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


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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

Montana, also known as The Treasure State, has a population of 1,112,668. 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 Montana

What is Beneficial Ownership in Montana?

Beneficial ownership in Montana 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 Montana, 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 Montana 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 Montana.

BOI Reporting Companies (Entities) in Montana

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

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

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

Recommended: You can fill up and file the BOI forms easily and without hassle by hiring a professional service. We recommend using –

#1 TOP PICK

TailorBrands(BOI Report Filing)

Online BOI Report Filing in Montana

  • Step 1: For online filing, reporting companies in Montana 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 Montana

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

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

BOI Reporting Required Information in Montana

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

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 Montana 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 Montana or forming a corporation in Montana 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 Montana.

State Specific Data: Montana

Capital and Incorporation

  • The capital of Montana is Helena.
  • The population of Montana: 1,112,668
  • The Annual GDP of Montana: 65,736
  • Incorporation in Montana can be done through various methods including online and offline. For more details, visit Montana Secretary of State.
  • Incorporation Method in Montana (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in Montana (Offline): there’s no offline method of filing the documents

Filing Fees

  • LLC Initial Filing Fee: $70
  • LLC Amendment Fees: $15
  • Annual Fee: $20
  • DBA Filing Fee: $20
  • Incorporation Fee: $70 for filing online
  • Registered Agent Change Fee: $0
  • Corporate Amendment Fee: $15

Important Offices

  • State Tax Office: Montana Department of Revenue
  • State Insurance Office: Montana State Auditor’s Office, Insurance and Securities Division
  • Secretary of State Address: State Capitol, Room 260 ~ PO Box 202801 Helena, Montana 59620-2801
  • 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: one method, online
  • Filing Fee for DBA: $20
  • Online Filing for DBA: For online filing, check the Montana ePass website. There, look for the “Assumed Names” section. You will get the registration form.
  • Offline Filing for DBA: There’s no offline form submission in the state

