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


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

Tennessee, also known as The Volunteer State, has a population of 7,080,262. 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 Tennessee

What is Beneficial Ownership in Tennessee?

Beneficial ownership in Tennessee 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 Tennessee, 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 Tennessee 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 Tennessee.

BOI Reporting Companies (Entities) in Tennessee

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

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

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

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Online BOI Report Filing in Tennessee

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

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

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

BOI Reporting Required Information in Tennessee

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

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 Tennessee 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 Tennessee or forming a corporation in Tennessee 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 Tennessee.

State Specific Data: Tennessee

Capital and Incorporation

  • The capital of Tennessee is Nashville.
  • The population of Tennessee: 7,080,262
  • The Annual GDP of Tennessee: 480,050
  • Incorporation in Tennessee can be done through various methods including online and offline. For more details, visit Tennessee Secretary of State.
  • Incorporation Method in Tennessee (Online): Create an account/Log in to the SOS site, get the e-form, fill it, and submit online. Or get the online PDF, fill it up and upload it back on the site.
  • Incorporation Method in Tennessee (Offline): Send the form by mail to or drop it off in person at Corporate Filings, 312 Rosa L. Parks Avenue, 6th Floor, William R. Snodgrass Tower, Nashville, Tennessee 37243

Filing Fees

  • LLC Initial Filing Fee: $300
  • LLC Amendment Fees: $20
  • Annual Fee: $50 per member
  • DBA Filing Fee: varies by county
  • Incorporation Fee: $100 for online and by mail filing
  • Registered Agent Change Fee: $20
  • Corporate Amendment Fee: $20

Important Offices

  • State Tax Office: Tennessee Department of Revenue
  • State Insurance Office: Tennessee Department of Commerce and Insurance, Insurance Division
  • Secretary of State Address: Corporate Filings, 312 Rosa L. Parks Avenue, 6th Floor, William R. Snodgrass Tower, Nashville, Tennessee 37243
  • Department of Treasury: Department of the Treasury Internal Revenue Service Center – Kansas City, MO 64999 Fax: 855-887-7734​

Key Contacts

  • Form 2335 Mailing Address: Department of the Treasury Internal Revenue Service Center – Kansas City, MO 64999 Fax: 855-887-7734​
  • Filing Method for DBA: two methods, by mail and in person.
  • Filing Fee for DBA: varies by county
  • Online Filing for DBA: There is no online filing available
  • Offline Filing for DBA: For filing offline in Tennessee, you must send the accomplished DBA filing form to the Tennessee Secretary of State, Division of Business Services, 312 Rosa L. Parks Avenue, 6th Floor, William R. Snodgrass Tower, Nashville, TN 37243 or drop it off in person at the same address.

