Beginning on January 1, 2024, all existing Collective members and those who join us thereafter will be required to complete a Beneficial Ownership Information (“BOI”) report with the Financial Crimes Enforcement Network (“FinCEN”), as part of the Corporate Transparency Act. This requirement aims to combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activities.
BOI refers to identifying information for individuals who directly or indirectly own or control a company. An individual is considered to directly or indirectly own a company if they exercise substantial control over the reporting company or own or control more than 25% of the reporting company's ownership interest.
Collective will not complete the BOI with FinCEN for you but we are here to support you through it.
Here are the key details:
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Existing Members: If your business was formed before January 1, 2024, you will have until January 1, 2025, to complete the BOI report. We’ve created a walkthrough of how to file your report online.
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New Members: If you join Collective and form a business on or after January 1, 2024, you will have 90 days from your LLC formation date to submit the BOI report to FinCEN. If Collective formed your LLC, you will receive an email containing the FinCEN ID for the Company Applicant section. Follow this walkthrough of how to file your report online.
Please note that the BOI report form was made available on January 1, 2024, and is now available on FinCEN's website. There is no fee associated with submitting the BOI report with FinCEN.
Information required to report:
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Company Info: Legal LLC Name, any trade/DBA name, state of formation, principal business address, federal tax ID, and company applicant (if applicable)
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Beneficial Owner(s) Info: Full legal name, date of birth, current residential street address, and image and number of government ID (e.g., U.S. passport, state/local ID, driver's license, or foreign passport)
We understand that this may raise questions or concerns, and we’re here to support you throughout this process. We’ve put together an FAQ for Collective Members, but if you’d like to read more in detail from FinCEN’s website directly, please see FinCEN’s Small Entity Compliance Guide and Frequently Asked Questions.
We’ll keep you updated on any developments, including any rule changes from FinCEN. If you have any immediate questions or require assistance, please do not hesitate to contact us at hello@collective.com.