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


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How to file a BOI Report in Oklahoma: 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 Oklahoma, 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.

Oklahoma, also known as The Sooner State, has a population of 4,021,753. 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 Oklahoma

What is Beneficial Ownership in Oklahoma?

Beneficial ownership in Oklahoma 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 Oklahoma, 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 Oklahoma 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 Oklahoma.

BOI Reporting Companies (Entities) in Oklahoma

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

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

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

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Online BOI Report Filing in Oklahoma

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

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

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

BOI Reporting Required Information in Oklahoma

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

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 Oklahoma 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 Oklahoma or forming a corporation in Oklahoma 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 Oklahoma.

State Specific Data: Oklahoma

Capital and Incorporation

  • The capital of Oklahoma is Oklahoma City.
  • The population of Oklahoma: 4,021,753
  • The Annual GDP of Oklahoma: 244,906
  • Incorporation in Oklahoma can be done through various methods including online and offline. For more details, visit Oklahoma Secretary of State.
  • Incorporation Method in Oklahoma (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in Oklahoma (Offline): Send the form by mail or drop it off in person at Oklahoma Secretary of State, 421 N.W. 13th Suite 210, Oklahoma City, OK 73103

Filing Fees

  • LLC Initial Filing Fee: $100
  • LLC Amendment Fees: $25
  • Annual Fee: $25
  • DBA Filing Fee: $25
  • Incorporation Fee: $25 for online, by mail filing or in person filing
  • Registered Agent Change Fee: $25
  • Corporate Amendment Fee: $100

Important Offices

  • State Tax Office: Oklahoma Tax Commission
  • State Insurance Office: Oklahoma Insurance Department
  • Secretary of State Address: Oklahoma Secretary of State, 421 N.W. 13th Suite 210, Oklahoma City, OK 73103
  • Department of Treasury: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520​

Key Contacts

  • Form 2335 Mailing Address: Department of the Treasury Internal Revenue Service Center – Ogden, UT 84201 Fax: 855-214-7520​
  • Filing Method for DBA: two methods, by mail and in person.
  • Filing Fee for DBA: $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 Oklahoma Secretary of State, 421 N.W. 13th Street, Suite 210, Oklahoma City, OK 73103 or drop it off in person at the same address.

