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


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

Nevada, also known as The Silver State, has a population of 3,225,832. 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 Nevada

What is Beneficial Ownership in Nevada?

Beneficial ownership in Nevada 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 Nevada, 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 Nevada 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 Nevada.

BOI Reporting Companies (Entities) in Nevada

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

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

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

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Online BOI Report Filing in Nevada

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

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

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

BOI Reporting Required Information in Nevada

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

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 Nevada 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 Nevada or forming a corporation in Nevada 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 Nevada.

State Specific Data: Nevada

Capital and Incorporation

  • The capital of Nevada is Carson City.
  • The population of Nevada: 3,225,832
  • The Annual GDP of Nevada: 218,188
  • Incorporation in Nevada can be done through various methods including online and offline. For more details, visit Nevada Secretary of State.
  • Incorporation Method in Nevada (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in Nevada (Offline): Send the form by mail or drop it off in person at Secretary of State, Commercial Recordings Division, 202 N. Carson St., Carson City, NV 89701-4201, or fax it to (775) 684-5725.

Filing Fees

  • LLC Initial Filing Fee: $425
  • LLC Amendment Fees: $175
  • Annual Fee: $0 because it is not mandatory
  • DBA Filing Fee: varies by county
  • Incorporation Fee: $75 for filing online, fax, in person and by mail
  • Registered Agent Change Fee: $60
  • Corporate Amendment Fee: $175

Important Offices

  • State Tax Office: Nevada Department of Taxation
  • State Insurance Office: Nevada Division of Insurance
  • Secretary of State Address: Secretary of State, Commercial Recordings Division, 202 N. Carson St., Carson City, NV 89701-4201
  • 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: two methods, by mail and in person.
  • Filing Fee for DBA: varies by county
  • Online Filing for DBA: There is no online filing available
  • Offline Filing for DBA: For filing offline, you must send the accomplished DBA filing form to the Nevada Secretary of State, 202 North Carson Street, Carson City, NV 89701 or drop it off in person at the same address