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

FAQs

How do I file a boi report in Tennessee?
To file a boi report in Tennessee, you can visit the Department of Agriculture’s website.
Can I report a boi violation anonymously in Tennessee?
Yes, you can report a boi violation anonymously in Tennessee by contacting the Department of Agriculture.
Is there a specific form I need to use to file a boi report in Tennessee?
Yes, there is a specific form that needs to be filled out when filing a boi report in Tennessee. It can be found on the Department of Agriculture’s website.
What information do I need to provide when filing a boi report in Tennessee?
When filing a boi report in Tennessee, you will need to provide details about the violation, the location, and any other relevant information.
How long does it take for a boi report to be processed in Tennessee?
The processing time for a boi report in Tennessee can vary depending on the complexity of the case.
Can I file a boi report online in Tennessee?
Yes, you can file a boi report online in Tennessee through the Department of Agriculture’s website.
What are the consequences of filing a false boi report in Tennessee?
Filing a false boi report in Tennessee can result in legal consequences, so it is important to provide accurate information.
Can I file a boi report over the phone in Tennessee?
Yes, you may be able to file a boi report over the phone in Tennessee by calling the Department of Agriculture.
Are there any fees associated with filing a boi report in Tennessee?
There are typically no fees associated with filing a boi report in Tennessee, as it is a public service provided by the state.
What is the process for investigating a boi report in Tennessee?
Once a boi report is filed in Tennessee, it will be assigned to an investigator who will gather evidence and determine if any violations occurred.
Can I follow up on the status of my boi report in Tennessee?
Yes, you can follow up on the status of your boi report in Tennessee by contacting the Department of Agriculture.
How can I provide additional evidence to support my boi report in Tennessee?
You can provide additional evidence to support your boi report in Tennessee by submitting documentation or materials to the Department of Agriculture.
What should I do if I witness a boi violation in Tennessee?
If you witness a boi violation in Tennessee, you should file a report with the Department of Agriculture as soon as possible.
Can I file a boi report in Tennessee on behalf of someone else?
Yes, you can file a boi report in Tennessee on behalf of someone else, but you may need their permission to do so.
Are boi reports in Tennessee kept confidential?
Boi reports in Tennessee are typically kept confidential, but might be subject to public records requests.
What should I do if I suspect a boi violation but am not sure in Tennessee?
If you suspect a boi violation in Tennessee but are not sure, it is still best to file a report so that it can be investigated.
Can I file a boi report in person in Tennessee?
Yes, you can file a boi report in person in Tennessee by visiting your local Department of Agriculture office.
Is there a statute of limitations for filing a boi report in Tennessee?
There may be a statute of limitations for filing a boi report in Tennessee, so it is best to file as soon as possible.
How long does it take for a boi report to be investigated in Tennessee?
The time it takes for a boi report to be investigated in Tennessee can vary depending on the workload of the Department of Agriculture.
Can I file a boi report anonymously in Tennessee?
Yes, you can file a boi report anonymously in Tennessee to protect your identity.
Are boi reports in Tennessee kept on record?
Boi reports in Tennessee are typically kept on record for a certain period of time for reference and accountability.
Can I file a boi report for a past violation in Tennessee?
Yes, you can file a boi report for a past violation in Tennessee if the statute of limitations has not expired.
Will I be notified of the outcome of the boi report investigation in Tennessee?
You may be notified of the outcome of the boi report investigation in Tennessee, depending on the circumstances and investigation process.
Can I provide witness testimony in support of a boi report in Tennessee?
Yes, you can provide witness testimony in support of a boi report in Tennessee, which may help with the investigation.
Can I file a boi report for multiple violations in Tennessee?
Yes, you can file a boi report for multiple violations in Tennessee, each of which will be investigated separately.
How can I report a boi violation that occurred outside of Tennessee?
If a boi violation occurred outside of Tennessee, you should contact the appropriate state agency or department to file a report.
Can I file a boi report for a nuisance violation in Tennessee?
Yes, you can file a boi report for a nuisance violation in Tennessee, as long as it falls within the jurisdiction of the Department of Agriculture.
Can I file a boi report for a potential health hazard in Tennessee?
Yes, you can file a boi report for a potential health hazard in Tennessee, as the Department of Agriculture plays a role in protecting public health.
What should I do if I have additional questions about filing a boi report in Tennessee?
If you have additional questions about filing a boi report in Tennessee, you can contact the Department of Agriculture for assistance and clarification.
How do I file a BOI report in Tennessee?
