FinCEN Beneficial Ownership Information (BOI) Reporting: A Guide for Trucking Companies
Table of Contents
Introduction
Key Points - Let me save you sole proprietors some time (you are not an LLC or Corporation) – You are not required to file a BOI report. This guide covers everything trucking companies need to know about the FinCEN Beneficial Ownership Information reporting requirements.
Who Must File
The beneficial ownership information reporting rule applies to both domestic and foreign companies that are registered to do business in the United States.
- Corporations – Both S and C corporations must file
- Limited Liability Companies (LLCs) – All LLCs must report
- Other Entities – Any entity created by filing with a state secretary of state
Exemptions:
- Sole proprietorships
- General partnerships
- Certain large operating companies
- Inactive entities
When to File
BOI reports must be filed based on when your entity was created or registered:
- Created before January 1, 2024: Must file by January 1, 2025
- Created in 2024: Must file within 90 days of creation
- Created after January 1, 2025: Must file within 30 days of creation
What Information is Required
You'll need to provide the following information about your company and its beneficial owners:
Company Information
- Full legal name
- Doing business as (DBA) name, if any
- Complete street address of principal place of business
- State, Tribal, or foreign jurisdiction of formation
- IRS Taxpayer Identification Number (TIN)
Beneficial Owner Information
For each beneficial owner (typically individuals who own 25% or more or exercise substantial control):
- Full legal name
- Date of birth
- Complete current address
- Unique identifying number and issuing jurisdiction from an acceptable identification document
- Image of the identification document
How to File
Filing is done electronically through FinCEN's secure filing system. There is no fee to file a BOI report.
- Visit the FinCEN BOI E-Filing System
- Gather all required information
- Complete the online form
- Submit and save your confirmation
You can file directly online or use professional services to assist with the filing process.
Conclusion
Understanding and complying with FinCEN BOI reporting requirements is essential for trucking companies structured as LLCs or corporations. While sole proprietors are exempt, any registered business entity must ensure they meet the filing deadlines and requirements. Non-compliance can result in significant penalties, so it's crucial to understand your obligations and file on time.
For trucking businesses, this is just one of many regulatory requirements you must navigate. Staying informed and compliant with all regulations ensures your business operates smoothly and avoids costly penalties.