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


Steve Goldstein
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How to file a BOI Report in West Virginia: 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 West Virginia, 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.

West Virginia, also known as The Mountain State, has a population of 1,775,932. 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 West Virginia

What is Beneficial Ownership in West Virginia?

Beneficial ownership in West Virginia 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 West Virginia, 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 West Virginia 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 West Virginia.

BOI Reporting Companies (Entities) in West Virginia

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

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

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

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Online BOI Report Filing in West Virginia

  • Step 1: For online filing, reporting companies in West Virginia 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 West Virginia

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

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

BOI Reporting Required Information in West Virginia

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

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 West Virginia 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 West Virginia or forming a corporation in West Virginia 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 West Virginia.

State Specific Data: West Virginia

Capital and Incorporation

  • The capital of West Virginia is Charleston.
  • The population of West Virginia: 1,775,932
  • The Annual GDP of West Virginia: 97,404
  • Incorporation in West Virginia can be done through various methods including online and offline. For more details, visit West Virginia Secretary of State.
  • Incorporation Method in West Virginia (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 West Virginia (Offline): Send the form by mail to Eastern Panhandle Business Center, 229 E. Martin St., Martinsburg, WV 25401

Filing Fees

  • LLC Initial Filing Fee: $100 (Online & by mail)
  • LLC Amendment Fees: $25
  • Annual Fee: $25
  • DBA Filing Fee: $25
  • Incorporation Fee: $25 for online and by mail filing
  • Registered Agent Change Fee: $15
  • Corporate Amendment Fee: $25

Important Offices

  • State Tax Office: West Virginia State Tax Department
  • State Insurance Office: West Virginia Office of the Insurance Commissioner
  • Secretary of State Address: Eastern Panhandle Business Center, 229 E. Martin St., Martinsburg, WV 25401
  • 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: $25
  • Online Filing for DBA: There is no online filing available
  • Offline Filing for DBA: For filing offline in West Virginia, you must send the accomplished DBA filing form to the West Virginia Secretary of State, Business and Licensing Division, One-Stop Business Center, 1615 East Washington Street, Charleston, WV 25311-2126 or drop it off in person at the same address.

