Meet Federal Ownership Reporting Requirements

Beneficial ownership information reporting assistance for businesses in Midland subject to federal filing rules.

The federal government now requires most businesses to report information about their beneficial owners to the Financial Crimes Enforcement Network, known as FinCEN. In Midland, this affects LLCs, corporations, and other entities that do not qualify for an exemption. Beneficial owners are individuals who own or control at least 25 percent of the company, and the report must include names, addresses, dates of birth, and identification numbers for each person.

On Track Bookkeeping LLC helps you collect the required ownership information, organize it according to FinCEN guidelines, and prepare the report for timely submission. The service ensures that you understand who qualifies as a beneficial owner under the federal definition and that all required documentation is included. This keeps your business compliant with federal regulations and avoids potential penalties for late or incomplete filings.

If you need help preparing your BOI report for your Midland business, contact On Track Bookkeeping LLC to discuss the filing requirements and timeline.

What goes into a compliant BOI filing

The process starts with determining whether your business is subject to BOI reporting requirements or qualifies for an exemption. On Track Bookkeeping LLC reviews your entity type and ownership structure to confirm what needs to be filed. For businesses in Midland that are required to report, the next step is identifying each beneficial owner and collecting copies of identification documents such as driver's licenses or passports.

Once the information is collected, it is organized and entered into the FinCEN system according to the required format. You receive confirmation that the report has been submitted and a copy of the filing for your records.

This service covers initial BOI filings and can also assist with updates if ownership changes occur after the initial report. It does not include legal advice regarding exemptions or complex ownership structures, but it does provide clear guidance on what information is required and how to submit it correctly.

What business owners want to know first

Most questions center on whether the business is required to file, who counts as a beneficial owner, and what happens if the report is submitted late or incorrectly.

What is a beneficial owner under federal rules?
A beneficial owner is any individual who owns or controls at least 25 percent of your business or has substantial control over major decisions. You must report their personal information to FinCEN.
When is the BOI report due?
Deadlines depend on when your business was formed. New businesses have 30 days from formation, while existing businesses in Midland have specific deadlines set by FinCEN based on the rollout of the requirement.
What information do I need to provide for each owner?
You need each owner's full legal name, date of birth, current address, and a copy of an acceptable identification document such as a driver's license or passport.
What happens if ownership changes after I file?

You must file an updated report within 30 days of any change in beneficial ownership. On Track Bookkeeping LLC can help you prepare and submit updated filings as needed.

Does every business have to file a BOI report?

Most small businesses must file, but some entities are exempt, including certain large companies and inactive entities. On Track Bookkeeping LLC will help you determine whether your Midland business is required to report.

Businesses in Midland that are unfamiliar with the BOI requirement often find the process clearer when someone else handles the details and documentation. If you need assistance preparing your beneficial ownership report, get in touch with On Track Bookkeeping LLC to start the process.