Objective:

To help Florida business owners understand and comply with the new reporting requirements under the Corporate Transparency Act (CTA).

Entities:

• Limited Liability Companies
• Profit Corporations, Benefit Corporations, and Social Purpose Corporations
• S-Corporations
• C-Corporations
• Limited Partnerships

The success of your filing depends on having all necessary information ready. You’ll need:

For Your Company:

• Legal company name exactly as it appears on formation documents
• Any trade names or “doing business as” (DBA) names
• Formation date and jurisdiction
• Current business address (not a P.O. box)
• Employer Identification Number (EIN)
• Formation documents

For Each Beneficial Owner:

• Full legal name
• Date of birth
• Residential address (not a business address)
• Copy of an acceptable identification document:
  • U.S. passport
  • State driver’s license
  • State or local ID card
  • Foreign passport
• The ID document’s issuing authority and expiration date

Steps to File Your Report With Attorney Patel If Your Company was Formed Before January 1, 2024

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General FinCEN Video Walkthrough

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Step 1: Navigating the Filing System

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Visit: BOI E-FILING

1. Select “File BOI Report Online”
2. Choose “Initial Report”
3. Select your company type
4. Enter your company’s formation date
5. The system will guide you through specific filing requirements based on your selections

Step 3: Company Information Section

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Enter your company details exactly as they appear on official documents:

1. Company Name
   • Use the exact legal name from formation documents
   • Include punctuation and spacing exactly as registered
   • Add any DBAs or trade names in the designated fields
2. Company Address
   • Must be a physical street address
   • Include any suite or unit numbers
   • Ensure ZIP code matches the physical location
3. Formation Details
   • Select the correct jurisdiction
   • Enter the formation date in MM/DD/YYYY format
   • Have your formation document handy for reference

Step 4: Beneficial Owner Information

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For each beneficial owner, you’ll need to:

1. Determine Their Category
   • Ownership Interest (25% or more)
   • Substantial Control
   • Both
2. Enter Personal Details
   • Full legal name (no initials or nicknames)
   • Date of birth
   • Current residential address
   • Citizenship information
3. Upload Identification
   • Scan or photograph of acceptable ID
   • Ensure image is clear and complete
   • File size must meet system requirements
   • Document must be current (not expired)

Step 5: Company Applicant Information

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If your company was formed after January 1, 2024, you must provide details about:

1. The person who filed the formation documents
2. The person who first registered the company to do business

Include the same type of information required for beneficial owners.

Step 6: Review and Certification

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Before submitting:

1. Review all entered information carefully
2. Check for typographical errors
3. Verify ID document numbers
4. Ensure addresses are complete and accurate
5. Confirm all beneficial owners are included

Step 7: Submission and Record Keeping

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After submission:

1. Save the FinCEN confirmation number
2. Download a copy of your submitted report
3. Store all supporting documentation securely
4. Note the date of filing for your records
5. Set reminders for any required updates

What to Do After You’ve Filed: Keeping Your Business Compliant

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Staying on Top of Changes (It’s Easier Than You Think!)

So, you’ve filed your BOI report – great job! But just like updating your phone’s apps or your car’s registration, your BOI report needs occasional updates too. Think of it as keeping your business’s paperwork as current as your social media profile!

When You Need to Update (The 30-Day Rule)

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Life happens, and things change. When they do, you have 30 days to let FinCEN know about:

• New owners joining the business (or current ones leaving)
• Someone moved? Make sure to update their address
• Changed your company name or structure? That needs reporting too
• Got a new ID or passport? Time for a quick update

Pro Tip: Think of this 30-day window like your credit card bill due date – mark it on your calendar as soon as you know about any changes!

Keeping Everything Running Smoothly

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Here’s how to stay ahead of the game (and avoid those midnight panic moments):

• Set up some friendly reminders on your phone or calendar
• Keep a special folder (digital or physical) for all your owner contact info
• Start a simple log of ownership changes (future you will thank you!)
• Save those FinCEN emails like you save your tax documents

Oops! Common Mistakes (And How to Avoid Them)

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We all make mistakes, but here are some easy ones to avoid:

“No, your P.O. box isn’t your home address!” Remember, FinCEN needs real street addresses for owners, not business addresses or P.O. boxes.

“Check those expiration dates!” Just like you wouldn’t travel with an expired passport, don’t submit expired IDs.

“Details matter!” Triple-check your company name formatting – yes, even those pesky commas and periods count.

“What’s in a name?” Don’t forget to include all your DBAs – if your customers know you by another name, FinCEN should too!

Need a Helping Hand?

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Everyone needs help sometimes! If you’re stuck:

1. Check out FinCEN’s FAQ page – they’ve probably heard your question before
2. The BOI help desk is there for you – real people ready to help!
3. For those tricky situations, don’t hesitate to call your lawyer
4. Keep notes of who you talked to and when (like breadcrumbs for your paper trail)

Remember: Getting your filing right is a lot like following a recipe – take your time, double-check your ingredients (information), and don’t be afraid to ask for help if you need it!