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


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How to file a BOI Report in Rhode Island: 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 Rhode Island, 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.

Rhode Island, also known as The Ocean State, has a population of 1,110,822. 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 Rhode Island

What is Beneficial Ownership in Rhode Island?

Beneficial ownership in Rhode Island 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 Rhode Island, 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 Rhode Island 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 Rhode Island.

BOI Reporting Companies (Entities) in Rhode Island

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

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

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

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Online BOI Report Filing in Rhode Island

  • Step 1: For online filing, reporting companies in Rhode Island 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 Rhode Island

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

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

BOI Reporting Required Information in Rhode Island

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

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 Rhode Island 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 Rhode Island or forming a corporation in Rhode Island 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 Rhode Island.

State Specific Data: Rhode Island

Capital and Incorporation

  • The capital of Rhode Island is Providence.
  • The population of Rhode Island: 1,110,822
  • The Annual GDP of Rhode Island: 72,055
  • Incorporation in Rhode Island can be done through various methods including online and offline. For more details, visit Rhode Island Secretary of State.
  • Incorporation Method in Rhode Island (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in Rhode Island (Offline): Send the form by mail to or drop it off in person at Division of Business Services, 148 W. River Street, Providence, RI 02904

Filing Fees

  • LLC Initial Filing Fee: $150 (by mail and online)
  • LLC Amendment Fees: $50
  • Annual Fee: $50
  • DBA Filing Fee: $50
  • Incorporation Fee: $230 for online, by mail filing or in person filing
  • Registered Agent Change Fee: $20
  • Corporate Amendment Fee: $50

Important Offices

  • State Tax Office: Rhode Island Division of Taxation
  • State Insurance Office: Rhode Island Department of Business Regulation, Insurance Division
  • Secretary of State Address: Division of Business Services, 148 W. River Street, Providence, RI 02904
  • Department of Treasury: Department of the Treasury Internal Revenue Service Center – Kansas City, MO 64999 Fax: 855-887-7734​

Key Contacts

  • Form 2335 Mailing Address: Department of the Treasury Internal Revenue Service Center – Kansas City, MO 64999 Fax: 855-887-7734​
  • Filing Method for DBA: two methods, by mail and in person.
  • Filing Fee for DBA: $50
  • Online Filing for DBA: There is no online filing available
  • Offline Filing for DBA: For filing offline in Rhode Island, you must send the accomplished DBA filing form to the Rhode Island Secretary of State, Business Services Division, 148 West River Street, Providence, RI 02904-2615 or drop it off in person at the same address.

