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


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

Washington, also known as The Evergreen State, has a population of 7,999,503. 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 Washington

What is Beneficial Ownership in Washington?

Beneficial ownership in Washington 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 Washington, 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 Washington 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 Washington.

BOI Reporting Companies (Entities) in Washington

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

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

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

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Online BOI Report Filing in Washington

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

  • For offline filing, visit the FinCEN BOI Report filing page
  • Download the PDF form from the ‘Prepare BOIR’ option
  • The PDF form requires Adobe Reader 8 or higher, make sure you have this version installed on your device.
  • Save the form on your device.
  • 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.
  • Once filled up, upload the form on the site by clicking on ‘Submit BOIR’.
  • 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 Washington and the rest of the United States. All the LLCs in Washington, Corporations, and other types of businesses registered under Washington Secretary of State will have to file the report within the given time.

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

BOI Reporting Required Information in Washington

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

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 Washington 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 Washington or forming a corporation in Washington 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 Washington.

State Specific Data: Washington

Capital and Incorporation

  • The capital of Washington is Olympia.
  • The population of Washington: 7,999,503
  • The Annual GDP of Washington: 731,691
  • Incorporation in Washington can be done through various methods including online and offline. For more details, visit Washington Secretary of State.
  • Incorporation Method in Washington (Online): Get the eForm from the SOS site, login/subscribe to the site, fill up the form, submit online
  • Incorporation Method in Washington (Offline): Send the form by mail to Secretary of State, Corporations Division. P.O. Box 40234

Filing Fees

  • LLC Initial Filing Fee: $200 (online and $180 by mail)
  • LLC Amendment Fees: $30
  • Annual Fee: $60
  • DBA Filing Fee: $24
  • Incorporation Fee: $180 for online and by mail filing
  • Registered Agent Change Fee: $0
  • Corporate Amendment Fee: $30

Important Offices

  • State Tax Office: Washington State Department of Revenue
  • State Insurance Office: Washington State Office of the Insurance Commissioner
  • Secretary of State Address: Secretary of State, Corporations Division. P.O. Box 40234
  • 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: $24
  • Online Filing for DBA: For online filing, check the Washington State Business Licensing Service website
  • Offline Filing for DBA: For filing offline in Washington, you must send the accomplished DBA filing form to the Washington Secretary of State, Corporations Division, P.O. Box 40234, Olympia, WA 98504-0234 or drop it off in person at 801 Capitol Way South, Olympia, WA 98501.

