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


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How to file a BOI Report in New Jersey: 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 Jersey, 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 Jersey, also known as The Garden State, has a population of 9,438,124. 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 Jersey

What is Beneficial Ownership in New Jersey?

Beneficial ownership in New Jersey 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 Jersey, 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 Jersey 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 Jersey.

BOI Reporting Companies (Entities) in New Jersey

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

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

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

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Online BOI Report Filing in New Jersey

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

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

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

BOI Reporting Required Information in New Jersey

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

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 Jersey 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 Jersey or forming a corporation in New Jersey 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 Jersey.

State Specific Data: New Jersey

Capital and Incorporation

  • The capital of New Jersey is Trenton.
  • The population of New Jersey: 9,438,124
  • The Annual GDP of New Jersey: 753,042
  • Incorporation in New Jersey can be done through various methods including online and offline. For more details, visit New Jersey Secretary of State.
  • Incorporation Method in New Jersey (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in New Jersey (Offline): Send the form by mail or drop it off in person at New Jersey Division of Revenue, P.O. Box 308, Trenton, NJ 08646.

Filing Fees

  • LLC Initial Filing Fee: $125 (by mail and online)
  • LLC Amendment Fees: $100
  • Annual Fee: $75
  • DBA Filing Fee: $50
  • Incorporation Fee: $125 for filing online, by mail, or in person
  • Registered Agent Change Fee: $25
  • Corporate Amendment Fee: $100.00

Important Offices

  • State Tax Office: New Jersey Division of Taxation
  • State Insurance Office: New Jersey Department of Banking and Insurance
  • Secretary of State Address: New Jersey Division of Revenue, P.O. Box 308, Trenton, NJ 08646
  • 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: two methods, by mail and in person.
  • Filing Fee for DBA: $50
  • 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 County Clerk’s Office in the county where your business is located. Addresses vary by county.

