Business

Is Your Creative Business at Risk? BOI Reporting Guide.

Posted on by Andres Polania
Creator working on BOI reporting
17
Dec

Content Creators, Don’t Overlook This New 2024 Compliance Rule for Your LLC or INC

The business world is changing, and creative business must be attentive, so are the compliance requirements that affect LLCs, S-Corps, and other registered entities—including those run by content creators like you. If you operate as an LLC or a corporation, there’s a new obligation you can’t afford to ignore: Beneficial Ownership Information (BOI) reporting.

At HGAB Studios, we go beyond camera settings and lighting—we care about the business side of your creative journey. That’s why we’re here to support and remind you of crucial business obligations, like BOI reporting for FinCEN. We’re dedicated to helping you build a solid foundation for your creative endeavors, both in the studio and in your business operations.

Starting in 2024, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) requires all businesses to disclose their beneficial owners. This new requirement aims to increase transparency and reduce financial crime, but it has left many creative entrepreneurs, who are more focused on content than compliance, in the dark.

In this guide, we’ll bridge that knowledge gap and walk you through what BOI reporting is, why it matters for your creative business, and how you can complete it on your own without costly third-party services. Whether you’re a videographer, photographer, designer, or brand owner operating with an LLC or INC, understanding BOI reporting is crucial to staying compliant and avoiding substantial penalties:

Civil Penalties:

A daily fine of up to $591 for each day the violation continues, adjusted annually for inflation.

Criminal Penalties:

Willful violations may result in fines up to $10,000 and imprisonment for up to two years.

Let’s dive in and make sure your business is set up for success in this new regulatory landscape.

What is BOI Reporting?

BOI reporting is a new requirement by FinCEN that mandates businesses to report the identities of their beneficial owners. A beneficial owner is anyone who owns or controls at least 25% of a company or has substantial control over its operations.

Key Points:

  • Who Needs to File? All companies formed after January 1, 2024, must file within 30 days. Businesses formed before this date have until January 1, 2025.
  • Why File? The purpose is to increase transparency and protect against financial crimes like fraud and money laundering.
  • Penalties for Non-Compliance: Failure to comply can result in fines up to $10,000 or daily penalties.

Step-by-Step Guide to Filing Your BOI Report

We’ve made this guide simple to follow, so you can file your report easily and avoid unnecessary fees.

Step 1: Go Directly to the FinCEN Website

To file your BOI report, visit FinCEN’s official site. Do not Google BOI reporting as many ads may try to charge you for this free service.

Step 2: Start the Filing Process

  • Click on the “Get Started” link on the FinCEN BOI page.
  • Choose “Initial Report” if this is your first filing.
  • If you are updating an existing report due to changes in ownership, select “Update Report” instead.

Step 3: Enter Business Information

  • Provide the legal name of your business as it appears on your Secretary of State filings (Sunbiz if registered in Florida.)
  • Enter your Employer Identification Number (EIN) or Social Security Number if applicable.
  • Include the registered business address and any DBA (Doing Business As) names.

Step 4: Identify the Beneficial Owners

  • Input the legal names, dates of birth, and addresses of all beneficial owners.
  • Upload a valid ID (such as a passport or driver’s license) for verification.

Step 5: Review and Submit

  • Double-check all information to ensure accuracy.
  • Submit the report and save a copy of the confirmation for your records.

Important: Once filed, your BOI report remains valid unless there is a change in beneficial ownership. If changes occur, you must update the report within 30 days.

Resources to Help You with BOI Reporting

If you need assistance, consider the following resources:

  • FinCEN Website: Access the official BOI reporting page here.
  • Legal Advisors: Contact a business attorney or CPA who can help with compliance, especially if your business has a complex ownership structure.
  • DIY Guide: Check out video tutorials and step-by-step walkthroughs on BOI reporting to complete the process easily.

How HGAB Studios Can Support Your Business Compliance Journey

At HGAB Studios, we’re more than just a creative hub; we care about your business’s success and compliance. We understand the challenges entrepreneurs face, especially when it comes to navigating new legal requirements like BOI reporting. That’s why we offer resources and a supportive environment where you can focus on growing your business while staying compliant.

Whether you’re a creator, photographer, videographer, or brand owner, we’re here to help you streamline your process and achieve your business goals with ease. Reach out to us if you need any assistance or simply want to learn more about the services we offer.

Next Steps: Stay Compliant and Connected

  • Have Questions? Contact us or speak with a legal advisor for guidance.
  • Join Our Community: Subscribe to our monthly newsletter for more insights and tips for your business.
  • Visit HGAB Studios: Discover how our creative space and resources can help your business thrive.

Let’s build a compliant and successful future together at HGAB Studios. We’re here to support your creative and business journey every step of the way.

Resources:

Andres Polania

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