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


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How to file a BOI Report in New Hampshire: 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 New Hampshire, 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.

New Hampshire, also known as The Granite State, has a population of 1,395,847. 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 New Hampshire

What is Beneficial Ownership in New Hampshire?

Beneficial ownership in New Hampshire 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 New Hampshire, 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 New Hampshire 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 New Hampshire.

BOI Reporting Companies (Entities) in New Hampshire

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

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

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

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Online BOI Report Filing in New Hampshire

  • Step 1: For online filing, reporting companies in New Hampshire 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 New Hampshire

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

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

BOI Reporting Required Information in New Hampshire

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

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 New Hampshire 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 New Hampshire or forming a corporation in New Hampshire 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 New Hampshire.

State Specific Data: New Hampshire

Capital and Incorporation

  • The capital of New Hampshire is Concord.
  • The population of New Hampshire: 1,395,847
  • The Annual GDP of New Hampshire: 106,049
  • Incorporation in New Hampshire can be done through various methods including online and offline. For more details, visit New Hampshire Secretary of State.
  • Incorporation Method in New Hampshire (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in New Hampshire (Offline): Send the form by mail or drop it off in person at Corporation Division, NH Dept. of State, 107 N Main St, Rm 204, Concord, NH 03301.

Filing Fees

  • LLC Initial Filing Fee: $100
  • LLC Amendment Fees: $15
  • Annual Fee: $100
  • DBA Filing Fee: $50
  • Incorporation Fee: $100 for filing online, by mail, or in person
  • Registered Agent Change Fee: $15
  • Corporate Amendment Fee: $35

Important Offices

  • State Tax Office: New Hampshire Department of Revenue Administration
  • State Insurance Office: New Hampshire Insurance Department
  • Secretary of State Address: Corporation Division, NH Dept. of State, 107 N Main St, Rm 204, Concord, NH 03301
  • 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: $50
  • Online Filing for DBA: For online filing, check the NH QuickStart website
  • Offline Filing for DBA: For filing offline, you must send the accomplished DBA filing form to the New Hampshire Secretary of State, Corporation Division, 107 North Main St., Concord, NH 03301 or drop it off in person at the same address.