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

FAQs

How do I file a BOI report in New Jersey?
To file a BOI report in New Jersey, you can visit the New Jersey Department of Banking and Insurance’s website.
Is filing a BOI report in New Jersey mandatory?
Yes, filing a BOI report in New Jersey is mandatory for certain businesses operating in the state.
What information do I need to include in my BOI report in New Jersey?
When filing a BOI report in New Jersey, you will need to provide detailed information about your business operations, financial statements, and compliance with state regulations.
Can I file my BOI report in New Jersey online?
Yes, the New Jersey Department of Banking and Insurance allows businesses to file their BOI reports online for convenience.
Are there any filing fees associated with submitting a BOI report in New Jersey?
Yes, there may be filing fees associated with submitting a BOI report in New Jersey, depending on the type of business and services provided.
What is the deadline for filing a BOI report in New Jersey?
The deadline for filing a BOI report in New Jersey may vary depending on the type of business and specific regulations. It is important to check with the Department of Banking and Insurance for the specific deadline.
Can I request an extension for filing my BOI report in New Jersey?
Businesses in New Jersey may be able to request an extension for filing their BOI report under certain circumstances. It is recommended to contact the Department of Banking and Insurance for more information.
What happens if I fail to file my BOI report in New Jersey on time?
If you fail to file your BOI report in New Jersey on time, you may be subject to penalties, fines, or other enforcement actions by the Department of Banking and Insurance.
How long does it take for the New Jersey Department of Banking and Insurance to review and process my BOI report?
The processing time for BOI reports in New Jersey may vary depending on the volume of submissions and complexity of the information provided. It is recommended to allow ample time for the Department of Banking and Insurance to review your report.
Can I make changes to my BOI report in New Jersey after it has been submitted?
Depending on the circumstances, the New Jersey Department of Banking and Insurance may allow for changes to be made to a BOI report after it has been submitted. It is advised to contact the department for more information on this process.
Does the New Jersey Department of Banking and Insurance provide any resources or guidance on how to file a BOI report?
Yes, the Department of Banking and Insurance in New Jersey offers resources, guidelines, and assistance to help businesses navigate the process of filing a BOI report.
Are there any specific requirements for filing a BOI report as a small business in New Jersey?
Small businesses in New Jersey may have specific requirements or exemptions when filing a BOI report. It is recommended to consult with the Department of Banking and Insurance for more information tailored to small business owners.
Can I file a BOI report in New Jersey for multiple locations of my business?
Yes, businesses with multiple locations in New Jersey may need to file a separate BOI report for each location. It is important to provide accurate and up-to-date information for each location.
What is the best way to contact the New Jersey Department of Banking and Insurance for questions about filing a BOI report?
The best way to contact the Department of Banking and Insurance in New Jersey for questions about filing a BOI report is to visit their official website or call their customer service hotline for assistance.
Can I submit my BOI report in person at a New Jersey Department of Banking and Insurance office?
Depending on the current protocols and guidelines, businesses may be able to submit their BOI report in person at a Department of Banking and Insurance office in New Jersey. It is recommended to check with the office for the latest information on in-person submissions.
Are there any workshops or training sessions available to help with filing a BOI report in New Jersey?
The Department of Banking and Insurance in New Jersey may offer workshops or training sessions to help businesses better understand the process of filing a BOI report. It is recommended to check their website for upcoming events.
Can I file a BOI report for a business that operates outside of New Jersey but has clients or customers in the state?
If your business operates outside of New Jersey but has clients or customers within the state, you may still be required to file a BOI report with the Department of Banking and Insurance. It is advised to consult with the department for specific guidance.
What types of businesses are required to file a BOI report in New Jersey?
Various types of businesses, including insurance companies, financial institutions, and other regulated entities, may be required to file a BOI report in New Jersey. It is important to check the specific regulations that apply to your business.
Are there any exemptions for certain businesses when it comes to filing a BOI report in New Jersey?
Some businesses may qualify for exemptions or waivers when it comes to filing a BOI report in New Jersey. It is recommended to review the regulations and consult with the Department of Banking and Insurance for more information.
How often do I need to file a BOI report in New Jersey?
The frequency of filing a BOI report in New Jersey may vary depending on the type of business and specific regulations. It is important to check with the Department of Banking and Insurance for the appropriate filing schedule.
Can I file a BOI report in New Jersey on behalf of a business that I do not own?
Businesses may designate a representative, such as an accountant or attorney, to file a BOI report on their behalf in New Jersey. It is important to have the proper authorization and documentation in place.
Can I use a software program or third-party service to assist with filing my BOI report in New Jersey?
Yes, businesses in New Jersey may use software programs or third-party services to assist with the filing of a BOI report. It is recommended to ensure that the software program or service is compliant with state regulations.
What is the purpose of filing a BOI report in New Jersey?
The purpose of filing a BOI report in New Jersey is to provide transparency and accountability for businesses operating in the state, as well as to ensure compliance with state regulations and consumer protections.
How can I access a copy of my filed BOI report in New Jersey?
Businesses can typically access a copy of their filed BOI report in New Jersey by logging into their account on the Department of Banking and Insurance’s website or by contacting their customer service department for assistance.