To file a BOI report in Tennessee, you can visit the Tennessee Department of Commerce and Insurance website.
What information do I need to provide in a BOI report in Tennessee?
You will need to provide details such as your name, contact information, the nature of the incident, and any supporting documentation.
Can I file a BOI report anonymously in Tennessee?
Yes, in Tennessee, you can choose to file a BOI report anonymously if you wish.
How long do I have to file a BOI report in Tennessee after the incident?
It is recommended to file a BOI report in Tennessee as soon as possible after the incident occurred.
What happens after I file a BOI report in Tennessee?
After filing a BOI report in Tennessee, authorities will investigate the matter and take appropriate action.
Can I file a BOI report online in Tennessee?
Yes, you can file a BOI report online through the Tennessee Department of Commerce and Insurance website.
Is there a deadline for filing a BOI report in Tennessee?
While there is no strict deadline for filing a BOI report in Tennessee, it is advisable to do so promptly after the incident.
Who can file a BOI report in Tennessee?
Anyone with knowledge of a potential violation or issue can file a BOI report in Tennessee.
Are there any fees for filing a BOI report in Tennessee?
No, there are no fees required to file a BOI report in Tennessee.
Can I file a BOI report over the phone in Tennessee?
It is best to file a BOI report in Tennessee online or in writing to ensure accuracy and documentation.
What is the purpose of filing a BOI report in Tennessee?
Filing a BOI report in Tennessee helps authorities investigate and address potential violations of laws or regulations.
Can I file a BOI report about any type of incident in Tennessee?
You can file a BOI report in Tennessee about a wide range of incidents, such as suspected fraud, misconduct, or unethical behavior.
How confidential is the information I provide in a BOI report in Tennessee?
Information provided in a BOI report in Tennessee is kept confidential to the extent possible under state law.
Will I be notified of the results of the investigation after filing a BOI report in Tennessee?
While you may not receive specific details about the investigation, authorities in Tennessee will take appropriate action based on the report.
What should I do if I suspect someone has filed a false BOI report in Tennessee?
If you believe a false BOI report has been filed in Tennessee, you can contact the authorities to address the issue.
Can I file a BOI report anonymously in Tennessee and still remain updated on the investigation?
If you file a BOI report anonymously in Tennessee, you may not receive updates on the investigation due to confidentiality reasons.
How does filing a BOI report in Tennessee help protect consumers?
Filing a BOI report in Tennessee alerts authorities to potential issues that could harm consumers, allowing them to take swift action.
Can I file a BOI report against a specific individual in Tennessee?
You can file a BOI report against a specific individual in Tennessee if you have evidence of wrongdoing or misconduct.
Is it necessary to provide supporting documentation when filing a BOI report in Tennessee?
Providing supporting documentation when filing a BOI report in Tennessee can help authorities investigate the matter more effectively.
Are there any legal protections for whistleblowers filing a BOI report in Tennessee?
Tennessee does have laws that protect whistleblowers from retaliation for filing a BOI report, known as the Tennessee Whistleblower Act.
How can I follow up on a BOI report I have filed in Tennessee?
You can inquire about the status of a BOI report you have filed in Tennessee by contacting the appropriate authorities.
Can I file a BOI report in Tennessee if I am not a resident of the state?
Yes, you are not required to be a resident of Tennessee to file a BOI report if you have information about potential violations in the state.
Are there any time limitations for filing a BOI report in Tennessee after an incident?
While there is no specific time limit for filing a BOI report in Tennessee, it is recommended to do so as soon as possible after the incident.
Is there a special process for filing a BOI report related to insurance companies in Tennessee?
If you have a complaint or issue with an insurance company in Tennessee, there may be specific procedures for filing a BOI report with the Department of Commerce and Insurance.
Can I file a BOI report in Tennessee on behalf of someone else?
While it is possible to file a BOI report on behalf of someone else in Tennessee, it is recommended that individuals file reports themselves to ensure accuracy and clarity.
How can I get more information about filing a BOI report in Tennessee?
For more information about filing a BOI report in Tennessee, you can visit the Tennessee Department of Commerce and Insurance website or contact their office directly.
What types of violations can be reported in a BOI report in Tennessee?
You can report a wide range of violations in a BOI report in Tennessee, including fraud, discrimination, harassment, and other unlawful behaviors.
Can I file a BOI report in Tennessee about a company located outside the state?
If a company operates in Tennessee but is located outside the state, you can still file a BOI report in Tennessee if you have information about potential violations within the state.

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

In Tennessee, 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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