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Securely File Beneficial Ownership Information

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We simplify BOI filing, ensuring compliance while you focus on growing your business. 

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Securely File Beneficial Ownership Information

Your Trusted Partner in BOI Filing Solutions

Your Trusted Partner in BOI Filing SolutionsYour Trusted Partner in BOI Filing SolutionsYour Trusted Partner in BOI Filing Solutions

We simplify BOI filing, ensuring compliance while you focus on growing your business. 

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WHY SIMIDI? WE ONLY SPECIALIZE IN BOI FILING

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 "At Simidi, Inc., we take the stress out of BOI filing. With our secure, reliable, and hassle-free service, you can trust us to handle your Beneficial Ownership Information with accuracy and professionalism. Let us simplify the process so you can focus on what matters most—your business." 

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Simidi, Inc. streamlines BOI filing, so you can focus on growing your business. Fast, secure, and stress-free—leave the paperwork to us. 

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Frequently Asked Questions

Please reach us at simidi.inc@gmail.com if you cannot find an answer to your question.

 

Examples of beneficial ownership and beneficial owners with substantial control include:

  • An important decision-maker for the reporting company
  • A senior officer (president, chief executive officer, chief financial officer, general counsel, chief operating officer, or any other officer with a similar function)
  • An individual with the authority to appoint or remove officers or directors (or similar body) of the company

Additionally, if you officially formed your business on or after Jan. 1, 2024, you may submit information about the individuals who formed the business (known as "company applicants"), even if they don't qualify as a beneficial owner.

Current as of 12/26/2024: BOIR is now voluntary based on a U.S. Court of Appeals decision vacating the motion to stay the district court’s preliminary injunction enjoining enforcement of the CTA.

Prior rulings:

  • 12/23/2024: BOIR is once again required and enforceable based on a U.S. Court of Appeals decision granting a motion for temporary stay of the district court’s order and injunction.
  • 12/3/2024: BOIR is voluntary following a federal district court in Texas granting a nationwide preliminary injunction, determining the CTA’s reporting requirements are no longer enforceable.
  • 1/1/2024: The BOIR rule requiring reporting of beneficial owners under the CTA became effective.

Corporations and limited liability companies (LLC) who qualify as reporting companies may file a BOIR. This means reporting identifying information about the individuals who own or control a business with the U.S. government. This applies to most business entities, known as reporting companies, unless an exception applies. 

 

With Simidi, we can help you file a personalized and accurate report. We’ll request the information needed to file through our website after clicking file now, and we’ll create a report that includes the identifying information about the individuals who own or control your business, or beneficial owners.


Then, we’ll file the report for you with the Financial Crimes Enforcement Network (FinCEN). You'll receive confirmation that your report was submitted, within 24 hours so you can rest easy knowing you've checked this off your list.

 A beneficial owner is an individual who directly or indirectly: (1) owns or controls at least 25% of your company’s ownership interests, or (2) exercises substantial control over your business. If you're not sure, you can always contact your tax accountant. 

 

This regulation, under the Corporate Transparency Act, requests the identification of individuals who benefit from a legal entity.

The goal of this regulation is to provide transparency around business ownership structures. It helps the federal government crackdown on financial crimes and fraud, such as money laundering, corruption, human trafficking, drug trafficking, tax fraud, and fraud against employees, customers, and other businesses.

The Corporate Transparency Act is legislation that changes the reporting for beneficial ownership information of business owners operating in the United States. It requests businesses identify and document any person who holds a 25% or greater ownership interest or exercises substantial control over the company.

Under the new regulation, reporting companies file information on each beneficial owner with the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). FinCEN has developed a database that holds information about each beneficial owner documented by a reporting company.

FinCEN requests businesses provide their legal name, date of birth, address, and an image of an acceptable identification document, such as a passport or driver's license, along with the issuing jurisdiction and the document's ID number. 

inCEN lists 23 types of exempt business entities that do not qualify as reporting companies.

  • 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 company or investment adviser
  • 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 entities
  • Entity assisting a tax-exempt entity
  • Large operating company
  • Subsidiary of certain exempt entities
  • Inactive entityr to this item.

 

Companies qualify as tax-exempt entities if they meet any of the following criteria:


  • The IRS considers them exempt entities under section 501(c) of the Internal Revenue Code (this will include many entities with nonprofit organization status).
  • They lost tax-exempt status under the code less than 180 days prior.
  • They are political organizations as defined under section 527(a) of the code.
  • They are trusts as defined under section 4947(a) of the code.

The agency defines a large operating company as meeting all of the following criteria:


  • It is otherwise subject to a federal regulatory regime.
  • It has over 20 people with full-time employment status in the U.S.
  • It has more than $5 million in gross receipts or sales on a prior year's tax return filed with the IRS, excluding foreign receipts.
  • It has a physical operating presence in the U.S.
  • It is owned by an entity already exempt under the Corporate Transparency Act.
  • It is otherwise designated as exempt by the Secretary of the Treasury and the U.S. Attorney General.

 The Act exempts certain people from the beneficial owner definition, including:


  • Minors
  • Individuals acting as nominees, intermediaries, custodians, or agents on behalf of someone else
  • Employees who are not senior officers and whose only interest or control is derived solely from their employment status
  • Individuals whose only interest in a reporting company is derived solely from the right of inheritance
  • Contingent trust beneficiaries
  • Creditors whose only interest is to recover business debts

 Members, or owners, of a limited liability company (LLC) are likely designated beneficial owners under the beneficial owner definition. This qualifies these LLCs as reporting companies that may file the new report with the federal agency and provide basic contact information about the company and its owners.

This applies to single-member and multi-member LLCs, all of which are considered reporting companies, and therefore also may identify beneficial ownership information in the BOIR.

Updated beneficial ownership information reports may be submitted for any changes to the owners or controlling members of a business, or their identifying information. For example, an updated BOIR may be submitted when a controlling member is a minor and reaches an age of majority. Another example is if a company becomes tax exempt. Additionally, an updated BOIR may also be submitted if initially reported information is incorrect or if entities make certain amendments. 

The Corporate Transparency Act is one of the most complex legislations to impact small businesses owners. Its latest regulation—the Beneficial Ownership Information Reporting Rule—is effective Jan. 1, 2024 and encourages most limited liability companies and corporations to file the beneficial owner report.

A service like the one provided by LegalZoom makes it easier for customers to navigate the legal developments and check this task off their to-do list, so they can get back to focusing on their business in no time.



Contact Us

We're Here to Help – Get in Touch with Simidi Today!

 At Simidi, we’re here to make BOI filing easy, reliable, and affordable for you. Whether you have a question, need support, or want to learn more about our services, we’d love to hear from you! 

Simidi, Inc.

Email: simidi.inc@gmail.com

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Simidi.net Disclaimer: Simidi.net provides application assistance and document filing services. We are not affiliated with any federal, state, or local government agencies. 

Additionally, we do not offer legal, financial, or other professional advice. Simidi.net is not a law firm or accountancy firm, nor are we affiliated with either.

The information provided on our website is for general informational purposes only and should not be considered as professional advice. 

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