How to File BOI Report in South Dakota – 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 South Dakota: 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 South Dakota, 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.

South Dakota, also known as The Mount Rushmore State, has a population of 908,414. 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 South Dakota

What is Beneficial Ownership in South Dakota?

Beneficial ownership in South Dakota 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 South Dakota, 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 South Dakota 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 South Dakota.

BOI Reporting Companies (Entities) in South Dakota

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

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

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

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 South Dakota

  • Step 1: For online filing, reporting companies in South Dakota 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 South Dakota

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

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

BOI Reporting Required Information in South Dakota

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

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 South Dakota 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 South Dakota or forming a corporation in South Dakota 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 South Dakota.

State Specific Data: South Dakota

Capital and Incorporation

  • The capital of South Dakota is Pierre.
  • The population of South Dakota: 908,414
  • The Annual GDP of South Dakota: 68,327
  • Incorporation in South Dakota can be done through various methods including online and offline. For more details, visit South Dakota Secretary of State.
  • Incorporation Method in South Dakota (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in South Dakota (Offline): Send the form by mail to Secretary of State Office, 500 E Capitol Ave, Pierre, SD 57501

Filing Fees

  • LLC Initial Filing Fee: $165 (by mail and $150 online)
  • LLC Amendment Fees: $10
  • Annual Fee: $50
  • DBA Filing Fee: $10
  • Incorporation Fee: $150 for online filing, and $165 for filing by mail
  • Registered Agent Change Fee: $10
  • Corporate Amendment Fee: $60

Important Offices

  • State Tax Office: South Dakota Department of Revenue
  • State Insurance Office: South Dakota Division of Insurance
  • Secretary of State Address: Secretary of State Office, 500 E Capitol Ave, Pierre, SD 57501
  • 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: $10
  • Online Filing for DBA: There is no online filing available
  • Offline Filing for DBA: For filing offline in South Dakota, you must send the accomplished DBA filing form to the South Dakota Secretary of State, 500 East Capitol Avenue, Pierre, SD 57501 or drop it off in person at the same address.