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

FAQs

How do I file a Boi Report in Montana?
You can file a Boi Report in Montana by visiting the official website of the Montana Department of Justice.
Is there a deadline for filing a Boi Report in Montana?
Yes, in Montana, you must file a Boi Report within a certain timeframe after the incident occurs.
What information do I need to provide when filing a Boi Report in Montana?
When filing a Boi Report in Montana, you will need to provide details about the incident, including the date, time, location, and description of what happened.
Can I file a Boi Report anonymously in Montana?
Yes, in Montana, you can file a Boi Report anonymously if you prefer.
Will filing a Boi Report in Montana automatically lead to an arrest?
Filing a Boi Report in Montana does not guarantee an arrest, but it can help law enforcement take action.
How long does it take for the Montana Department of Justice to process a Boi Report?
The processing time for a Boi Report in Montana can vary depending on the specifics of the case and the workload of the department.
Can I file a Boi Report online in Montana?
Yes, you can submit a Boi Report online through the Montana Department of Justice website.
What is the purpose of filing a Boi Report in Montana?
Filing a Boi Report in Montana helps law enforcement track and investigate incidents of bias-motivated behavior.
Are Boi Reports in Montana confidential?
Boi Reports in Montana are treated with confidentiality to protect the privacy of those involved.
Can I add more information to my Boi Report after it has been filed in Montana?
In Montana, it may be possible to add additional information to your Boi Report by contacting the Montana Department of Justice.
What happens after I file a Boi Report in Montana?
After filing a Boi Report in Montana, law enforcement will review the information provided and may conduct an investigation into the incident.
Is there a fee for filing a Boi Report in Montana?
There is no fee for filing a Boi Report in Montana.
How can I check the status of my Boi Report in Montana?
You can inquire about the status of your Boi Report in Montana by contacting the Montana Department of Justice.
Can I file a Boi Report on behalf of someone else in Montana?
Yes, you may file a Boi Report on behalf of someone else in Montana with their consent.
What are the consequences of filing a false Boi Report in Montana?
Filing a false Boi Report in Montana is a serious matter and may result in legal consequences.
Can I file a Boi Report in person in Montana?
While online filing is preferred, you may be able to file a Boi Report in person by visiting a local law enforcement agency in Montana.
Are Boi Reports available to the public in Montana?
Boi Reports in Montana are typically not public records to protect the privacy of those involved.
Can I file a Boi Report for an incident that occurred outside of Montana?
Boi Reports in Montana are typically only accepted for incidents that occurred within the state.
What protections are in place to prevent retaliation against those who file Boi Reports in Montana?
Montana has laws in place to protect individuals from retaliation for filing Boi Reports.
Is there a specific form to use when filing a Boi Report in Montana?
While there may be a specific form to use for filing a Boi Report in Montana, online submission is typically preferred.
Can I file a Boi Report about discrimination in the workplace in Montana?
Filing a Boi Report about workplace discrimination may fall under the jurisdiction of a different agency in Montana.
What is the Montana law regarding bias-motivated crimes?
Montana law provides protections against bias-motivated crimes and allows for the filing of Boi Reports.
How can I obtain a copy of my filed Boi Report in Montana?
You can request a copy of your filed Boi Report in Montana by contacting the Montana Department of Justice.
Can I file a Boi Report for a hate crime in Montana?
Yes, you can file a Boi Report for a hate crime in Montana, as these incidents are taken very seriously by law enforcement.
What should I do if I witness a bias-motivated incident in Montana?
You should report the incident by filing a Boi Report in Montana and providing as much information as possible to assist with the investigation.
Can I file a Boi Report on behalf of a minor in Montana?
Yes, you can file a Boi Report on behalf of a minor in Montana if they are unable to do so themselves.
How can I submit additional evidence to support my Boi Report in Montana?
You may be able to submit additional evidence to support your Boi Report in Montana by following the instructions provided by the Montana Department of Justice.
Are Boi Reports required to be notarized in Montana?
Boi Reports in Montana are typically not required to be notarized, but you should follow any specific instructions provided when filing.
Can I provide witness testimony in my Boi Report in Montana?
Including witness testimony in your Boi Report in Montana can be helpful for law enforcement in investigating the incident.
How do I file a boi report in Montana?
You can file a boi report in Montana by contacting the Montana Board of Investments office or visiting their website.
Can I file a boi report online in Montana?
Yes, you can file a boi report online in Montana through the Board of Investments website.
What information do I need to include in a boi report in Montana?
When filing a boi report in Montana, you will need to include detailed information about the investment opportunity, risk assessment, and projected returns.
Is there a deadline for filing a boi report in Montana?
The deadline for filing a boi report in Montana may vary depending on the specific investment opportunity and regulations.
Are there any fees associated with filing a boi report in Montana?
There may be fees associated with filing a boi report in Montana, so it is advisable to check with the Board of Investments for more information.
How long does it take to process a boi report in Montana?
The processing time for a boi report in Montana can vary, but typically it takes a few weeks to review and assess the report.
What are the eligibility requirements for filing a boi report in Montana?
To file a boi report in Montana, you may need to meet certain eligibility requirements set by the Board of Investments.
Can I get assistance with filing a boi report in Montana?
Yes, you can get assistance with filing a boi report in Montana by contacting the Board of Investments office or seeking guidance from a financial advisor.
Are there specific guidelines for formatting a boi report in Montana?
Yes, there are specific guidelines for formatting a boi report in Montana, which can be found on the Board of Investments website.
What happens after I file a boi report in Montana?
After filing a boi report in Montana, the Board of Investments will review the report and make a decision on whether to proceed with the investment opportunity.
Can I appeal a decision made on a boi report in Montana?
Yes, you may be able to appeal a decision made on a boi report in Montana by following the appeals process outlined by the Board of Investments.
Are there any restrictions on who can file a boi report in Montana?
There may be restrictions on who can file a boi report in Montana, so it is important to review the eligibility requirements set by the Board of Investments beforehand.
What are the benefits of filing a boi report in Montana?
Filing a boi report in Montana can help you access investment opportunities that may not be available through other channels and diversify your portfolio.
How can I track the status of my boi report in Montana?
You can track the status of your boi report in Montana by contacting the Board of Investments office and requesting an update.
Can I submit additional information after filing a boi report in Montana?
Yes, you may be able to submit additional information after filing a boi report in Montana to further support your investment proposal.
Are there any educational resources available for filing a boi report in Montana?
Yes, the Board of Investments in Montana may offer educational resources or seminars to help individuals understand the process of filing a boi report.
How often should I file a boi report in Montana?
The frequency of filing boi reports in Montana depends on your investment activity and the specific requirements outlined by the Board of Investments.
Can I file multiple boi reports in Montana at once?
Yes, you may be able to file multiple boi reports in Montana simultaneously if you have multiple investment opportunities to consider.
Is there a limit on the number of boi reports I can file in Montana?
There may be a limit on the number of boi reports you can file in Montana, so it is advisable to check with the Board of Investments for any restrictions.
Can I file a boi report in Montana for a small business?
Yes, you can file a boi report in Montana for a small business if the investment opportunity meets the criteria set by the Board of Investments.
How can I prepare my financial documents for a boi report in Montana?
To prepare your financial documents for a boi report in Montana, gather detailed and accurate information about your investment proposal, including projected returns and risk assessment.
Are there any tax implications associated with filing a boi report in Montana?
There may be tax implications associated with filing a boi report in Montana, so it is advisable to consult with a tax professional or financial advisor before proceeding.
Can I file a boi report in Montana for a real estate investment?
Yes, you can file a boi report in Montana for a real estate investment opportunity, provided it meets the eligibility criteria set by the Board of Investments.
Can a non-resident file a boi report in Montana?
Non-residents may be able to file a boi report in Montana, but they should check with the Board of Investments for any specific requirements or restrictions.
How can I request feedback on my boi report in Montana?
You can request feedback on your boi report in Montana by contacting the Board of Investments and requesting a review or consultation.
Can I file a joint boi report in Montana with another individual?
Yes, you may be able to file a joint boi report in Montana with another individual, but it is important to clarify ownership and responsibilities in the report.
Are there specific industries or sectors that are prioritized in boi reports in Montana?
There may be specific industries or sectors that are prioritized in boi reports in Montana, so it is advisable to review the investment guidelines provided by the Board of Investments.
What documentation do I need to provide when filing a boi report in Montana?
When filing a boi report in Montana, you will need to provide documentation such as financial statements, business plans, and legal agreements related to the investment opportunity.
Can I request a meeting to discuss my boi report in Montana?
Yes, you can request a meeting to discuss your boi report in Montana with the Board of Investments or their representatives to address any questions or concerns.
Are there any penalties for not filing a boi report in Montana on time?
There may be penalties for not filing a boi report in Montana on time, so it is important to adhere to any deadlines or requirements set by the Board of Investments.

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

In Montana, 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.

Leave a Comment