Beneficial Owner Information Reports. Company applicant???

Question

I formed an LLC last month and I have 90 days to submit my BOIR.  My confusion lies around the term "company applicant".

When looking for information on who the company applicant is, I ran across this info directly on the Fincen.gov website:

So, the form requires a date of birth and photo ID for the "company applicant".  I used WyomingAgents.com to create the LLC.  So they use their own people to submit the articles and all that.  According to the definition as found on the Fincent.gov website, I do not appear to be the "company applicant".  I reached out to the company I used and received this in the email reply:  "You are also the company applicant, since you are directing us to file this for you."

To me, I did not directly file this, and as such do not qualify as the "company applicant". Especially since their employee signed her name on the paperwork as the organizer. I've been googling and see where others have had this same question, and were not getting anywhere with the company they hired.

Any thoughts?  Thanks

Mike Dawson · Answer

No, they want me to report less than the required info(per the federal government, as I've understood the text I've copy/pasted directly from their website).  This is my issue.

I am not upset that I need to report my business/personal info.

Chris Seveney · Answer

you are missing that YOU must be listed if YOU own the company. Someone else like an attorney can file on your behalf and if they do, then they must list themselves and YOU - but if you do it then you just list yourself. Literally this form takes five minutes to complete and you have probably wasted hours worrying about nothing.

Chris Seveney · Answer

@Mike Dawson

BOI needs to know the owner of the entity so yes it’s you who has to file and provide your id if you own the LLC

The common misconception with Wyoming LLC’s is people think they are hidden it if you do real estate most forget that if you sell a property or get a loan, that document is recorded and your name is all over it - so it’s super simple to find out who owns it.

Errol Graham · Answer

@Mike Dawson, I presume that you are attempting to file a BOI for an existing company, that is, a company that was created before January 1, 2024?

If you are, and checked the right box to indicate an existing reporting company, you would have noticed that all Company Applicant fields was disabled or grayed out. No information required there. So, the only information you will need to complete the filing in the name of the LLC, the EIN and the personal information of the owner(s), including a copy of a government issued ID.

The intent of the BOI law is to have a record of all who own or have controlling interests in companies, in the event that such companies are involved in financing terrorist activities.

Good luck with your filing.

Account Closed · Answer

Ok I understand. I wonder what you can do about it? Sorry I can't be of more help.

Account Closed · Answer

I'm confused. Is your Wyoming Registered Agent, then, wanting you to submit more information to the BOIR? And, are you saying you are upset that you need to have your information on there and do not want to? If so, I'm not sure what to say other than you do need to have your information on there, from my understanding of it. I have both filed my own BOIR and had an agent file for me. I have not yet seen the paperwork for the one the agent filed, but for the one I filed, it had to have my information on it.

Mike Dawson · Answer

No, I just formed this company last month, hence the confusion on the "company applicant".  At this point, I can only cross my fingers and hope the government doesn't have enough resources to investigate all of the wrongly filed BOIRs.

Chris Seveney · Answer

youtu.be/cHmN8IyyEUI

Mike Dawson · Answer

I haven't missed that at all. I must be listed because I fall into "category 2", and if there is an applicant that falls into "category 2", then there has to be an applicant that falls into "category 1", which in this case, would be the employee at the company that directly filed(on my behalf) the documents with the state.  Their name is on the articles of formation.

I'm in between what the government requires, and a company that won't give me the necessary info to file the BOIR.  I'm hoping this thread can become a resource for others who will inevitably find themselves in the same situation.

Mike Dawson · Answer

Thanks for the replies.  I'm going to attempt to get an answer from Fincen itself, although I've seen where that isn't likely to happen.  This text is pulled directly from the website(https://www.fincen.gov/sites/default/files/shared/BOI_Small_...):

3.2 Who is a company applicant of my company?

Each reporting company that is required to report company applicants will have to identify and report to FinCEN at least one company applicant, and at most two. All company applicants must be individuals. Companies or legal entities cannot be company applicants.

There are two categories of company applicants – the “direct filer” and the individual who“directs or controls the filing action.”• The first category (direct filer) must be identified by all reporting companies that have acompany applicant reporting requirement.• The second category (directs or controls the filing action) may not be applicable toall reporting companies that have a company applicant reporting requirement. Thesecond category of company applicants is only required to be reported when morethan one individual is involved in the filing of the document that created or firstregistered the company.• If more than one individual is involved in the filing, then two company applicants mustbe reported.• No reporting company will have more than two company applicants.

Company Applicant Category 1: Direct filerThis is the individual who directly filed the document that created a domestic reporting company,or the individual who directly filed the document that first registered a foreign reporting company. This individual would have actually physically or electronically filed the document with the secretary of state or similar office.

Company Applicant Category 2: Directs or controls the filing actionThe other possible company applicant is the individual who was primarily responsible fordirecting or controlling the filing of the creation or first registration document. This individual is a company applicant even though the individual did not actually file the document with the secretary of state or similar office.

Clear as mud!  I'm not able to interpret that text in the way you guys have.  I merely "directed" the company to do it, which they did(electronically filed the documentwith the secretary of state).  According to the directions, the person who filed the document is the direct filer.  I gave them the info, and they made it go somewhere. So it appears both of us are company applicants.  Keep in mind, the "company applicant" isn't necessarily the "beneficial owner", and there is a whole section for each on the BOIR.  What am I missing?

Beneficial Owner Information Reports. Company applicant???

Most Popular Reply