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

FAQs

How do I file a BOI report in South Dakota?
To file a BOI report in South Dakota, you can visit the South Dakota Department of Labor and Regulation website to access the necessary forms and instructions.
Is there a deadline for filing a BOI report in South Dakota?
Yes, there is a deadline for filing a BOI report in South Dakota. The deadline is typically within a certain number of days after the injury or incident occurred. It is important to file the report promptly to ensure compliance with state regulations.
Can I file a BOI report online in South Dakota?
Yes, you can file a BOI report online in South Dakota through the South Dakota Department of Labor and Regulation’s website. This online filing option is convenient and efficient for employers.
What information do I need to provide when filing a BOI report in South Dakota?
When filing a BOI report in South Dakota, you will need to provide detailed information about the injury or incident, including the date, time, and location of the event, as well as the names and contact information of those involved.
Is it necessary to report all workplace injuries in South Dakota?
Yes, it is necessary to report all workplace injuries in South Dakota, regardless of the severity. Employers are required by law to report any work-related injuries or illnesses that result in lost work time, medical treatment beyond first aid, or any other impairment of regular job duties.
What is the best way to ensure compliance with BOI reporting requirements in South Dakota?
The best way to ensure compliance with BOI reporting requirements in South Dakota is to familiarize yourself with the state’s regulations and guidelines for reporting workplace injuries. You can also consult with an attorney or HR professional for assistance.
Are there specific penalties for failing to file a BOI report in South Dakota?
Yes, there are specific penalties for failing to file a BOI report in South Dakota. Employers who fail to report workplace injuries or illnesses may face fines and other penalties, including possible legal action.
Can I report a workplace injury directly to the South Dakota Department of Labor and Regulation?
No, workplace injuries must be reported by the employer to the South Dakota Department of Labor and Regulation. It is the employer’s responsibility to report workplace injuries in a timely manner and provide the necessary documentation.
How long do I have to file a BOI report in South Dakota after an injury occurs?
In South Dakota, employers are required to file a BOI report within a certain number of days after the injury occurs. It is important to file the report promptly to comply with state regulations and ensure that the injured employee receives the necessary benefits.
Can I file a BOI report in South Dakota if the injury is minor and does not require medical treatment?
Yes, you should still file a BOI report in South Dakota even if the injury is minor and does not require medical treatment beyond first aid. Reporting all workplace injuries ensures that you are in compliance with state regulations and protects the rights of the injured employee.
What should I do if an employee refuses to report a workplace injury in South Dakota?
If an employee refuses to report a workplace injury in South Dakota, you should document the refusal and inform the employee of their legal obligation to report the injury. It is important to encourage employees to report all injuries to ensure a safe and healthy work environment.
Can I be held liable for failing to report a workplace injury in South Dakota?
Yes, employers can be held liable for failing to report a workplace injury in South Dakota. It is important to comply with state reporting requirements to avoid potential fines and legal consequences.
Are there any exemptions to the BOI reporting requirements in South Dakota?
There are limited exemptions to the BOI reporting requirements in South Dakota. However, most workplace injuries that result in lost work time, medical treatment, or impairment of job duties must be reported to the South Dakota Department of Labor and Regulation.
Can I request an extension to file a BOI report in South Dakota?
Extensions to file a BOI report in South Dakota may be granted in certain circumstances, such as if additional information is needed to complete the report. It is important to communicate with the South Dakota Department of Labor and Regulation if you require an extension.
Are there certain industries that are exempt from filing BOI reports in South Dakota?
In South Dakota, all employers are required to file BOI reports for workplace injuries, regardless of industry. There are no specific exemptions for certain industries when it comes to reporting workplace injuries.
Is there a minimum threshold for reporting workplace injuries in South Dakota?
There is no minimum threshold for reporting workplace injuries in South Dakota. All workplace injuries, regardless of severity, must be reported to the South Dakota Department of Labor and Regulation.
Can a workplace injury be reported anonymously in South Dakota?
No, workplace injuries cannot be reported anonymously in South Dakota. Employers are required to provide their contact information and other details when filing a BOI report with the state.
What should I do if an injured employee refuses medical treatment in South Dakota?
If an injured employee refuses medical treatment in South Dakota, you should still report the incident and document the employee’s refusal. It is important to encourage employees to seek medical evaluation for workplace injuries to ensure their well-being and compliance with state regulations.
How long does the process of filing a BOI report typically take in South Dakota?
The process of filing a BOI report in South Dakota typically takes a few days to complete. It is important to gather all necessary information and submit the report promptly to ensure timely processing.
Can I appeal a decision made by the South Dakota Department of Labor and Regulation regarding a BOI report?
Yes, you have the right to appeal a decision made by the South Dakota Department of Labor and Regulation regarding a BOI report. It is important to follow the proper procedures for appealing a decision and provide any additional information or evidence to support your case.
Is there a fee for filing a BOI report in South Dakota?
There is no fee for filing a BOI report in South Dakota. Employers can access the necessary forms and instructions for filing a report on the South Dakota Department of Labor and Regulation’s website at no cost.
Can I receive assistance with filing a BOI report in South Dakota?
Yes, you can receive assistance with filing a BOI report in South Dakota by contacting the South Dakota Department of Labor and Regulation. They can provide guidance and answer any questions you may have about the filing process.
Can I file a BOI report for a workplace injury that occurred outside of South Dakota?
No, a BOI report should only be filed for workplace injuries that occurred within the state of South Dakota. Employers should follow the reporting requirements of the state where the injury occurred.
What resources are available for employers to help them understand BOI reporting requirements in South Dakota?
