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


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

Utah, also known as The Beehive State, has a population of 3,423,935. 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 Utah

What is Beneficial Ownership in Utah?

Beneficial ownership in Utah 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 Utah, 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 Utah 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 Utah.

BOI Reporting Companies (Entities) in Utah

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

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

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

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Online BOI Report Filing in Utah

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

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

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

BOI Reporting Required Information in Utah

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

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 Utah 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 Utah or forming a corporation in Utah 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 Utah.

State Specific Data: Utah

Capital and Incorporation

  • The capital of Utah is Salt Lake City.
  • The population of Utah: 3,423,935
  • The Annual GDP of Utah: 250,412
  • Incorporation in Utah can be done through various methods including online and offline. For more details, visit Utah Secretary of State.
  • Incorporation Method in Utah (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 Utah (Offline): Send the form by mail to or drop it off in person at Utah Division of Corporations & Commercial Code, P.O. Box 146705, Salt Lake City, UT 84114

Filing Fees

  • LLC Initial Filing Fee: $70
  • LLC Amendment Fees: $15
  • Annual Fee: $20
  • DBA Filing Fee: $22
  • Incorporation Fee: $54 for filing online, by mail, in person filing, or by Fax
  • Registered Agent Change Fee: $15
  • Corporate Amendment Fee: $37

Important Offices

  • State Tax Office: Utah State Tax Commission
  • State Insurance Office: Utah Insurance Department
  • Secretary of State Address: Utah Division of Corporations & Commercial Code, P.O. Box 146705, Salt Lake City, UT 84114
  • 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: $22
  • Online Filing for DBA: For online filing, check the Utah.gov website
  • Offline Filing for DBA: For filing offline in Utah, you must send the accomplished DBA filing form to the Utah Division of Corporations and Commercial Code, P.O. Box 146705, Salt Lake City, UT 84114-6705 or drop it off in person at 160 East 300 South, Salt Lake City, UT 84111.