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

FAQs

What is a BOI report in Oklahoma?
A BOI report in Oklahoma is a Bureau of Investigation report that documents criminal activities or incidents.
How do I file a BOI report in Oklahoma?
To file a BOI report in Oklahoma, you need to contact the local police department or the Oklahoma State Bureau of Investigation.
Where can I file a BOI report in Oklahoma?
You can file a BOI report in Oklahoma at any local police department or directly with the Oklahoma State Bureau of Investigation.
Is there a deadline for filing a BOI report in Oklahoma?
There is no specific deadline for filing a BOI report in Oklahoma, but it is recommended to file as soon as possible after the incident.
Can I file a BOI report online in Oklahoma?
No, you cannot file a BOI report online in Oklahoma. It must be done in person at a police department or with the Oklahoma State Bureau of Investigation.
Do I need to provide personal information when filing a BOI report in Oklahoma?
Yes, you will need to provide personal information such as your name, address, and contact information when filing a BOI report in Oklahoma.
What information do I need to include in a BOI report in Oklahoma?
When filing a BOI report in Oklahoma, you will need to include details about the incident, any witnesses, and any supporting evidence.
Can I file a BOI report anonymously in Oklahoma?
No, you cannot file a BOI report anonymously in Oklahoma. You will need to provide your personal information when filing the report.
What happens after I file a BOI report in Oklahoma?
After you file a BOI report in Oklahoma, the police department or Oklahoma State Bureau of Investigation will investigate the incident and take appropriate action.
Can I follow up on a BOI report in Oklahoma?
Yes, you can follow up on a BOI report in Oklahoma by contacting the police department or Oklahoma State Bureau of Investigation for updates.
Are there any fees for filing a BOI report in Oklahoma?
There are no fees for filing a BOI report in Oklahoma. It is a free service provided by law enforcement agencies.
How long does it take to process a BOI report in Oklahoma?
The processing time for a BOI report in Oklahoma can vary depending on the complexity of the case. It is best to follow up with the investigating agency.
Can I amend a BOI report once it has been filed in Oklahoma?
Once a BOI report has been filed in Oklahoma, it cannot be amended. However, you can provide additional information or updates to the investigating agency.
What is the importance of filing a BOI report in Oklahoma?
Filing a BOI report in Oklahoma is important because it helps law enforcement agencies investigate and address criminal activities, ensuring the safety of the community.
Can I request a copy of a BOI report in Oklahoma?
Yes, you can request a copy of a BOI report in Oklahoma through the police department or Oklahoma State Bureau of Investigation.
Is there a statute of limitations for filing a BOI report in Oklahoma?
There is no specific statute of limitations for filing a BOI report in Oklahoma, but it is recommended to file promptly after the incident.
How confidential is the information in a BOI report in Oklahoma?
The information in a BOI report in Oklahoma is considered confidential and is only shared with authorized personnel for investigative purposes.
Can I file a BOI report for someone else in Oklahoma?
Yes, you can file a BOI report on behalf of someone else in Oklahoma, but you will need their consent and authorization to do so.
Are BOI reports admissible in court in Oklahoma?
Yes, BOI reports are usually admissible in court in Oklahoma as evidence in criminal proceedings.
Can I file a BOI report for a crime that happened in a different state but involves an Oklahoma resident?
Yes, you can file a BOI report in Oklahoma for a crime that occurred in a different state but involves an Oklahoma resident.
Can a BOI report be used to file a civil lawsuit in Oklahoma?
Yes, a BOI report can be used as evidence in a civil lawsuit in Oklahoma to support claims related to criminal activities.
Can I file a BOI report for a crime that I witnessed while visiting Oklahoma?
Yes, you can file a BOI report in Oklahoma for a crime that you witnessed while visiting the state, even if you are not a resident.
Is there a specific format for filing a BOI report in Oklahoma?
There is no specific format for filing a BOI report in Oklahoma, but it is helpful to provide as much detail and accuracy as possible.
Can I file a BOI report for a crime that occurred in an area outside of Oklahoma’s jurisdiction?
No, a BOI report in Oklahoma is specifically for crimes that occur within the state’s jurisdiction. You should contact the appropriate law enforcement agency for the area where the crime occurred.
Are there any prerequisites for filing a BOI report in Oklahoma?
There are no specific prerequisites for filing a BOI report in Oklahoma, but it is recommended to have as much information as possible about the incident.
Can I file a BOI report for a crime that happened a long time ago in Oklahoma?
Yes, you can file a BOI report in Oklahoma for a crime that occurred a long time ago, but it is best to do so promptly to ensure a thorough investigation.
Can I file a BOI report for a crime that is still in progress in Oklahoma?
Yes, you can file a BOI report in Oklahoma for a crime that is still in progress, as law enforcement agencies can take immediate action to address the situation.
Can I submit additional evidence after filing a BOI report in Oklahoma?
Yes, you can submit additional evidence or information to support a BOI report in Oklahoma, which can help with the ongoing investigation.
What support services are available to individuals filing a BOI report in Oklahoma?
Individuals filing a BOI report in Oklahoma can access support services such as victim advocates, counseling, and legal assistance to help navigate the process.
How do I file a boi report in Oklahoma?
To file a boi report in Oklahoma, you can contact the Oklahoma State Bureau of Investigation (OSBI) or visit their website for instructions.
Is it mandatory to file a boi report in Oklahoma?
It is not mandatory to file a boi report in Oklahoma, but it is highly recommended if you have information about a crime that could be helpful to law enforcement.
