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


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

Ohio, also known as The Buckeye State, has a population of 11,878,330. 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 Ohio

What is Beneficial Ownership in Ohio?

Beneficial ownership in Ohio 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 Ohio, 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 Ohio 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 Ohio.

BOI Reporting Companies (Entities) in Ohio

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

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

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

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Online BOI Report Filing in Ohio

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

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

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

BOI Reporting Required Information in Ohio

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

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 Ohio 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 Ohio or forming a corporation in Ohio 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 Ohio.

State Specific Data: Ohio

Capital and Incorporation

  • The capital of Ohio is Columbus.
  • The population of Ohio: 11,878,330
  • The Annual GDP of Ohio: 829,594
  • Incorporation in Ohio can be done through various methods including online and offline. For more details, visit Ohio Secretary of State.
  • Incorporation Method in Ohio (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in Ohio (Offline): Send the form by mail or drop it off at Ohio Secretary of State, P.O. Box 670, Columbus, OH 43216

Filing Fees

  • LLC Initial Filing Fee: $99
  • LLC Amendment Fees: $50
  • Annual Fee: $91
  • DBA Filing Fee: varies by county
  • Incorporation Fee: $99 for online and by mail filing
  • Registered Agent Change Fee: $25
  • Corporate Amendment Fee: $50.00

Important Offices

  • State Tax Office: Ohio Department of Taxation
  • State Insurance Office: Ohio Department of Insurance
  • Secretary of State Address: Ohio Secretary of State, P.O. Box 670, Columbus, OH 43216
  • 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: 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 Ohio Secretary of State, P.O. Box 670, Columbus, OH 43216 or drop it off in person at 180 E. Broad St., 4th Floor, Columbus, OH 43215.

