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


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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

Oregon, also known as The Beaver State, has a population of 4,359,110. 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 Oregon

What is Beneficial Ownership in Oregon?

Beneficial ownership in Oregon 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 Oregon, 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 Oregon 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 Oregon.

BOI Reporting Companies (Entities) in Oregon

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

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

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

Recommended: You can fill up and file the BOI forms easily and without hassle by hiring a professional service. We recommend using –

#1 TOP PICK

TailorBrands(BOI Report Filing)

Online BOI Report Filing in Oregon

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

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

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

BOI Reporting Required Information in Oregon

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

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 Oregon 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 Oregon or forming a corporation in Oregon 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 Oregon.

State Specific Data: Oregon

Capital and Incorporation

  • The capital of Oregon is Salem.
  • The population of Oregon: 4,359,110
  • The Annual GDP of Oregon: 301,689
  • Incorporation in Oregon can be done through various methods including online and offline. For more details, visit Oregon Secretary of State.
  • Incorporation Method in Oregon (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in Oregon (Offline): Send the form by mail to Secretary of State, Corporation Division, 255 Capitol St. NE, Suite 151, Salem, OR 97310

Filing Fees

  • LLC Initial Filing Fee: $100
  • LLC Amendment Fees: $100
  • Annual Fee: $100
  • DBA Filing Fee: $50
  • Incorporation Fee: $100 for online and by mail filing
  • Registered Agent Change Fee: $0
  • Corporate Amendment Fee: $100

Important Offices

  • State Tax Office: Oregon Department of Revenue
  • State Insurance Office: Oregon Insurance Division
  • Secretary of State Address: Secretary of State, Corporation Division, 255 Capitol St. NE, Suite 151, Salem, OR 97310
  • 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: three methods, online, by mail, and in person filing.
  • Filing Fee for DBA: $50
  • Online Filing for DBA: For online filing, check the Oregon Secretary of State Secure Access System website
  • Offline Filing for DBA: For filing offline, you must send the accomplished DBA filing form to the Oregon Secretary of State, Corporation Division, 255 Capitol St. NE, Suite 151, Salem, OR 97310 or drop it off in person at the same address.

