All small businesses are now required to file a Beneficial Ownership Information Report annually or you could get fined up to $10,000 or even jail time.
FinCEN has partnered with Palm to make it easier for business owners to stay compliant.
We’ll file it for you for free. It takes as little as 12 minutes and have peace of mind with our Accurate Filing Guarantee.
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Every year we’ll file it for you and you can track it along the way.
With Palm you can autofill forms, get compliance reminders and more!
A new law went into effect January 1, 2024 that requires small businesses to report who their owners are through the Beneficial Owner Information Report (“BOIR”). This helps the US Financial Crimes Bureau protect small businesses and fight crimes like money laundering, corruption, and fraud.
File my BOIR for freeYou are required to submit a BOIR if you:
1. Own an LLC or LLP
2. Have under $5M in revenue
3. Have under 21 employees
Add your information
Expert personal review
Palm’s expert FINCEN team will manually review each submission & alert you with any changes or concerns
Save For The Future
Palm submits directly to FINCEN through Palm’s Secure Integration and will send you your transcript and newly created FINCEN ID, saving your profile to file in future years.
The impact that not filing has on your business → it changes your Business Registration status from Good to Not Good which automatically declines you from key vendors, financing, services etc.
In addition it will limit your ability to operate your business in the state of California and will include fines of $250 dollars. In very severe cases, the State may forfeit your business will means you have no legal right to operate. Although seemingly innocuous, this like many forms drastically changes your ability to operate
Understanding the Beneficial Ownership Info Report (BOIR)
Navigate the complexities of the Beneficial Ownership Information Report (BOIR) to ensure compliance and avoid penalties.