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

FAQs

How do I file a BOI report in Nevada?
In Nevada, a BOI report can be filed online through the Secretary of State’s website.
What information is required to file a BOI report in Nevada?
To file a BOI report in Nevada, you will need to provide the business name, control number, and other relevant information about the company.
When is the deadline to file a BOI report in Nevada?
The deadline to file a BOI report in Nevada is based on the anniversary date of when the company was initially registered.
Can I file a BOI report in Nevada by mail?
Yes, you can file a BOI report in Nevada by mail, but it is recommended to file online for a faster and more efficient process.
What happens if I fail to file a BOI report in Nevada?
If you fail to file a BOI report in Nevada on time, the state may assess penalties and fees, and your company may become inactive.
How long does it take to process a BOI report in Nevada?
The processing time for a BOI report in Nevada can vary, but typically it takes a few business days for the report to be processed.
Can I file a BOI report for multiple companies in Nevada?
Yes, you can file a BOI report for multiple companies in Nevada, but each company will need to be filed separately.
Is there a fee to file a BOI report in Nevada?
Yes, there is a fee to file a BOI report in Nevada, and the amount may vary depending on the type of business entity.
Can I amend a previously filed BOI report in Nevada?
Yes, you can file an amended BOI report in Nevada to update or correct any information that was previously submitted.
Can I check the status of a BOI report online in Nevada?
Yes, you can check the status of a BOI report online in Nevada by using the Secretary of State’s online business portal.
Do I need to file a BOI report in Nevada every year?
Yes, you need to file a BOI report in Nevada every year to maintain compliance and keep your company in good standing with the state.
What is the purpose of filing a BOI report in Nevada?
The purpose of filing a BOI report in Nevada is to provide updated information about your company’s status, ownership, and operations to the state.
Can I request an extension to file a BOI report in Nevada?
Yes, you can request an extension to file a BOI report in Nevada, but you must do so before the original deadline.
How do I know if my BOI report has been accepted in Nevada?
You will receive confirmation from the Secretary of State’s office in Nevada once your BOI report has been accepted and processed.
Can I file a BOI report in Nevada if my business is based out of state?
Yes, you can file a BOI report in Nevada if your business is based outside of the state, as long as you are registered to do business in Nevada.
Can I submit additional documentation with my BOI report in Nevada?
Yes, you can submit additional documentation with your BOI report in Nevada to support any changes or updates you are making.
Can I file a BOI report in Nevada for a nonprofit organization?
Yes, you can file a BOI report in Nevada for a nonprofit organization, and the process is similar to filing for a for-profit business.
Do I need to update my registered agent when filing a BOI report in Nevada?
Yes, you will need to update your registered agent information when filing a BOI report in Nevada if there have been any changes.
Can I dissolve my business through a BOI report in Nevada?
No, you cannot dissolve your business through a BOI report in Nevada, as this report is for updating and maintaining your company’s information.
What is the best way to contact the Nevada Secretary of State’s office for BOI report inquiries?
The best way to contact the Nevada Secretary of State’s office for BOI report inquiries is by phone or email, using the contact information provided on their website.
Can I file a BOI report in Nevada for a foreign corporation?
Yes, you can file a BOI report in Nevada for a foreign corporation that is authorized to do business in the state, following the same procedures as a domestic company.
Can I modify my company’s address through a BOI report in Nevada?
Yes, you can update your company’s address through a BOI report in Nevada by providing the new address information on the form.
Can I change my company’s name through a BOI report in Nevada?
No, you cannot change your company’s name through a BOI report in Nevada; you will need to file a separate name change application with the Secretary of State.
Can I request a copy of my filed BOI report in Nevada?
Yes, you can request a copy of your filed BOI report in Nevada for a fee from the Secretary of State’s office.
Can I update my company’s officers and directors through a BOI report in Nevada?
Yes, you can update your company’s officers and directors through a BOI report in Nevada by providing the new information on the form.
Can I expedite the processing of my BOI report in Nevada?
Yes, you can expedite the processing of your BOI report in Nevada for an additional fee, but this option is only available in some cases.
Can I file a BOI report in Nevada for a limited liability company (LLC)?
Yes, you can file a BOI report in Nevada for an LLC, as the report is required for all types of business entities operating in the state.
Can I make changes to my business structure through a BOI report in Nevada?
No, you cannot make changes to your business structure through a BOI report in Nevada; you will need to file a separate form for any structural changes.
Can I file a BOI report in Nevada if my business is currently inactive?
Yes, you can file a BOI report in Nevada for an inactive business, but you may need to provide additional information about the business status.
How do I file a boi report in Nevada?
You can file a boi report in Nevada by visiting the Nevada Department of Wildlife website.
Do I need to file a boi report in Nevada for all big game animals?
Yes, in Nevada, it is mandatory to file a boi report for all big game animals.
Can I file a boi report in Nevada online?
Yes, you can file a boi report online in Nevada through the Nevada Department of Wildlife’s online reporting system.
Is there a deadline for filing a boi report in Nevada?
Yes, in Nevada, you must file a boi report within 10 days of harvesting a big game animal.
What information do I need to include in a boi report in Nevada?
In Nevada, when filing a boi report, you need to provide details such as your hunting license number, tag number, and location of the harvest.
Can I file a boi report in person in Nevada?
Yes, you can file a boi report in person at any Nevada Department of Wildlife office.
How do I obtain a hunter’s report in Nevada?
You can obtain a hunter’s report in Nevada by contacting the Nevada Department of Wildlife.
What do I do if I lose my tag in Nevada?
If you lose your tag in Nevada, you must contact the Nevada Department of Wildlife to get a replacement tag.
Can I transfer my boi report to another person in Nevada?
No, boi reports are non-transferable in Nevada.
Are there any fees associated with filing a boi report in Nevada?
No, there are no fees for filing a boi report in Nevada.
Do I need to physically bring the harvested animal with me when filing a boi report in Nevada?
In Nevada, you do not need to physically bring the harvested animal when filing a boi report, but you should be able to provide accurate information about the harvest.
Can I file a boi report for multiple animals at once in Nevada?
No, each big game animal harvest must be reported separately in Nevada.
Is there a mobile app available for filing boi reports in Nevada?
Yes, there is a mobile app available for filing boi reports in Nevada called “Nevada Hunt Planner.”
Can I file a boi report outside of Nevada if I harvested an animal there?
No, you must file a boi report in the state where the animal was harvested, so if you harvested an animal in Nevada, you must file the report there.
What is the quickest way to file a boi report in Nevada?
The quickest way to file a boi report in Nevada is through the online reporting system.
Can I call a hotline to report my boi in Nevada?
You cannot file a boi report over the phone in Nevada, but you can get assistance with the online reporting system.
Will filing a boi report affect my hunting privileges in Nevada?
Failure to file a boi report in Nevada can result in penalties such as fines or suspension of hunting privileges.
Can I fax my boi report in Nevada?
No, you cannot fax your boi report in Nevada. It must be submitted online or in person.
What do I do if I accidentally damage the animal after harvest in Nevada?
You must still file a boi report in Nevada even if the animal is damaged after harvest.
Can I mail my boi report in Nevada?
You must file your boi report online or in person in Nevada. Mailing is not an option.
How long does it take to process a boi report in Nevada?
Boi reports are typically processed within a few days in Nevada, but it is important to file promptly to avoid penalties.
Is there a grace period for filing a boi report in Nevada?
No, there is no grace period for filing a boi report in Nevada. It must be done within 10 days of harvest.
Can I file a boi report on behalf of someone else in Nevada?
No, each hunter must file their own boi report in Nevada; they cannot be filed by another person.
Do I need to report if my tag goes unfilled in Nevada?
Yes, even if your tag goes unfilled in Nevada, you must still file a boi report indicating that.
Are there specific hours for filing a boi report in Nevada?
You can file a boi report online in Nevada at any time. If filing in person, you must adhere to the office hours.
How do I find more information about filing a boi report in Nevada?
For further information about filing a boi report in Nevada, visit the Nevada Department of Wildlife website or contact their offices directly.
Can I use a paper form to submit my boi report in Nevada?
In Nevada, paper forms are no longer accepted for boi reports. It must be done online or in person.
What should I do if I have additional questions about filing a boi report in Nevada?
If you have additional questions in Nevada, reach out to the Nevada Department of Wildlife for clarification and assistance.

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

In Nevada, 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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