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

FAQs

How do I file a boi report in New Hampshire?
To file a boi report in New Hampshire, you can visit the NH Department of Labor’s website and follow the instructions provided.
Is there a specific form I need to use to report a boi in New Hampshire?
Yes, in New Hampshire, you need to use the NH Department of Labor’s Work-Related Incident Report Form to report a boi.
When should I file a boi report in New Hampshire?
You should file a boi report in New Hampshire as soon as possible after the incident occurs.
What information do I need to include in a boi report in New Hampshire?
When filing a boi report in New Hampshire, you should include details about the incident, injuries sustained, and any witnesses present.
Can I file a boi report in New Hampshire anonymously?
No, in New Hampshire, you cannot file a boi report anonymously. You will need to provide your contact information when submitting the report.
What is the deadline for filing a boi report in New Hampshire?
There is no specific deadline for filing a boi report in New Hampshire, but it is best to do so as soon as possible after the incident.
Can I file a boi report in person in New Hampshire?
Yes, you can file a boi report in person at the NH Department of Labor offices in Concord, New Hampshire.
Do I need to notify my employer before filing a boi report in New Hampshire?
No, you do not need to notify your employer before filing a boi report in New Hampshire. You can file the report independently.
Is there a fee to file a boi report in New Hampshire?
No, there is no fee to file a boi report in New Hampshire. It is a free service provided by the NH Department of Labor.
Can I file a boi report online in New Hampshire?
Yes, you can file a boi report online through the NH Department of Labor’s website in New Hampshire.
How long does it take for a boi report to be processed in New Hampshire?
The processing time for a boi report in New Hampshire may vary, but you can expect a response from the NH Department of Labor within a few weeks.
Can I amend a boi report after it has been filed in New Hampshire?
Yes, you can request to amend a boi report after it has been filed in New Hampshire by contacting the NH Department of Labor.
Will my employer be notified when I file a boi report in New Hampshire?
Yes, your employer may be notified when you file a boi report in New Hampshire, especially if the incident occurred in the workplace.
What happens after I file a boi report in New Hampshire?
After you file a boi report in New Hampshire, the NH Department of Labor will review the information provided and may conduct an investigation if necessary.
Can I file a boi report on behalf of someone else in New Hampshire?
No, you cannot file a boi report on behalf of someone else in New Hampshire. Each individual must file their own report.
Can I make a boi report over the phone in New Hampshire?
No, boi reports cannot be filed over the phone in New Hampshire. You must submit a written report either in person or online.
What should I do if I need help filing a boi report in New Hampshire?
If you need assistance with filing a boi report in New Hampshire, you can contact the NH Department of Labor for guidance.
Are boi reports in New Hampshire confidential?
Boi reports in New Hampshire are confidential and will only be shared with authorized individuals involved in the investigation process.
What protections are in place for individuals who file a boi report in New Hampshire?
In New Hampshire, individuals who file a boi report are protected from retaliation by their employers under state law.
Can I withdraw a boi report after filing it in New Hampshire?
Yes, you can withdraw a boi report after filing it in New Hampshire by contacting the NH Department of Labor and requesting to do so.
Can I request a copy of my boi report in New Hampshire?
Yes, you can request a copy of your boi report in New Hampshire for your own records by contacting the NH Department of Labor.
What is the purpose of filing a boi report in New Hampshire?
The purpose of filing a boi report in New Hampshire is to document work-related incidents and injuries to protect the rights and safety of workers.
Are there any penalties for not filing a boi report in New Hampshire?
Failure to file a boi report in New Hampshire could result in legal consequences, including fines or other penalties.
Can I file a boi report for a non-work-related injury in New Hampshire?
No, boi reports in New Hampshire are specifically for work-related incidents. Non-work-related injuries should be reported through other channels.
How can I follow up on the status of my boi report in New Hampshire?
You can follow up on the status of your boi report in New Hampshire by contacting the NH Department of Labor and requesting an update.
Can I file a boi report for a minor injury in New Hampshire?
Yes, you can file a boi report for any work-related injury, regardless of severity, in New Hampshire.
Are there any time limits for filing a boi report in New Hampshire?
While there is no specific time limit for filing a boi report in New Hampshire, it is best to do so promptly after the incident.
Can I submit additional documentation with my boi report in New Hampshire?
Yes, you can submit additional documentation or evidence with your boi report in New Hampshire to support your case.
Will my employer be able to see my boi report in New Hampshire?
Your employer may have access to the information in your boi report in New Hampshire if it pertains to a work-related incident within their organization.
Do I need to include specific information in my boi report in New Hampshire?
Yes, you will need to include details such as your name, contact information, and a description of the incident in your boi report in New Hampshire.
What should I do if I am unsure about how to file a boi report in New Hampshire?
If you are unsure about how to file a boi report in New Hampshire, you can contact the Department of Labor for assistance.
Is there a fee for filing a boi report in New Hampshire?
There may be a fee for filing a boi report in New Hampshire, depending on the specific circumstances and requirements of the Department of Labor.
Can I file a boi report anonymously in New Hampshire?
It may be possible to file a boi report anonymously in New Hampshire, depending on the Department of Labor’s policies and procedures.
Will my boi report be confidential in New Hampshire?
Your boi report should be kept confidential in New Hampshire to protect your privacy and the integrity of the investigation.
What action will be taken after I file a boi report in New Hampshire?
After you file a boi report in New Hampshire, the Department of Labor will investigate the incident and take appropriate action based on their findings.
How long will it take to process my boi report in New Hampshire?
The processing time for your boi report in New Hampshire will vary depending on the complexity of the incident and the Department of Labor’s workload.
What should I do if I am not satisfied with the outcome of my boi report in New Hampshire?
If you are not satisfied with the outcome of your boi report in New Hampshire, you may be able to appeal the decision through the appropriate channels.
Can I file a boi report for any type of incident in New Hampshire?
You can file a boi report for a wide range of incidents in New Hampshire, including workplace injuries, discrimination, and harassment.
Do I need to provide evidence when filing a boi report in New Hampshire?
It may be helpful to provide evidence to support your boi report in New Hampshire, such as witness statements or documentation of the incident.
Can I file a boi report if I am not a resident of New Hampshire?
Yes, you can file a boi report in New Hampshire even if you are not a resident of the state, as long as the incident occurred within the state’s jurisdiction.
Is there a statute of limitations for filing a boi report in New Hampshire?
There may be a statute of limitations for filing a boi report in New Hampshire, depending on the specific type of incident and the Department of Labor’s guidelines.
Will my employer be notified if I file a boi report in New Hampshire?
Your employer may be notified if you file a boi report in New Hampshire, especially if the incident involves workplace misconduct or safety violations.
Can I file a boi report if I am no longer employed by the company in New Hampshire?
Yes, you can still file a boi report in New Hampshire even if you are no longer employed by the company, as long as the incident occurred during your employment.
Can I seek legal advice before filing a boi report in New Hampshire?
Yes, you can seek legal advice before filing a boi report in New Hampshire to understand your rights and options moving forward.
Will my identity be protected when I file a boi report in New Hampshire?
Your identity should be protected when you file a boi report in New Hampshire to prevent any retaliation or discrimination.
Can I file a boi report if I witnessed an incident in New Hampshire?
Yes, you can file a boi report in New Hampshire if you witnessed an incident, especially if it involves a violation of workplace laws or regulations.
Can I file a boi report online through the New Hampshire Department of Labor website?
Yes, you may be able to file a boi report online through the New Hampshire Department of Labor website for added convenience.
Are there specific guidelines or requirements for filing a boi report in New Hampshire?
Yes, there are specific guidelines and requirements for filing a boi report in New Hampshire that you should review before submitting your report to ensure it meets all necessary criteria.
What steps can I take to protect myself when filing a boi report in New Hampshire?
You can protect yourself when filing a boi report in New Hampshire by keeping copies of all documentation related to the incident and seeking support from a legal advocate if needed.
Can I file a boi report anonymously to maintain my privacy in New Hampshire?
Depending on the policies of the New Hampshire Department of Labor, you may or may not be able to file a boi report anonymously to protect your privacy during the investigation process.

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

In New Hampshire, 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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