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

FAQs

How do I file a BOI report in Washington?
To file a BOI report in Washington, you can submit a report online through the BOI Reporting website.
What information is required to file a BOI report in Washington?
When filing a BOI report in Washington, you will need to provide detailed information about the incident, including the date, time, and location.
Is there a deadline to file a BOI report in Washington?
In Washington, there is no specific deadline to file a BOI report, but it is recommended to do so as soon as possible after the incident.
Can I file a BOI report anonymously in Washington?
Yes, you can file a BOI report anonymously in Washington if you choose to do so.
What happens after I file a BOI report in Washington?
After filing a BOI report in Washington, the appropriate authorities will investigate the incident and take necessary actions.
How long does it take for the investigation to be completed after filing a BOI report in Washington?
The time it takes for the investigation to be completed after filing a BOI report in Washington can vary depending on the complexity of the case.
Can I track the progress of the investigation after filing a BOI report in Washington?
In Washington, you may be able to inquire about the status of an investigation after filing a BOI report, depending on the agency handling the case.
What should I do if I need to make changes to a BOI report I already filed in Washington?
If you need to make changes to a BOI report filed in Washington, you should contact the appropriate authorities and provide the updated information.
Are there any fees associated with filing a BOI report in Washington?
In Washington, there are typically no fees associated with filing a BOI report.
Can I file a BOI report online or do I need to do it in person in Washington?
You can file a BOI report online in Washington, which is the recommended method for convenience.
What are the penalties for filing a false BOI report in Washington?
Filing a false BOI report in Washington is a serious offense and may result in legal consequences.
Can I file a BOI report on behalf of someone else in Washington?
In Washington, you may be able to file a BOI report on behalf of someone else with their consent and required documentation.
Is there a specific format for filing a BOI report in Washington?
When filing a BOI report in Washington, it is essential to provide all necessary information in a clear and organized manner.
Will my identity be protected if I file a BOI report in Washington?
If you choose to remain anonymous when filing a BOI report in Washington, your identity may be protected to the extent allowed by law.
Can I file a BOI report over the phone in Washington?
While filing a BOI report over the phone may be possible in Washington, online submission is generally more efficient.
Are there any age restrictions for filing a BOI report in Washington?
In Washington, there may be age restrictions for filing a BOI report, depending on the nature of the incident and the agency involved.
What should I do if I witness an incident but am not directly involved in Washington?
If you witness an incident in Washington but are not directly involved, you can still file a BOI report to report what you observed.
Can I file a BOI report for a past incident that occurred in Washington?
Yes, you can file a BOI report for a past incident that occurred in Washington, as long as you have the required information.
How can I obtain a copy of a BOI report I filed in Washington?
To obtain a copy of a BOI report you filed in Washington, you may need to submit a request to the relevant agency.
Can I file a BOI report for multiple incidents in one report in Washington?
If you need to report multiple incidents, you may need to file separate BOI reports for each one in Washington.
What should I do if I need assistance filing a BOI report in Washington?
If you need assistance filing a BOI report in Washington, you can reach out to the appropriate authorities for guidance and support.
Can I provide additional evidence or documentation when filing a BOI report in Washington?
When filing a BOI report in Washington, you may have the opportunity to provide additional evidence or documentation to support your report.
Are there specific guidelines for what should be included in a BOI report in Washington?
While there may not be specific guidelines, it is generally recommended to include detailed and accurate information in a BOI report in Washington.
Can I file a BOI report for any type of incident in Washington?
In Washington, you can file a BOI report for various types of incidents, including accidents, misconduct, or other concerns.
Is there a time limit for filing a BOI report after an incident occurs in Washington?
While there may not be a strict time limit for filing a BOI report after an incident in Washington, it is best to do so promptly to ensure a thorough investigation.
Can I request updates on the status of an investigation after filing a BOI report in Washington?
Yes, you may be able to request updates on the status of an investigation after filing a BOI report in Washington, depending on the agency’s policies.
Can I file a BOI report on behalf of a minor in Washington?
If you are a legal guardian or parent, you may be able to file a BOI report on behalf of a minor in Washington.
Can I file a BOI report for an incident that occurred outside of Washington?
BOI reports are typically filed in the jurisdiction where the incident occurred, so you may need to file a report in the appropriate location outside of Washington.
Can I file a BOI report for an incident that involved a government agency in Washington?
Yes, you can file a BOI report for an incident involving a government agency in Washington, and the report may be handled by the relevant authorities.
How do I file a boi report in Washington?
To file a boi report in Washington, you can go to the Washington State Office of the Superintendent of Public Instruction website and follow the instructions.
What information do I need to include in my boi report in Washington?
When filing a boi report in Washington, you will need to include details such as the incident, date, time, location, and involved parties.
Is filing a boi report in Washington mandatory?
Yes, in Washington, reporting incidents of bullying, harassment, intimidation is mandatory for all schools.
Can I file a boi report anonymously in Washington?
Yes, you can file a boi report anonymously in Washington.
How long do I have to file a boi report in Washington after an incident?
It is recommended to file a boi report in Washington as soon as possible after an incident, preferably within 24-48 hours.
Can parents file a boi report in Washington on behalf of their child?
Yes, parents can file a boi report on behalf of their child in Washington.
What actions are taken after filing a boi report in Washington?
After filing a boi report in Washington, the school is required to investigate the incident and take appropriate actions to address the situation.
How can I track the progress of a boi report in Washington?
You can follow up with the school administration or the Office of the Superintendent of Public Instruction in Washington to track the progress of a boi report.
What can I do if I feel the school has not adequately addressed my boi report in Washington?
If you feel the school has not adequately addressed your boi report in Washington, you can reach out to higher authorities or seek legal assistance.
Are there any resources available to help with filing a boi report in Washington?
Yes, Washington State provides resources such as guidelines, templates, and support for filing a boi report in schools.
Can boi reports filed in Washington impact a student’s academic record?
Boi reports filed in Washington should not be included in a student’s academic record.
What is the role of teachers and staff in filing boi reports in Washington?
Teachers and staff in Washington are mandated reporters and are required to file boi reports if they witness or are informed of incidents of bullying, harassment, or intimidation.
Where can I find additional information about filing boi reports in Washington?
You can find additional information about filing boi reports in Washington on the official website of the Office of the Superintendent of Public Instruction or by contacting your child’s school.
Can I request confidentiality when filing a boi report in Washington?
While confidentiality cannot be guaranteed, you can request it when filing a boi report in Washington, and the school will make every effort to protect your identity.
What is the state law regarding filing boi reports in Washington?
Washington state law requires schools to have policies and procedures in place for reporting and addressing incidents of bullying, harassment, and intimidation.
Can students file boi reports against teachers or staff members in Washington?
Yes, students can file boi reports against teachers or staff members in Washington if they believe they have been subjected to bullying, harassment, or intimidation.
Can boi reports be filed electronically in Washington?
Yes, many schools in Washington have online forms or systems in place where boi reports can be filed electronically.
What is the difference between a boi report and a disciplinary report in Washington?
A boi report is focused on addressing incidents of bullying, harassment, and intimidation, while a disciplinary report in Washington is more generally related to rule violations and consequences.
Are boi reports kept confidential in Washington?
Boi reports in Washington are typically kept confidential to protect the privacy of those involved; however, there may be circumstances where information needs to be disclosed.
Can students file boi reports about incidents that occur off-campus in Washington?
If the incident significantly impacts the school environment or another student’s safety, students can file boi reports about off-campus incidents in Washington.
Are there any supportive services provided to students involved in boi reports in Washington?
Yes, Washington schools offer supportive services such as counseling, peer mediation, and conflict resolution for students involved in boi reports.
What if I’m not sure whether an incident constitutes bullying in Washington?
If you’re not sure whether an incident constitutes bullying in Washington, it’s best to still file a boi report and let the school conduct an investigation.
Can boi reports lead to legal action in Washington?
In some cases, boi reports in Washington can lead to legal action if the incident involves criminal behavior or severe harm.
Can immigrants or students with limited English proficiency file boi reports in Washington?
Yes, immigrants or students with limited English proficiency can file boi reports in Washington, and language assistance services should be provided.
What if my child doesn’t want to file a boi report in Washington?
It’s important to have a conversation with your child about the importance of addressing bullying, but ultimately, you may need to file a boi report in Washington to protect their safety.
Are boi reports taken seriously by schools in Washington?
Yes, schools in Washington are required by law to take boi reports seriously and investigate any allegations of bullying, harassment, or intimidation.
Can boi reports impact a student’s eligibility for extracurricular activities in Washington?
Boi reports in Washington should not impact a student’s eligibility for extracurricular activities, as they are focused on creating a safe learning environment.
What if I witness bullying but the victim asks me not to file a boi report in Washington?
It’s important to prioritize the safety and well-being of the victim, so you should still consider filing a boi report in Washington to prevent further harm.

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

In Washington, 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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