What information do I need to include in a boi report in Oklahoma?
When filing a boi report in Oklahoma, you will need to include details about the crime, such as the date, time, and location, as well as any identifying information about the perpetrator.
Can I file a boi report anonymously in Oklahoma?
Yes, you can file a boi report anonymously in Oklahoma. The OSBI allows individuals to submit tips and information without revealing their identity.
How soon should I file a boi report in Oklahoma after witnessing a crime?
It is best to file a boi report in Oklahoma as soon as possible after witnessing a crime. The more time that passes, the more details you may forget.
Can I file a boi report online in Oklahoma?
Yes, you can often file a boi report online in Oklahoma through the OSBI website. This can be a convenient option for reporting tips and information.
Are boi reports in Oklahoma confidential?
Yes, boi reports in Oklahoma are typically considered confidential. The information you provide is generally only shared with law enforcement officials working on the case.
How long does it take for the OSBI to respond to a boi report in Oklahoma?
The response time for the OSBI to a boi report in Oklahoma can vary depending on the nature of the report and the volume of tips they are receiving.
Will I be notified of any updates on a boi report I file in Oklahoma?
It is possible that you may be notified of updates on a boi report you file in Oklahoma, but it is not guaranteed. The OSBI will often keep tipsters informed when possible.
Can I file a boi report in Oklahoma for any type of crime?
You can file a boi report in Oklahoma for most types of crimes, including violent crimes, theft, fraud, and other illegal activities. The OSBI welcomes tips on a wide range of criminal activities.
How can I follow up on a boi report I filed in Oklahoma?
If you want to follow up on a boi report you filed in Oklahoma, you can contact the OSBI directly for information on the status of the case.
Are there any time limits for filing a boi report in Oklahoma?
There are no specific time limits for filing a boi report in Oklahoma, but it is generally recommended to report crime information as soon as possible to increase the chances of a successful investigation.
Are there any eligibility requirements for filing a boi report in Oklahoma?
There are typically no specific eligibility requirements for filing a boi report in Oklahoma. Anyone with information about a crime can submit a tip to the OSBI.
Can I file a boi report on behalf of someone else in Oklahoma?
Yes, you can file a boi report on behalf of someone else in Oklahoma if they are unable to do so themselves. The OSBI encourages the public to report any knowledge of criminal activity.
Can I report a crime that occurred outside of Oklahoma to the OSBI?
The OSBI generally only handles crimes that occur within the state of Oklahoma. If the crime occurred outside of Oklahoma, you may need to contact the appropriate law enforcement agency in that jurisdiction.
What protections are in place for individuals who file boi reports in Oklahoma?
Individuals who file boi reports in Oklahoma are generally protected from retaliation or harassment. The OSBI takes reports of witness intimidation seriously and will investigate any such incidents.
How can I access resources or support after filing a boi report in Oklahoma?
If you need resources or support after filing a boi report in Oklahoma, the OSBI can provide guidance on available services for witnesses and victims of crime.
Can I provide additional information or updates to a boi report I filed in Oklahoma?
Yes, you can typically provide additional information or updates to a boi report you filed in Oklahoma. The OSBI may reach out to you for clarification or additional details as needed.
What should I do if I have concerns about the outcome of a boi report I filed in Oklahoma?
If you have concerns about the outcome of a boi report you filed in Oklahoma, you can contact the OSBI to express your concerns and request information on the status of the investigation.
Can I file a boi report in Oklahoma anonymously if I am a witness to a crime?
Yes, witnesses to crimes in Oklahoma can file boi reports anonymously through the OSBI’s tip submission form on their website.
Are there any fees associated with filing a boi report in Oklahoma?
There are typically no fees associated with filing a boi report in Oklahoma. The OSBI encourages the public to report crime tips and information free of charge.
How can I report a cold case in Oklahoma to the OSBI?
To report a cold case in Oklahoma to the OSBI, you can contact their Cold Case Unit directly or submit information online through their website.
Can I file a boi report in Oklahoma if I suspect someone is committing fraud?
Yes, you can file a boi report in Oklahoma if you suspect someone is committing fraud. The OSBI investigates a wide range of criminal activities, including fraud and white-collar crimes.
Can the OSBI provide updates on the status of a boi report filed in Oklahoma?
The OSBI may provide updates on the status of a boi report filed in Oklahoma if they are able to do so. However, the level of communication may vary depending on the nature of the case.
What should I do if I receive a boi report in Oklahoma?
If you receive a boi report in Oklahoma, it is important to review the information carefully and follow up with the OSBI if you have any questions or need additional details.
Can I file a boi report in Oklahoma if I am a victim of a crime?
Yes, victims of crimes in Oklahoma can file boi reports to provide information and assist with investigations. The OSBI works to support victims throughout the reporting and investigation process.
How can I stay informed about boi reports and criminal activity in my area in Oklahoma?
To stay informed about boi reports and criminal activity in your area in Oklahoma, you can sign up for alerts from local law enforcement agencies or follow the OSBI’s social media accounts for updates.

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

In Oklahoma, 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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