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

FAQs

How can I file a boi report in West Virginia?
You can file a boi report in West Virginia by visiting the Secretary of State’s website and following the instructions provided.
Is filing a boi report in West Virginia mandatory for all businesses?
Yes, filing a boi report in West Virginia is mandatory for all businesses registered in the state.
What is the deadline for filing a boi report in West Virginia?
The deadline for filing a boi report in West Virginia typically falls on the anniversary date of your business entity every year.
What information do I need to provide when filing a boi report in West Virginia?
When filing a boi report in West Virginia, you will need to provide details such as your business’s name, address, registered agent information, and any changes to your company’s ownership or management.
Can I file my boi report in West Virginia online?
Yes, you can file your boi report in West Virginia online through the Secretary of State’s website.
What are the consequences of not filing a boi report in West Virginia?
Failure to file a boi report in West Virginia can result in penalties, fines, and even the dissolution of your business entity.
How much does it cost to file a boi report in West Virginia?
The cost of filing a boi report in West Virginia varies depending on your business entity type.
Can I amend my boi report in West Virginia after submitting it?
Yes, you can amend your boi report in West Virginia by filing an amended report with the Secretary of State.
How long does it take for a boi report to be processed in West Virginia?
Boi reports in West Virginia are typically processed within a few business days after submission.
Do I need to provide a financial statement when filing a boi report in West Virginia?
Yes, you may be required to provide a financial statement when filing a boi report in West Virginia, depending on your business entity type and size.
Can I request an extension to file my boi report in West Virginia?
Yes, you can request an extension to file your boi report in West Virginia by contacting the Secretary of State’s office.
What is the purpose of filing a boi report in West Virginia?
The purpose of filing a boi report in West Virginia is to provide updated information about your business entity to the state government for regulatory purposes.
How can I pay the filing fee for my boi report in West Virginia?
You can pay the filing fee for your boi report in West Virginia online using a major credit card or by check through mail.
Can I file a boi report in West Virginia if my business is not in good standing?
No, you must bring your business into good standing before filing a boi report in West Virginia.
Is there a grace period for filing a boi report in West Virginia after the deadline?
No, there is typically no grace period for filing a boi report in West Virginia after the deadline has passed.
Can I download a boi report form to file in West Virginia?
Yes, you can download a boi report form to file in West Virginia from the Secretary of State’s website.
Do I need to include a signature when filing a boi report in West Virginia?
Yes, you will need to include a signature on your boi report when filing in West Virginia.
Can I file a boi report in person in West Virginia?
Yes, you can file a boi report in person at the Secretary of State’s office in West Virginia.
What type of businesses are required to file a boi report in West Virginia?
All types of businesses, including corporations, LLCs, partnerships, and sole proprietorships, are required to file a boi report in West Virginia.
How can I check the status of my boi report filing in West Virginia?
You can check the status of your boi report filing in West Virginia online through the Secretary of State’s website.
Can I file a boi report for multiple businesses in West Virginia?
Yes, you can file a boi report for multiple businesses under the same ownership in West Virginia.
What should I do if I notice an error on my boi report after submitting it in West Virginia?
If you notice an error on your boi report after submitting it in West Virginia, you should file an amended report with the correct information.
Can I file a boi report for a foreign entity in West Virginia?
Yes, you can file a boi report for a foreign entity that is registered to do business in West Virginia.
Will I receive a confirmation after filing my boi report in West Virginia?
Yes, you should receive a confirmation of your boi report filing in West Virginia either online or by mail.
How often do I need to file a boi report in West Virginia?
Boi reports in West Virginia are typically due annually, on the anniversary date of your business entity.
Can I request a paper copy of my boi report filing in West Virginia?
Yes, you can request a paper copy of your boi report filing in West Virginia by contacting the Secretary of State’s office.
Is there a way to expedite the processing of my boi report filing in West Virginia?
Yes, you may be able to expedite the processing of your boi report filing in West Virginia by paying an additional expedited fee.
What type of changes require an amendment to my boi report in West Virginia?
Any changes to your business’s ownership, management, or address may require an amendment to your boi report in West Virginia.
How do I file a BOI report in West Virginia?
You can file a BOI report in West Virginia by completing the necessary forms and submitting them to the appropriate government office.
What is a BOI report in West Virginia?
A BOI report in West Virginia is a report that provides information about a business’s operations and financial status to the state government.
Who is required to file a BOI report in West Virginia?
Businesses operating in West Virginia are typically required to file a BOI report with the state government.
When is the deadline to file a BOI report in West Virginia?
The deadline to file a BOI report in West Virginia can vary depending on the type of business and other factors. It’s important to check with the appropriate government office for specific deadlines.
What information do I need to include in a BOI report in West Virginia?
A BOI report in West Virginia may require information such as business name, address, revenue, expenses, assets, liabilities, and more.
Can I file a BOI report online in West Virginia?
Yes, some businesses may be able to file their BOI report online through the West Virginia Secretary of State’s website.
Are there any fees associated with filing a BOI report in West Virginia?
Yes, there may be fees associated with filing a BOI report in West Virginia. It’s important to check with the appropriate government office for current fee information.
What happens if I fail to file a BOI report in West Virginia?
Failing to file a BOI report in West Virginia can result in penalties, fines, or other consequences. It’s important to comply with all filing requirements to avoid any issues.
How often do I need to file a BOI report in West Virginia?
The frequency of BOI report filings in West Virginia can vary depending on the type of business and other factors. It’s important to check with the appropriate government office for specific requirements.
Can I file a BOI report for multiple businesses in West Virginia?
Yes, you may be able to file a BOI report for multiple businesses in West Virginia if you are the owner or authorized representative of those businesses.
What is the purpose of filing a BOI report in West Virginia?
Filing a BOI report in West Virginia allows the state government to monitor and regulate businesses operating within the state, ensuring compliance with laws and regulations.
How can I obtain a copy of my filed BOI report in West Virginia?
You can typically request a copy of your filed BOI report in West Virginia from the government office where you submitted the report.
Can I request an extension to file my BOI report in West Virginia?
Some businesses may be eligible for an extension to file their BOI report in West Virginia. It’s important to check with the appropriate government office for extension guidelines.
What if my business information changes after filing a BOI report in West Virginia?
If your business information changes after filing a BOI report in West Virginia, you may need to file an amended report with the state government to reflect those changes.
Do I need to have a registered agent to file a BOI report in West Virginia?
Some businesses operating in West Virginia may be required to have a registered agent to file a BOI report. It’s important to check with the appropriate government office for specific requirements.
Can I file a BOI report for a foreign business in West Virginia?
Yes, you may be able to file a BOI report for a foreign business operating in West Virginia if you meet certain criteria and requirements.
What is the importance of maintaining accurate records for a BOI report in West Virginia?
Maintaining accurate records for a BOI report in West Virginia is crucial for ensuring compliance with state laws and regulations, as well as for providing a clear picture of your business’s financial health.
Can I appoint a third-party service to file my BOI report in West Virginia on my behalf?
Yes, you may be able to appoint a third-party service, such as an attorney or registered agent, to file your BOI report in West Virginia on your behalf.
Are there any specific formatting requirements for a BOI report in West Virginia?
There may be specific formatting requirements for a BOI report in West Virginia, such as font size, margin size, and other specifications. It’s important to review the filing instructions carefully.
Can I file my BOI report in person in West Virginia?
Yes, you may be able to file your BOI report in person at the government office designated for such filings in West Virginia.
Is there a statute of limitations for filing a BOI report in West Virginia?
It’s important to check with the appropriate government office for any statute of limitations that may apply to filing a BOI report in West Virginia.
What is the easiest way to file a BOI report in West Virginia?
The easiest way to file a BOI report in West Virginia may be to use the online filing system provided by the West Virginia Secretary of State’s website.
Can I file a BOI report by mail in West Virginia?
Yes, you may be able to file your BOI report by mail in West Virginia by sending the necessary forms and documentation to the designated government office.
How long does it take to process a filed BOI report in West Virginia?
The processing time for a filed BOI report in West Virginia can vary depending on the volume of filings and other factors. It’s important to plan ahead and file your report in a timely manner.
Do I need to include supporting documentation with my BOI report in West Virginia?
Some businesses may be required to include supporting documentation, such as financial statements or reports, with their BOI report in West Virginia. It’s important to check with the appropriate government office for specific requirements.
Can I file a BOI report electronically in West Virginia?
Yes, you may be able to file your BOI report electronically through the West Virginia Secretary of State’s website or other designated online portals.
Can I submit my BOI report in person at a satellite office in West Virginia?
Yes, you may be able to submit your BOI report in person at a designated satellite office in West Virginia for added convenience.
What are the consequences of filing a fraudulent BOI report in West Virginia?
Filing a fraudulent BOI report in West Virginia can lead to serious legal repercussions, including fines, penalties, and potential legal action. It’s important to provide accurate and truthful information when filing your report.

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

In West Virginia, 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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