Employers can access resources such as the South Dakota Department of Labor and Regulation website, which provides detailed information about BOI reporting requirements in the state. It is important to stay informed and up to date on state regulations to ensure compliance.
Can I file a BOI report on behalf of an injured employee in South Dakota?
Employers are responsible for filing BOI reports on behalf of injured employees in South Dakota. It is important to gather all necessary information and submit the report in a timely manner to ensure compliance with state regulations.
Are there any training programs available to help employers understand BOI reporting in South Dakota?
There are training programs and resources available to help employers understand BOI reporting requirements in South Dakota. Employers can access online tutorials, seminars, and workshops to learn more about the reporting process and compliance with state regulations.
What should I do if I discover a previous workplace injury that was not reported in South Dakota?
If you discover a previous workplace injury that was not reported in South Dakota, you should file a BOI report as soon as possible. It is important to rectify any omissions or errors in reporting to ensure compliance with state regulations.
Can I request a copy of the BOI report I filed in South Dakota?
Yes, you can request a copy of the BOI report you filed in South Dakota for your records. It is important to keep accurate documentation of all workplace injuries and reports to comply with state regulations and protect your rights as an employer.
How do I file a boi report in South Dakota?
You can file a boi report in South Dakota by contacting the appropriate state agency or online through the state’s website.
What is a boi report in South Dakota?
A boi report in South Dakota is a report of a violation of state laws or regulations related to business practices.
Where can I find information about filing a boi report in South Dakota?
Information about filing a boi report in South Dakota can be found on the state’s official website or by contacting the relevant state agency.
Is filing a boi report in South Dakota confidential?
Yes, filing a boi report in South Dakota is confidential and your identity will be protected.
Can I file a boi report anonymously in South Dakota?
Yes, you can file a boi report anonymously in South Dakota if you prefer to not disclose your identity.
What happens after I file a boi report in South Dakota?
After you file a boi report in South Dakota, the appropriate state agency will investigate the claim and take necessary action.
How long does it take for a boi report in South Dakota to be resolved?
The time it takes for a boi report in South Dakota to be resolved varies depending on the complexity of the case, but the state agency will keep you updated on the progress.
Are there any time limits for filing a boi report in South Dakota?
There may be specific time limits for filing a boi report in South Dakota, so it is best to file as soon as possible after discovering the violation.
What types of violations can be reported in a boi report in South Dakota?
Violations related to business practices, fraud, or other unlawful activities can be reported in a boi report in South Dakota.
Can I file a boi report online in South Dakota?
Yes, you can file a boi report online in South Dakota through the state’s official website.
What information do I need to include in a boi report in South Dakota?
When filing a boi report in South Dakota, it is important to include specific details about the violation, parties involved, and any evidence you have.
Is there a fee for filing a boi report in South Dakota?
There is typically no fee for filing a boi report in South Dakota, as the process is meant to protect consumers and ensure business compliance.
Can I file a boi report on behalf of someone else in South Dakota?
Yes, you can file a boi report on behalf of someone else in South Dakota if you have their consent or are acting as their legal representative.
What protections are in place for whistleblowers who file a boi report in South Dakota?
Whistleblowers who file a boi report in South Dakota are protected by state laws from retaliation or adverse actions by employers.
Are there specific guidelines for filing a boi report in South Dakota?
Yes, there are typically guidelines provided by the state agency for filing a boi report in South Dakota, which can help ensure your report is complete and accurate.
Can I file a boi report in South Dakota if I am unsure if a violation has occurred?
Yes, you can file a boi report in South Dakota if you suspect a violation may have occurred, and the state agency will investigate further.
What should I do if I receive a boi report in South Dakota?
If you receive a boi report in South Dakota, it is important to cooperate with the state agency’s investigation and address any violations.
Does filing a boi report in South Dakota guarantee a resolution?
Filing a boi report in South Dakota does not guarantee a specific outcome, but it can help bring attention to potential violations and protect consumers.
Can I follow up on a boi report in South Dakota?
Yes, you can follow up on a boi report in South Dakota by contacting the state agency handling the investigation for updates on the progress.
What recourse do I have if my boi report in South Dakota is not resolved?
If your boi report in South Dakota is not resolved satisfactorily, you may have the option to seek legal advice or contact relevant consumer protection organizations.
Are there any penalties for filing a false boi report in South Dakota?
Filing a false boi report in South Dakota is a serious offense and may result in legal consequences, so it is important to provide accurate information.
How can I report any concerns about the handling of my boi report in South Dakota?
If you have any concerns about the handling of your boi report in South Dakota, you can contact the state agency’s complaint department for assistance.
Can I withdraw a boi report in South Dakota after filing it?
In some cases, you may be able to withdraw a boi report in South Dakota after filing it if new information becomes available or the issue is resolved through other means.
What support is available to individuals filing a boi report in South Dakota?
Individuals filing a boi report in South Dakota may have access to support services or resources provided by the state agency to help navigate the process.
Can I file a boi report in South Dakota against a specific business or individual?
Yes, you can file a boi report in South Dakota against a specific business or individual if you have reasonable suspicion of a violation.
What steps can I take to protect myself from retaliation for filing a boi report in South Dakota?
To protect yourself from retaliation for filing a boi report in South Dakota, it is important to be informed of your rights as a whistleblower and document any interactions related to the report.
Are there any restrictions on who can file a boi report in South Dakota?
Anyone who has knowledge of a violation of state laws or regulations related to businesses practices can file a boi report in South Dakota, regardless of their affiliation.
Where can I get help with filing a boi report in South Dakota if I have questions?
If you have questions about filing a boi report in South Dakota, you can contact the state agency’s helpline or visit their office for assistance.

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

In South Dakota, 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