There are two main approaches to filing a BOI (Beneficial Ownership Information) Report:
- Self-Filing through FinCEN: The FinCEN website offers a free BOI E-Filing systemFinCEN BOI E-Filing. This is a good option for businesses that are comfortable navigating government portals and filing procedures.
- Using a BOI Reporting Service: Several services can help with the BOI filing process. These services can offer features like:
o User-friendly interfaces: Making data input and management easier.
o Compliance checks: Ensuring your report meets FinCEN requirements.
o Integration with other business systems: Streamlining data collection.
For those who don’t know what BOI is, it suffices to say it is a compulsory action to be taken by most US businesses or those operating in the US. Most private US companies must file a BOI report. Each company must identify the persons who own 25% or more, each control person and the person who filled the articles to first register the company. Further, when changes in ownership or control occur, each company must submit an updated BOI report. If needed, reporting companies must file corrected BOI reports to correct errors discovered on previously filed BOI reports.
You can file such a report yourself or enter one of the dedicated platforms that help you fill in these reports; for some, they may look intricate.
We checked the platforms that help users fill in BOI reports, and here are some examples of BOI reporting services to consider. Of course, you might prefer others or consider this ranking a recommendation. Don’t forget this is a compulsory obligation for companies, so consider it.
Ranking Criteria
- User Interface and Experience: The platform’s ease of use and intuitiveness.
- Compliance Features: How well the platform ensures compliance with the Corporate Transparency Act (CTA).
- Customer Support: Availability and quality of customer support.
- Integration Capabilities: The ability to integrate with other software systems.
- Pricing: Cost-effectiveness and flexibility of pricing plans.
Top Platforms for BOI Reporting
Corporate Mile
o Overview: Corporate Mile’s user-friendly interface and comprehensive compliance features stand out. Their platform simplifies the BOI reporting process into three straightforward steps: gather documents, input information, and submit the report. This simplicity, combined with robust compliance tracking and support, makes Corporate Mile a top choice for businesses of all sizes.
o User Interface and Experience: Extremely user-friendly with a straightforward, no-login-required process.
o Compliance Features: Comprehensive compliance tracking and updates.
o Customer Support: Highly responsive with extensive resources and support options.
o Integration Capabilities: FinCEN-approved e-filer with strong integration capabilities.
o Pricing: Competitive and transparent pricing plans.
LegalZoom
o Overview: LegalZoom offers a comprehensive BOI reporting service as part of its wide array of legal solutions, making it a convenient option for businesses already using their services. Known for its intuitive design and comprehensive compliance support, LegalZoom simplifies the process of BOI filing with robust customer support and integration with its broader suite of legal services.
o User Interface and Experience: Intuitive and easy-to-navigate platform.
o Compliance Features: Detailed compliance support tailored for various business types.
o Customer Support: Robust support with multiple contact options, including phone and online chat.
o Integration Capabilities: Integrated within LegalZoom’s broader suite of legal services.
o Pricing: Affordable, with transparent pricing structures.
Wolters Kluwer CCH Axcess
o Overview: The CCH Axcess Beneficial Ownership by Wolters Kluwer is designed for accounting firms managing multiple client reports. It provides a detailed and professional interface tailored to the needs of accounting professionals, with comprehensive compliance features and excellent support.
o User Interface and Experience: Professional and detailed interface tailored for accounting professionals.
o Compliance Features: Comprehensive compliance features designed to handle complex reporting requirements.
o Customer Support: Excellent support tailored for professional firms.
o Integration Capabilities: Seamlessly integrates with other Wolters Kluwer tools and third-party accounting software.
o Pricing: Higher-end pricing is suitable for professional firms.
Note: Please note that our recommendations are based on the criteria identified above. Each business is responsible for researching and identifying the best platform for their specific needs.