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

FAQs

How do I file a BOI report in Ohio?
To file a BOI report in Ohio, you can visit the Ohio Department of Insurance’s website and complete the necessary forms online.
Can I file a BOI report in person in Ohio?
Yes, you can usually file a BOI report in person at the Ohio Department of Insurance’s office.
What information do I need to provide when filing a BOI report in Ohio?
When filing a BOI report in Ohio, you will need to provide details about the incident, such as the date, time, and location, as well as any relevant documentation.
Is there a deadline for filing a BOI report in Ohio?
In Ohio, there is typically a statute of limitations for filing a BOI report, so it is important to file as soon as possible after the incident occurs.
Can I file a BOI report anonymously in Ohio?
In Ohio, you may be able to file a BOI report anonymously, depending on the circumstances and laws surrounding the incident.
What happens after I file a BOI report in Ohio?
After you file a BOI report in Ohio, the Department of Insurance will investigate the incident and determine if any actions need to be taken.
Will I receive updates on the status of my BOI report in Ohio?
In Ohio, you may receive updates on the status of your BOI report, depending on the specific procedures and policies of the Department of Insurance.
What can I do if I disagree with the outcome of my BOI report in Ohio?
If you disagree with the outcome of your BOI report in Ohio, you may have the option to appeal the decision or seek legal recourse.
Are there any fees associated with filing a BOI report in Ohio?
In Ohio, there may be fees associated with filing a BOI report, depending on the nature of the incident and the specific requirements of the Department of Insurance.
Can I file a BOI report on behalf of someone else in Ohio?
Yes, you may be able to file a BOI report on behalf of someone else in Ohio, as long as you have the necessary authorization and documentation.
How long does it take to process a BOI report in Ohio?
The processing time for a BOI report in Ohio can vary depending on the complexity of the incident and the workload of the Department of Insurance.
Are there time limits for filing a BOI report in Ohio?
Yes, there are usually time limits for filing a BOI report in Ohio, so it is important to file promptly after the incident occurs.
What are the contact details for filing a BOI report in Ohio?
You can reach out to the Ohio Department of Insurance for more information on filing a BOI report in Ohio by visiting their website or contacting their office directly.
Can I file a BOI report online in Ohio?
Yes, you can typically file a BOI report online in Ohio through the Department of Insurance’s website.
Do I need a lawyer to file a BOI report in Ohio?
In Ohio, you do not necessarily need a lawyer to file a BOI report, but legal counsel may be helpful depending on the circumstances of the incident.
Is there a specific form to use when filing a BOI report in Ohio?
Yes, there is usually a specific form or template to use when filing a BOI report in Ohio, which can be found on the Department of Insurance’s website.
Can I file a BOI report over the phone in Ohio?
It is best to file a BOI report in writing or online in Ohio to ensure that all necessary information is documented accurately.
Can I file a BOI report for any type of incident in Ohio?
BOI reports in Ohio usually pertain to insurance-related incidents, such as misconduct by insurance companies or agents.
Are there any support services available for individuals filing a BOI report in Ohio?
The Department of Insurance in Ohio may provide support services or resources for individuals filing a BOI report, depending on the specific circumstances of the incident.
How can I check the status of my BOI report in Ohio?
You can typically check the status of your BOI report in Ohio by contacting the Department of Insurance directly and requesting an update.
What documentation do I need to submit with my BOI report in Ohio?
When filing a BOI report in Ohio, you may need to submit documentation such as witness statements, police reports, and any other relevant information pertaining to the incident.
Can I file a BOI report if I am not a resident of Ohio?
Yes, you may still be able to file a BOI report in Ohio if you are not a resident, as long as the incident occurred within the state’s jurisdiction.
Is it necessary to file a police report before filing a BOI report in Ohio?
It is not always necessary to file a police report before filing a BOI report in Ohio, but doing so may strengthen your case and provide additional evidence.
Can I file a BOI report for an incident that occurred outside of Ohio?
In general, you should file a BOI report in the state where the incident occurred, but Ohio may still have jurisdiction under certain circumstances.
Can I file a BOI report if I am a minor in Ohio?
Minors in Ohio may still be able to file a BOI report, but they may need a parent or guardian to assist them with the process.
Will my identity be protected when I file a BOI report in Ohio?
Depending on the circumstances and laws surrounding the incident, your identity may be protected when filing a BOI report in Ohio.
Can I file a BOI report for a medical malpractice incident in Ohio?
Yes, you can file a BOI report for a medical malpractice incident in Ohio, as long as it falls under the jurisdiction of the Department of Insurance.
What if I have more questions about filing a BOI report in Ohio?
If you have more questions about filing a BOI report in Ohio, you can reach out to the Ohio Department of Insurance for further assistance and clarification.
How do I file a boi report in Ohio?
To file a boi report in Ohio, you can visit the Ohio Bureau of Investigation (OBI) website and follow the instructions provided.
Is it mandatory to file a boi report in Ohio?
Yes, it is mandatory to file a boi report in Ohio if you witness or are involved in a crime that falls under the jurisdiction of the Ohio Bureau of Investigation.
What information do I need to include in a boi report in Ohio?
When filing a boi report in Ohio, you should include details such as the location of the incident, the date and time it occurred, and a description of what happened.
Can I file a boi report anonymously in Ohio?
Yes, you can file a boi report anonymously in Ohio. However, providing your contact information may help investigators follow up with you if they have additional questions.
How long do I have to file a boi report in Ohio after witnessing a crime?
It is recommended to file a boi report in Ohio as soon as possible after witnessing a crime to ensure that the details are fresh in your memory.
Is there a fee for filing a boi report in Ohio?
No, there is no fee for filing a boi report in Ohio. It is a free service provided by the Ohio Bureau of Investigation.
Can I file a boi report online in Ohio?
Yes, you can file a boi report online in Ohio through the Ohio Bureau of Investigation’s website.
How long does it take to file a boi report in Ohio?
The time it takes to file a boi report in Ohio depends on the complexity of the incident being reported. In general, it should only take a few minutes to complete the report.
Can I file a boi report in Ohio for a crime that occurred outside of the state?
No, you can only file a boi report in Ohio for crimes that occurred within the state’s jurisdiction.
Can I file a boi report in Ohio on behalf of someone else?
Yes, you can file a boi report in Ohio on behalf of someone else if they are unable to do so themselves.
What should I do after filing a boi report in Ohio?
After filing a boi report in Ohio, you should wait for further instructions from investigators if necessary. You may also be contacted for additional information.
Are boi reports confidential in Ohio?
Yes, boi reports are generally considered confidential in Ohio to protect the privacy of those involved in the reports.
Can I file a boi report in Ohio for a crime that occurred in the past?
Yes, you can file a boi report in Ohio for a crime that occurred in the past, as long as it falls within the Ohio Bureau of Investigation’s jurisdiction.
What is the Ohio Bureau of Investigation’s contact information?
You can contact the Ohio Bureau of Investigation at [insert contact information] for any questions or assistance with filing a boi report.
Can I file a boi report in Ohio if I am not a resident of the state?
Yes, you can file a boi report in Ohio even if you are not a resident of the state, as long as the crime occurred within Ohio’s jurisdiction.
What types of crimes can I file a boi report for in Ohio?
You can file a boi report in Ohio for a wide range of crimes, including but not limited to theft, assault, vandalism, and fraud.
Can I provide evidence when filing a boi report in Ohio?
Yes, you can provide evidence such as photos, videos, and witness statements when filing a boi report in Ohio to help investigators with their work.
Am I required to provide my personal information when filing a boi report in Ohio?
While it is not mandatory to provide personal information when filing a boi report in Ohio, doing so can help investigators follow up on the incident.
Can I file a boi report in Ohio if the crime is still in progress?
Yes, you can file a boi report in Ohio if the crime is still in progress. However, if it is an emergency situation, you should contact law enforcement immediately.
Can I file a boi report for a missing person in Ohio?
Yes, you can file a boi report for a missing person in Ohio, especially if foul play is suspected. The Ohio Bureau of Investigation can assist with missing person cases.
What happens after I file a boi report in Ohio?
After filing a boi report in Ohio, investigators will review the information provided and take necessary actions to investigate the incident further.
Can I file a boi report for a suspected hate crime in Ohio?
Yes, you can file a boi report for a suspected hate crime in Ohio. Such incidents are taken seriously by law enforcement and should be reported promptly.
Can I track the status of my boi report in Ohio online?
Yes, you may be able to track the status of your boi report in Ohio online, depending on the specific system used by the Ohio Bureau of Investigation.
How can I request a copy of my boi report in Ohio?
You can request a copy of your boi report in Ohio by contacting the Ohio Bureau of Investigation and following their established procedures for record requests.
Can I file a boi report for identity theft in Ohio?
Yes, you can file a boi report for identity theft in Ohio. It is important to report such incidents promptly to protect yourself and prevent further harm.
Can I amend my boi report in Ohio after it has been filed?
Depending on the circumstances, you may be able to amend your boi report in Ohio by contacting the Ohio Bureau of Investigation and providing additional information.
Can I file a boi report in Ohio for cybercrimes?
Yes, you can file a boi report in Ohio for cybercrimes, such as hacking, online scams, and internet fraud. The Ohio Bureau of Investigation handles such cases as well.
Can I file a boi report for domestic violence in Ohio?
Yes, you can file a boi report for domestic violence in Ohio. It is important to report incidents of domestic violence to protect the victim and hold the perpetrator accountable.
Can I file a boi report in Ohio if I am a minor?
Yes, minors can file boi reports in Ohio with the help of a parent or legal guardian. It is important to report crimes, regardless of the age of the victim.

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

In Ohio, 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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