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

FAQs

How do I file a boi report in Utah?
To file a boi report in Utah, you can visit the Utah Board of Investigators website or contact them directly.
What information do I need to include in a boi report in Utah?
When filing a boi report in Utah, you will need to include detailed information about the incident, such as the date, time, and location.
Is there a deadline for filing a boi report in Utah?
The deadline for filing a boi report in Utah may vary depending on the specific circumstances of the incident. It’s best to file as soon as possible.
Can I file a boi report in Utah anonymously?
In Utah, you may have the option to file a boi report anonymously, but keep in mind that this may limit the investigation.
How long does it take for a boi report to be processed in Utah?
The processing time for a boi report in Utah will vary depending on the complexity of the case and the workload of the investigators.
Can I file a boi report online in Utah?
Yes, you can file a boi report online in Utah through the official website of the Utah Board of Investigators.
What happens after I file a boi report in Utah?
After filing a boi report in Utah, the investigators will review the information provided and conduct an investigation into the incident.
Can I track the status of my boi report in Utah?
Yes, you may be able to track the status of your boi report in Utah by contacting the Utah Board of Investigators directly.
Is there a fee for filing a boi report in Utah?
There may be a fee for filing a boi report in Utah, so it’s important to check the current fee schedule on the Utah Board of Investigators website.
Who can file a boi report in Utah?
Anyone who has information about a potential violation can file a boi report in Utah, including employees, witnesses, and members of the public.
Are boi reports in Utah confidential?
Boi reports in Utah are typically kept confidential to protect the integrity of the investigation and the privacy of those involved.
What qualifications do boi investigators in Utah have?
Boi investigators in Utah must meet specific training and licensing requirements set forth by the state.
Can I file a boi report in Utah if I am a minor?
Yes, minors can file a boi report in Utah with the assistance of a parent or guardian.
What should I do if I suspect retaliation after filing a boi report in Utah?
If you believe you are experiencing retaliation after filing a boi report in Utah, you should contact the Utah Board of Investigators or seek legal advice.
Are boi reports in Utah always anonymous?
Boi reports in Utah can be filed anonymously, but keep in mind that this may affect the outcome of the investigation.
Can I file a boi report in Utah for a previous incident?
You may be able to file a boi report in Utah for a previous incident, depending on the statute of limitations and the specific circumstances of the case.
What happens if a boi report in Utah is deemed unfounded?
If a boi report in Utah is deemed unfounded, it may be closed, and no further action will be taken.
Can I file a boi report in Utah if I no longer work for the employer?
Yes, you can still file a boi report in Utah if you no longer work for the employer, as long as the alleged violation occurred while you were employed.
How can I file a boi report in Utah if I do not have internet access?
If you do not have internet access, you can file a boi report in Utah by contacting the Utah Board of Investigators by phone or mail.
Are there any protections for whistleblowers in Utah who file a boi report?
Utah has protections for whistleblowers who file a boi report, including laws that prohibit retaliation against employees who report unlawful activity.
What happens if I provide false information in a boi report in Utah?
Providing false information in a boi report in Utah is a serious offense and may result in legal consequences.
Can I file a boi report in Utah if the incident occurred outside of the state?
If the incident occurred outside of Utah, you should contact the appropriate authorities in that state to file a boi report.
How can I report a boi report in Utah if I am not fluent in English?
If you are not fluent in English, you can file a boi report in Utah in your preferred language with the assistance of a translator.
Are boi reports in Utah kept on record permanently?
Boi reports in Utah may be kept on record for a certain period of time, depending on state regulations and the outcome of the investigation.
Can I file a boi report in Utah if I am an independent contractor?
Independent contractors in Utah may be able to file a boi report if they have information about a potential violation, but it’s best to consult with legal counsel.
How can I report a boi report in Utah if I fear for my safety?
If you fear for your safety when filing a boi report in Utah, you should contact law enforcement or the Utah Board of Investigators for assistance.
Are boi investigators in Utah authorized to make arrests?
Boi investigators in Utah are not typically authorized to make arrests but can gather evidence and work with law enforcement in certain circumstances.
Can I file a boi report in Utah on behalf of someone else?
In some cases, you may be able to file a boi report in Utah on behalf of someone else if they are unable to do so themselves.
What information do I need to include in my boi report in Utah?
You will need to include details such as the name of the person injured, the date and location of the incident, and a description of what happened in your boi report in Utah.
Is it mandatory to file a boi report in Utah if there is an injury?
Yes, it is mandatory to file a boi report in Utah if there is an injury as part of workplace safety regulations.
Can I file a boi report in Utah online?
Yes, you can typically file a boi report in Utah online through the Utah Department of Health’s website.
Do I need to report all incidents, no matter how minor, in Utah?
It is generally recommended to report all incidents in Utah, no matter how minor, to ensure workplace safety and compliance.
Who is responsible for filing a boi report in Utah?
Employers are typically responsible for filing boi reports in Utah, but employees may also have the option to report incidents.
What is the deadline for filing a boi report in Utah?
The deadline for filing a boi report in Utah may vary depending on the specific incident and circumstances, but it is important to report as soon as possible.
Can I file a boi report anonymously in Utah?
In most cases, you cannot file a boi report anonymously in Utah as it is important for follow-up investigations and communication.
Are there any consequences for not filing a boi report in Utah?
Failure to file a boi report in Utah can result in penalties or fines for non-compliance with workplace safety regulations.
How long does it take to process a boi report in Utah?
The processing time for a boi report in Utah can vary depending on the complexity of the incident, but you can typically expect a timely response.
Can I get a copy of my boi report in Utah?
Yes, you are entitled to a copy of your boi report in Utah for your records and reference.
What should I do if I need to update my boi report in Utah?
If you need to update your boi report in Utah with new information or details, contact the Utah Department of Health to make corrections.
Can I consult with an attorney before filing a boi report in Utah?
Yes, you have the right to consult with an attorney before filing a boi report in Utah, especially if you have legal concerns.
Can I include witness statements in my boi report in Utah?
Yes, you can include witness statements in your boi report in Utah to provide additional details and perspectives on the incident.
Can I file a boi report in Utah for a past incident?
It is preferable to file a boi report in Utah for recent incidents to ensure accurate and prompt investigation, but you can still report past incidents if necessary.
What are the common causes of workplace injuries in Utah?
Common causes of workplace injuries in Utah include slips and falls, hazardous materials exposure, machinery accidents, and ergonomic issues.
How can I prevent workplace injuries in Utah?
You can prevent workplace injuries in Utah by promoting safety training, enforcing proper procedures, providing safety equipment, and maintaining a clean and organized work environment.
Can I speak to a safety specialist for advice on filing a boi report in Utah?
Yes, you can speak to a safety specialist for advice on filing a boi report in Utah to ensure compliance with workplace safety regulations and best practices.
What should I do if I disagree with the findings of a boi report in Utah?
If you disagree with the findings of a boi report in Utah, you have the right to appeal the decision or request a review of the investigation.
Are there any resources available to help me file a boi report in Utah?
Yes, you can access resources such as guidelines, templates, and contact information through the Utah Department of Health or other official channels to help you file a boi report in Utah.
Can I request a follow-up investigation after filing a boi report in Utah?
Yes, you can request a follow-up investigation after filing a boi report in Utah if you have new information or concerns about the incident.
What protections are in place for whistleblowers in Utah who file boi reports?
Whistleblowers who file boi reports in Utah are protected by laws that prohibit retaliation or discrimination in the workplace for reporting safety concerns.
Can I report a boi incident to multiple agencies in Utah?
You typically only need to report a boi incident to one agency in Utah, such as the Utah Department of Health or the Occupational Safety and Health Administration.
How can I track the progress of my boi report in Utah?
You can track the progress of your boi report in Utah by following up with the investigating authorities, asking for updates, and requesting copies of reports or findings.
Is there a hotline I can call for urgent boi report situations in Utah?
Yes, you can contact the Utah Department of Health or emergency services for urgent boi report situations in Utah that require immediate attention and intervention.

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In Conclusion

In the world of business, conducting illicit monetary transactions is not a new thing. To prevent that the Corporate Transparency Act came into the picture. Businesses in Utah, especially, small and medium businesses must file the Business Ownership Information Report to combat growing financial crimes. In Utah, the companies must understand the obligations to comply with the rules.

In Utah, 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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