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

FAQs

How do I file a boi report in Oregon?
To file a boi report in Oregon, you can visit the website of the Board of Investment or contact their office directly.
Can I file a boi report online in Oregon?
Yes, you can file a boi report online in Oregon through the Board of Investment’s website.
What information do I need to provide when filing a boi report in Oregon?
When filing a boi report in Oregon, you will need to provide information about the investment, including the company’s name, address, and purpose.
Is there a deadline for filing a boi report in Oregon?
Yes, there is a deadline for filing a boi report in Oregon. It is typically within 30 days of making the investment.
Are there any fees associated with filing a boi report in Oregon?
Yes, there may be fees associated with filing a boi report in Oregon. It is best to check with the Board of Investment for the most up-to-date information.
What is the purpose of filing a boi report in Oregon?
Filing a boi report in Oregon is required to notify the state of any new investments made by businesses in certain industries.
Can I file a boi report on behalf of someone else in Oregon?
No, boi reports must be filed by the business that is making the investment in Oregon.
How long does it take to process a boi report in Oregon?
The processing time for a boi report in Oregon can vary, but it is typically completed within a few weeks.
What happens if I fail to file a boi report in Oregon?
Failure to file a boi report in Oregon can result in penalties or fines imposed by the state.
Can I amend a boi report after it has been filed in Oregon?
Yes, you can typically amend a boi report after it has been filed in Oregon by contacting the Board of Investment.
Are there any exemptions to filing a boi report in Oregon?
There may be exemptions to filing a boi report in Oregon for certain types of investments. It is best to consult with legal counsel for guidance.
Can out-of-state businesses file a boi report in Oregon?
Yes, out-of-state businesses that are making investments in Oregon may be required to file a boi report.
How can I get help with filing a boi report in Oregon?
If you need help with filing a boi report in Oregon, you can contact the Board of Investment for assistance.
What types of investments require a boi report in Oregon?
Certain industries and types of investments require a boi report in Oregon, such as manufacturing, technology, and renewable energy.
Can I file a boi report if my business is located outside of Oregon but investing in the state?
Yes, businesses located outside of Oregon that are making investments in the state may still be required to file a boi report.
Is there a specific form that I need to use when filing a boi report in Oregon?
Yes, there is a specific form that must be used when filing a boi report in Oregon. It can be found on the Board of Investment’s website.
How do I know if my investment qualifies for a boi report in Oregon?
If you are unsure if your investment qualifies for a boi report in Oregon, you can consult with the Board of Investment for clarification.
Can I file a boi report retroactively in Oregon?
It is best to file a boi report in Oregon within the designated timeframe to avoid any potential penalties or fines.
Can I submit supporting documents along with my boi report in Oregon?
Yes, you may be required to submit supporting documents along with your boi report in Oregon to provide further information about the investment.
What happens after I file a boi report in Oregon?
After filing a boi report in Oregon, the state will review the information provided and may follow up with any additional questions or requests.
Are boi reports confidential in Oregon?
Boi reports are typically considered confidential information in Oregon, but it is best to confirm with the Board of Investment.
How can I check the status of my boi report in Oregon?
To check the status of your boi report in Oregon, you can contact the Board of Investment for updates.
Can I appeal a decision made regarding my boi report in Oregon?
If you disagree with a decision made regarding your boi report in Oregon, you may have the option to appeal the decision through a formal process.
Do boi reports need to be notarized in Oregon?
Boi reports may need to be notarized in Oregon, depending on the requirements of the Board of Investment.
Can I request an extension for filing a boi report in Oregon?
If you need more time to file a boi report in Oregon, you may be able to request an extension from the Board of Investment.
Are there any incentives for filing a boi report in Oregon?
There may be incentives for filing a boi report in Oregon, such as tax credits or other financial benefits for qualifying investments.
What should I do if I have additional questions about filing a boi report in Oregon?
If you have additional questions about filing a boi report in Oregon, it is recommended to reach out to the Board of Investment for assistance.
How do I file a BOI report in Oregon?
To file a BOI report in Oregon, you can visit the Bureau of Insurance website and follow the instructions provided.
Does the state of Oregon require insurance companies to file BOI reports?
Yes, insurance companies in Oregon are required to file BOI reports in compliance with state regulations.
What information is typically included in a BOI report filed in Oregon?
A BOI report in Oregon typically includes financial and operational data about the insurance company, as well as details about any complaints or claims filed.
Is there a specific deadline for filing a BOI report in Oregon?
Yes, there is usually a deadline for filing BOI reports in Oregon, which may vary depending on the type of insurance company.
Can I file a BOI report online in Oregon?
Yes, you can typically file a BOI report online through the Oregon Department of Consumer and Business Services website.
What happens if I fail to file a BOI report in Oregon?
Failing to file a BOI report in Oregon may result in fines or other penalties from the state regulatory authorities.
Are there specific requirements for BOI reports in Oregon related to financial data?
Yes, Oregon may require insurance companies to include specific financial data in their BOI reports, such as revenue and expenses.
Can I request an extension for filing a BOI report in Oregon?
Yes, you may be able to request an extension for filing a BOI report in Oregon under certain circumstances, such as if you need additional time to gather data.
Are there any fees associated with filing a BOI report in Oregon?
There may be filing fees associated with submitting a BOI report in Oregon, which can vary depending on the size and type of insurance company.
Will my BOI report in Oregon be made public?
BOI reports filed in Oregon are generally considered public records and may be subject to disclosure under the state’s public records laws.
Can I file a BOI report in Oregon if my insurance company is based in another state?
If your insurance company operates in Oregon, you may be required to file a BOI report with the state, regardless of where your company is based.
What is the purpose of filing a BOI report in Oregon?
Filing a BOI report in Oregon helps the state regulatory authorities oversee insurance companies operating within its jurisdiction and ensure compliance with state laws.
How often do I need to file a BOI report in Oregon?
The frequency of filing BOI reports in Oregon can vary depending on the type of insurance company, but it is typically done annually.
Can I file a BOI report in Oregon if my insurance company only provides services online?
Yes, even if your insurance company operates primarily online, you may still be required to file a BOI report in Oregon if you have customers in the state.
Are there specific guidelines for preparing a BOI report in Oregon?
Yes, Oregon may provide guidelines or templates for preparing a BOI report, which can help ensure that you include all necessary information.
Can I file a BOI report in Oregon if my insurance company is a nonprofit organization?
Nonprofit insurance companies in Oregon may still be required to file BOI reports with state regulatory authorities, depending on their operations and activities.
Do I need to provide updates to my BOI report in Oregon if there are changes to my insurance company’s operations?
Yes, you may be required to provide updates or amendments to your BOI report in Oregon if there are significant changes to your company’s operations or financial status.
Are there penalties for submitting inaccurate information in a BOI report in Oregon?
Failing to provide accurate information in a BOI report filed in Oregon may result in fines, penalties, or other sanctions from the state regulatory authorities.
Can I appeal a decision made by the state regarding my BOI report in Oregon?
Yes, you may have the right to appeal a decision made by state regulatory authorities regarding your BOI report in Oregon, typically through an administrative hearing process.
Are there specific rules for filing a BOI report in Oregon related to insurance products or services?
Yes, Oregon may have specific rules or requirements for reporting certain types of insurance products or services in a BOI report, such as health insurance or annuities.
What steps should I take if I encounter technical difficulties while filing a BOI report in Oregon?
If you encounter technical difficulties while filing a BOI report in Oregon, you should contact the Oregon Department of Consumer and Business Services for assistance.
Can I submit supporting documents with my BOI report in Oregon?
Yes, you may be able to submit supporting documents with your BOI report in Oregon to provide additional information or context about your company’s operations or financial status.
How can I verify that my BOI report in Oregon has been successfully filed?
After submitting your BOI report in Oregon, you should receive a confirmation or acknowledgment from the state regulatory authorities, which can serve as proof that your report has been successfully filed.
Can I request a copy of my filed BOI report in Oregon for my records?
Yes, you may be able to request a copy of your filed BOI report in Oregon from the state regulatory authorities, which can be kept for your records or compliance purposes.
Do I need to provide updates to my BOI report in Oregon if there is a change in ownership or control of my insurance company?
Yes, if there is a change in ownership or control of your insurance company in Oregon, you may be required to provide updates or amendments to your BOI report to reflect these changes.
Can the information in my BOI report in Oregon be used for regulatory purposes in other states?
Yes, the information provided in your BOI report in Oregon may be shared with other state regulatory authorities for regulatory purposes, especially if your company operates in multiple states.
Are there resources available to help me file a BOI report in Oregon if I have questions or need assistance?
Yes, the Oregon Department of Consumer and Business Services may have resources or staff available to help guide you through the process of filing a BOI report and address any questions or concerns you may have.
Can I file a BOI report in Oregon if my insurance company is currently undergoing a financial audit or investigation?
Yes, you may still be required to file a BOI report in Oregon even if your insurance company is undergoing a financial audit or investigation, as the report is a separate regulatory requirement.

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

In Oregon, 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.

Leave a Comment