How to File BOI Report in New York – Ultimate Guide (2025)


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Steve Bennett
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How to file a BOI Report in New York: 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 York, 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 York, also known as The Empire State, has a population of 20,448,194. 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 York.

What is Beneficial Ownership in New York?

Beneficial ownership in New York 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 York, 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 York 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 York.

BOI Reporting Companies (Entities) in New York

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

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

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

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Online BOI Report Filing in New York

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

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

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

BOI Reporting Required Information in New York

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

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 York 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 York or forming a corporation in New York 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 York.

State Specific Data: New York

Capital and Incorporation

  • The capital of New York is Albany.
  • The population of New York: 20,448,194
  • The Annual GDP of New York: 2,070,558
  • Incorporation in New York can be done through various methods including online and offline. For more details, visit New York Secretary of State.
  • Incorporation Method in New York (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in New York (Offline): Send the form by mail to Department of State Division of Corporations, State Records and Uniform Commercial Code, One Commerce Plaza, 99 Washington Ave., Albany, NY 12231.

Filing Fees

  • LLC Initial Filing Fee: $200 (by mail and online)
  • LLC Amendment Fees: $60
  • Annual Fee: $4.50
  • DBA Filing Fee: $25
  • Incorporation Fee: $125 for filing online, or by mail
  • Registered Agent Change Fee: $30
  • Corporate Amendment Fee: $60

Important Offices

  • State Tax Office: New York State Department of Taxation and Finance
  • State Insurance Office: New York State Department of Financial Services
  • Secretary of State Address: Department of State Division of Corporations, State Records and Uniform Commercial Code, One Commerce Plaza, 99 Washington Ave., Albany, NY 12231
  • 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: $25
  • 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 York, businesses can ensure they meet all regulatory obligations efficiently.

FAQs

How do I file a BOI report in New York?
You can file a BOI report in New York online through the Department of Buildings website.
Is it mandatory to file a BOI report in New York?
Yes, it is mandatory to file a BOI report in New York for certain construction activities.
What information do I need to include in a BOI report in New York?
You will need to provide detailed information about the construction project, such as the location, scope of work, and the contractor involved.
Can I file a BOI report in New York in person?
No, all BOI reports in New York must be filed online through the Department of Buildings website.
Is there a deadline for filing a BOI report in New York?
Yes, you must file a BOI report in New York before starting any construction work.
Do I need to pay a fee to file a BOI report in New York?
Yes, there is a fee associated with filing a BOI report in New York.
What happens if I don’t file a BOI report in New York?
Failure to file a BOI report in New York can result in penalties and fines.
Can I cancel or amend a BOI report in New York?
Yes, you can cancel or amend a BOI report in New York by contacting the Department of Buildings.
How long does it take for a BOI report in New York to be processed?
The processing time for a BOI report in New York varies depending on the complexity of the project.
Can I track the status of my BOI report in New York online?
Yes, you can track the status of your BOI report in New York online through the Department of Buildings website.
What types of construction projects require a BOI report in New York?
Any construction project that involves alterations, additions, or demolitions in New York requires a BOI report.
Can I apply for an extension to file a BOI report in New York?
Yes, you can apply for an extension to file a BOI report in New York under certain circumstances.
Are there any exemptions to filing a BOI report in New York?
Some minor repair and maintenance work may be exempt from filing a BOI report in New York.
Do I need to hire a professional to help me file a BOI report in New York?
It is recommended to seek assistance from a licensed professional when filing a BOI report in New York to ensure compliance with regulations.
How can I contact the Department of Buildings in New York for further assistance with filing a BOI report?
You can contact the Department of Buildings in New York by phone or email for assistance with filing a BOI report.
What documents do I need to submit along with my BOI report in New York?
You may be required to submit building plans, permits, and other relevant documents with your BOI report in New York.
Can I file a BOI report in New York for a commercial property?
Yes, you can file a BOI report in New York for both residential and commercial properties.
How do I report a violation or non-compliance with a BOI report in New York?
If you come across a violation or non-compliance with a BOI report in New York, you can report it to the Department of Buildings for investigation.
Can I request an inspection after filing a BOI report in New York?
Yes, you can request an inspection of the construction site after filing a BOI report in New York to ensure compliance with regulations.
Is there a helpline available for assistance with filing a BOI report in New York?
Yes, you can contact the Department of Buildings in New York through their helpline for assistance with filing a BOI report.
Are there any training programs available to help me understand how to file a BOI report in New York?
Yes, the Department of Buildings in New York offers training programs for individuals who need assistance with filing a BOI report.
Can I file a BOI report in New York for a project that has already been completed?
No, a BOI report in New York must be filed before the start of any construction activities.
What are the consequences of filing a false BOI report in New York?
Filing a false BOI report in New York can result in legal penalties and fines.
Can I file a BOI report in New York on behalf of someone else?
Yes, you can file a BOI report in New York on behalf of the property owner or contractor involved in the construction project.
How can I ensure that my BOI report in New York is compliant with regulations?
You can consult with a professional or review the guidelines provided by the Department of Buildings in New York to ensure compliance.
What information should I include in the description section of my BOI report in New York?
The description section of your BOI report in New York should include a detailed explanation of the construction project and the scope of work involved.
Can I file a BOI report in New York anonymously?
No, you must provide your contact information when filing a BOI report in New York for verification purposes.
How can I check the status of my BOI report in New York once it has been submitted?
You can log into your account on the Department of Buildings website to check the status of your BOI report in New York.
Are there any public records related to BOI reports in New York that I can access?
Yes, public records related to BOI reports in New York are available for viewing upon request.
Can I file a BOI report anonymously in New York?
Yes, in New York, you can file a BOI report anonymously if you wish to do so. Your identity will be kept confidential.
How long does it take to process a BOI report in New York?
The processing time for a BOI report in New York may vary depending on the complexity of the case. You can check the status of your report on the New York State BOI website.
What happens after I file a BOI report in New York?
After you file a BOI report in New York, it will be reviewed by the appropriate authorities, and an investigation may be conducted if necessary.
Can I check the status of my BOI report online in New York?
Yes, in New York, you can check the status of your BOI report online through the New York State BOI website.
Will I be notified about the outcome of the BOI report in New York?
In New York, you should receive a notification about the outcome of your BOI report once the investigation is completed.

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

In New York, 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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