender, sexual orientation, religion, disability, and other characteristics.

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

In Missouri, 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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