Are there any repercussions for providing false or inaccurate information on a BOI report in New Jersey?
Providing false or inaccurate information on a BOI report in New Jersey may result in penalties, fines, or other enforcement actions by the Department of Banking and Insurance. It is important to provide truthful and complete information in your report.
Can I appeal a decision made by the New Jersey Department of Banking and Insurance regarding my BOI report?
Businesses may have the right to appeal a decision made by the Department of Banking and Insurance regarding their BOI report in New Jersey. It is advised to follow the established appeals process and provide any necessary documentation to support your case.
What should I do if I have questions or concerns about filing my BOI report in New Jersey?
If you have questions or concerns about filing your BOI report in New Jersey, it is recommended to contact the Department of Banking and Insurance for assistance. They can provide guidance, clarification, and support throughout the filing process.
Do I need to keep a copy of my filed BOI report in New Jersey for future reference?
Yes, businesses should keep a copy of their filed BOI report in New Jersey for future reference, as well as to provide documentation if requested by the Department of Banking and Insurance or other regulatory authorities.
Is it mandatory to report a violent crime in New Jersey?
Yes, it is mandatory to report a violent crime in New Jersey to the local authorities.
Can I file a BOI report online in New Jersey?
Yes, you can file a BOI report online through the New Jersey State Police website.
What information is required to file a BOI report in New Jersey?
You will need to provide details about the incident, including time, date, and location, as well as any witnesses or evidence.
How long do I have to file a BOI report in New Jersey after a crime?
It is recommended to file a BOI report in New Jersey as soon as possible after a crime has occurred.
Can I file a BOI report anonymously in New Jersey?
Yes, you can file a BOI report anonymously in New Jersey, but providing your contact information may help with the investigation.
Is there a filing fee for a BOI report in New Jersey?
No, there is no filing fee for a BOI report in New Jersey.
Can I file a BOI report on behalf of someone else in New Jersey?
Yes, you can report a crime on behalf of someone else in New Jersey if they are unable to do so themselves.
How can I follow up on a BOI report in New Jersey?
You can follow up on a BOI report in New Jersey by contacting the investigating officer or the New Jersey State Police.
What should I do if I need to add more information to my BOI report in New Jersey?
If you need to add more information to your BOI report in New Jersey, you should contact the investigating officer as soon as possible.
Is there a time limit for filing a BOI report in New Jersey after a crime has occurred?
While there is no specific time limit for filing a BOI report in New Jersey, it is best to do so as soon as possible.
How can I obtain a copy of my BOI report in New Jersey?
You can obtain a copy of your BOI report in New Jersey by requesting it from the New Jersey State Police.
Can I file a BOI report for a non-violent crime in New Jersey?
Yes, you can file a BOI report for a non-violent crime in New Jersey, such as theft or property damage.
Are BOI reports public record in New Jersey?
BOI reports are generally not public record in New Jersey, but certain information may be released under the Open Public Records Act.
Can I appeal the findings of a BOI report in New Jersey?
Yes, you can appeal the findings of a BOI report in New Jersey by following the appropriate procedures outlined by the New Jersey State Police.
What should I do if I am not satisfied with the investigation of my BOI report in New Jersey?
If you are not satisfied with the investigation of your BOI report in New Jersey, you can contact the New Jersey State Police to request a review of the case.
Can I file a BOI report for a crime that occurred outside of New Jersey?
No, you should file a BOI report for a crime that occurred outside of New Jersey with the appropriate law enforcement agency in that jurisdiction.
Do I need a lawyer to file a BOI report in New Jersey?
You do not need a lawyer to file a BOI report in New Jersey, but you may want to consult with one if you have legal questions or concerns.
What is the processing time for a BOI report in New Jersey?
The processing time for a BOI report in New Jersey may vary depending on the complexity of the case and the availability of resources.
Can I file a BOI report for a cold case in New Jersey?
Yes, you can file a BOI report for a cold case in New Jersey to bring attention to unsolved crimes.
Are there resources available to help me file a BOI report in New Jersey?
Yes, the New Jersey State Police and local law enforcement agencies have resources available to assist you with filing a BOI report.
Can I request a copy of a BOI report for another person in New Jersey?
No, you cannot request a copy of a BOI report for another person in New Jersey without their consent or proper authorization.
Can I file a BOI report for a hate crime in New Jersey?
Yes, you can file a BOI report for a hate crime in New Jersey to ensure that the incident is properly investigated.
What should I do if I receive threats after filing a BOI report in New Jersey?
If you receive threats after filing a BOI report in New Jersey, you should contact the local authorities immediately for assistance.
Can I file a BOI report for a crime that occurred in a different city within New Jersey?
Yes, you can file a BOI report for a crime that occurred in a different city within New Jersey by contacting the appropriate law enforcement agency.
Is there a time limit for filing a BOI report in New Jersey for a specific type of crime?
While there is no specific time limit for filing a BOI report in New Jersey, certain types of crimes may have statutes of limitations.
Can I file a BOI report for domestic violence in New Jersey?
Yes, you can file a BOI report for domestic violence in New Jersey to seek protection and ensure the safety of yourself and others.
Are there victim advocacy services available for those who file a BOI report in New Jersey?
Yes, there are victim advocacy services available in New Jersey to provide support and assistance to those who have filed a BOI report.
Can I file a BOI report for a crime that occurred on a college campus in New Jersey?
Yes, you can file a BOI report for a crime that occurred on a college campus in New Jersey with the campus police or local law enforcement.

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

In New Jersey, 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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