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

FAQs

How do I file a boi report in Rhode Island?
To file a boi report in Rhode Island, you can submit the necessary forms and documents to the Rhode Island Department of Labor and Training.
Is there a deadline for filing a boi report in Rhode Island?
Yes, you must file a boi report in Rhode Island within 10 days of the termination of employment.
What information do I need to include in a boi report in Rhode Island?
You will need to include detailed information about the reason for the termination, the employee’s last day of work, and any relevant documentation.
Can I file a boi report online in Rhode Island?
Yes, you can file a boi report online through the Rhode Island Department of Labor and Training’s website.
How long does it take for a boi report to be processed in Rhode Island?
The processing time for a boi report in Rhode Island can vary, but it is typically completed within a few weeks.
What happens if I fail to file a boi report in Rhode Island?
Failure to file a boi report in Rhode Island can result in fines and penalties for non-compliance.
Do I need to notify the employee when filing a boi report in Rhode Island?
Yes, you should notify the employee of the boi report filing in Rhode Island and provide them with a copy of the report if requested.
Can I appeal a decision made based on a boi report in Rhode Island?
Yes, you have the right to appeal a decision made based on a boi report in Rhode Island through the proper channels.
Are there any exemptions to filing a boi report in Rhode Island?
Certain small businesses in Rhode Island may be exempt from filing a boi report, so it is important to check the specific guidelines.
Can I file a boi report on behalf of someone else in Rhode Island?
Generally, you must obtain the employee’s consent before filing a boi report on their behalf in Rhode Island.
Is there a fee for filing a boi report in Rhode Island?
There is no fee for filing a boi report in Rhode Island.
How do I file a BOI report in Rhode Island?
You can file the BOI report online through the Rhode Island Secretary of State website.
What is the deadline for filing a BOI report in Rhode Island?
The deadline for filing a BOI report in Rhode Island is typically on the anniversary date of your business entity.
Is there a fee for filing a BOI report in Rhode Island?
Yes, there is a fee associated with filing a BOI report in Rhode Island.
Can I file a BOI report in Rhode Island by mail?
Yes, you can file a BOI report in Rhode Island by mail, but it is generally faster and more efficient to file online.
What information do I need to include in my BOI report in Rhode Island?
You will need to provide information such as your business entity name, address, and details regarding any changes to your business structure.
Can I file a BOI report for multiple business entities in Rhode Island?
Yes, you can file BOI reports for multiple business entities in Rhode Island, as long as you provide the required information for each entity.
What happens if I miss the deadline for filing my BOI report in Rhode Island?
If you miss the deadline for filing your BOI report in Rhode Island, you may incur late fees or penalties.
How can I check the status of my BOI report filing in Rhode Island?
You can check the status of your BOI report filing in Rhode Island by visiting the Secretary of State website and using their online search tool.
Do I need to file a BOI report in Rhode Island if my business is inactive?
Yes, even if your business is inactive, you are still required to file a BOI report in Rhode Island.
Can I file my BOI report in Rhode Island early?
Yes, you can file your BOI report in Rhode Island early, but it is recommended to file closer to the anniversary date of your business entity.
How can I contact the Rhode Island Secretary of State for assistance with filing my BOI report?
You can contact the Rhode Island Secretary of State by phone, email, or in person for assistance with filing your BOI report.
Can I file my BOI report in Rhode Island if I am not the registered agent for my business entity?
No, only the registered agent or authorized representative can file a BOI report in Rhode Island.
Will I receive confirmation of my filing after submitting my BOI report in Rhode Island?
Yes, you will typically receive confirmation of your filing via email after submitting your BOI report in Rhode Island.
What happens if I need to make changes to my BOI report in Rhode Island after submitting it?
If you need to make changes to your BOI report in Rhode Island after submitting it, you will need to file an amended report.
Can I file my BOI report for a non-profit organization in Rhode Island?
Yes, you can file a BOI report for a non-profit organization in Rhode Island, following the same process as for a for-profit entity.
Do I need to provide financial information in my BOI report in Rhode Island?
No, you do not need to provide financial information in your BOI report in Rhode Island, unless specifically requested.
Can I file my BOI report in Rhode Island on the weekend?
Yes, you can file your BOI report in Rhode Island online at any time, including on the weekend.
How long does it take for the Rhode Island Secretary of State to process a BOI report?
The processing time for a BOI report in Rhode Island can vary, but you will typically receive confirmation within a few business days.
Is there a grace period for filing a BOI report in Rhode Island?
In Rhode Island, there is typically no grace period for filing a BOI report, so it is important to meet the deadline to avoid late fees.
Are there any exemptions for filing a BOI report in Rhode Island?
Certain types of entities may be exempt from filing a BOI report in Rhode Island, such as government agencies or certain non-profit organizations.
Can I file my BOI report in Rhode Island if I am a foreign entity?
Yes, foreign entities that are authorized to conduct business in Rhode Island must also file a BOI report in the state.
What types of changes should I report in my BOI report in Rhode Island?
You should report any changes to your business entity’s name, address, registered agent, officers, or directors in your BOI report in Rhode Island.
Can I file my BOI reports for multiple years in advance in Rhode Island?
No, you cannot file your BOI reports for multiple years in advance in Rhode Island; you must file annually.
Can I file my BOI report in Rhode Island if my business has been dissolved?
If your business has been dissolved in Rhode Island, you are still required to file a final BOI report before the dissolution is complete.
Can I request an extension for filing my BOI report in Rhode Island?
No, there are typically no extensions granted for filing a BOI report in Rhode Island, so it is important to file on time to avoid penalties.
Can I file my BOI report in Rhode Island if my business entity is in good standing?
Yes, you must file a BOI report in Rhode Island even if your business entity is in good standing to maintain compliance with state regulations.
Is there a specific form I need to use to file my BOI report in Rhode Island?
Yes, you will need to use the official BOI report form provided by the Rhode Island Secretary of State to file your report.
Can I file my BOI report in Rhode Island by fax?
No, filing a BOI report in Rhode Island by fax is not typically accepted; it is best to file online or by mail.
How can I make a payment for filing my BOI report in Rhode Island?
You can make a payment for filing your BOI report in Rhode Island online with a credit card or by check if filing by mail.

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

In Rhode Island, 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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