Ugh, dealing with Beneficial Ownership Information (BOI) reporting? It’s enough to make any business owner want to pull their hair out!
Between deciphering complex regulations and navigating clunky government websites.
But what if there was a faster, easier, and more secure way to file your BOI report?
In this review, we’ll take a close look at FileForms, exploring its features and user experience to see if it’s truly the best BOI filing solution for you in 2024.
Ready to ditch the BOI filing frustration? Over 1 million businesses have already chosen FileForms to simplify their reporting process. It’s your turn to be our guest!
What is FileForms?
FileForms is like a helpful guide for a new law. This law is called the Corporate Transparency Act.
It’s all about showing who really owns and controls businesses in the US.
To follow this law, many businesses need to send a special report to the government.
This report is called a Beneficial Ownership Information report, or BOI for short. It tells the government who the “beneficial owners” of a company are.
A beneficial owner is anyone who owns or controls at least 25% of a company.
FileForms helps you create and send this BOI report to the right place.
That place is called the Financial Crimes Enforcement Network, or FinCEN.
Think of FileForms as your assistant for all things BOI! It makes sure you fill out the report correctly and send it on time.
Who Created FileForms?
A guy named Frank Tumminello started FileForms.
He knew that filing BOI reports was tricky. He wanted to make it easier for everyone. Eric believes businesses should spend their time growing, not stressing over paperwork.
FileForms was created to simplify how businesses file those reports.
The company’s goal is to help stop things like money laundering by making compliance straightforward. They also want to make life simpler for business owners.
With FileForms, you only need to do a one-time filing, and they keep your information safe and secure.
So you can focus on what matters most: building your business!
Top Benefits of FileForms
- File your BOI report quickly and easily: FileForms simplifies the process of creating and submitting your beneficial ownership reports, saving you time and effort. They guide you through each step so you can complete your filing in minutes, not hours.
- Accuracy guaranteed: Worried about making mistakes on your BOI report? Don’t be! FileForms helps you file accurately and ensures you meet all the requirements of the Corporate Transparency Act. They have built-in checks and balances to catch any errors.
- Expert support when you need it: Have a tricky question about beneficial ownership or substantial influence? FileForms offers access to licensed attorneys who specialize in BOI reporting. You can get expert advice to ensure you’re on the right track.
- Perfect for accounting professionals and law firms: If you’re an accounting professional or work at a law firm, FileForms can help you manage BOI reporting for multiple clients. They offer tools and features designed for efficient bulk filing.
- Get a custom BOI opinion: Need help determining your company’s beneficial owners or understanding complex ownership structures? FileForms can provide a custom BOI opinion from experienced legal professionals.
- Remain focused on your business: By simplifying BOI reporting, FileForms allows you to remain focused on what matters most – running your business! You can spend less time on compliance and more time on growing your company.
Best Features of FileForms
FileForms is designed to make BOI reporting easier for everyone, with features tailored to different types of users.
Whether you’re a small business owner, a legal professional, or an accountant, FileForms has something to offer. Let’s explore some of its best features:
1. Business Manager
This feature is perfect for individual business owners who need to file their own BOI reports.
It provides a step-by-step guide through the process, ensuring you provide all the necessary information accurately and efficiently.
You can easily identify your beneficial owners with the help of built-in tools and resources.
2. Law Firms
Law firms handling BOI reporting for multiple clients will appreciate the specialized tools FileForms provides.
These features streamline the entire process and improve efficiency.
Easily track and manage all your client’s BOI filings in one central location.
Collaborate with colleagues seamlessly by sharing information and working together on client filings.
3. Accountants and Bookkeepers
FileForms also offers features specifically designed for accountants and bookkeepers who manage BOI reporting for their clients.
Integrate FileForms with your existing accounting software to streamline your workflow and eliminate redundant data entry.
Save time by uploading client data in bulk, making it easy to manage multiple filings simultaneously.
4. Corporate Services
For larger corporations with more complex ownership structures, FileForms provides comprehensive corporate services to simplify BOI reporting.
Get expert guidance on complex ownership scenarios, helping you accurately identify beneficial owners and navigate intricate ownership structures.
Ensure accurate and complete reporting with custom BOI report preparation services tailored to your specific needs.
5. Private Investment Funds
FileForms also caters to the unique needs of private investment funds.
Easily manage BOI reporting for various fund types, including hedge funds, private equity funds, and venture capital funds, no matter how complex the fund structure.
Streamline the process of identifying and verifying beneficial owners within your investment funds.
Pricing
| Plan | Price(per entity) | Best For |
|---|---|---|
| One time filing | $179 | Beneficial Ownership Information (BOI) Report filed with FinCEN |
| Unlimited filing subscription | $199 | Unlimited Change of Information filings at no extra cost |
Pros and Cons
Pros
Cons
FileForms Alternatives
While FileForms offers a robust solution for BOI reporting, it’s not the only option available. Here are a few alternatives worth considering:
- ZenBusiness: This platform provides a comprehensive suite of business services, including BOI report filing assistance. They offer guided filing, compliance support, and a user-friendly interface.
- Incfile: Similar to ZenBusiness, Incfile offers BOI reporting as part of its broader business formation and compliance services. They provide step-by-step instructions and expert support to simplify the process.
- Northwest Registered Agent: Known for its registered agent services, Northwest also offers assistance with BOI compliance. They provide a straightforward filing process and helpful resources to ensure accuracy.
- Hiring a lawyer or accountant: For businesses with complex ownership structures or those needing personalized guidance, hiring a lawyer or accountant specializing in BOI reporting can be a viable option.
Ultimately, the best choice depends on your specific needs and budget.
Consider factors like the complexity of your business, the level of support you require, and your budget when evaluating different options.
Personal Experience with FileForms
My team recently used FileForms to navigate the BOI reporting requirements for a new client.
We were impressed with how user-friendly the platform was and how quickly we were able to gather the necessary information and complete the filing.
- Intuitive Interface: Even though we were new to FileForms, the platform’s intuitive design made it easy to find what we needed and complete the filing process.
- Step-by-Step Guidance: The guided process ensured we didn’t miss any crucial information and that we were filing accurately, giving us confidence in our submission.
- Solutions Tailored to Our Needs: As a law firm, we appreciated the features designed specifically for legal professionals, such as the ability to manage multiple client accounts and access expert legal support.
- Efficient Time Management: FileForms streamlined the entire process, allowing us to achieve BOI compliance for our client quickly and efficiently, freeing up our time to focus on other important tasks.
Overall, FileForms proved to be an invaluable tool in helping us navigate the complexities of BOI reporting.
It simplified the process, ensured accuracy, and provided peace of mind knowing our client was compliant with the Corporate Transparency Act.
Final Thoughts
So, is FileForms right for you? FileForms makes it easy to file a BOI report.
They help you get it right, and they keep your information safe.
It’s like having a helper who knows all the rules.
FileForms might cost a bit more than doing it yourself. But it can save you time and headaches. Plus, you can be sure your report is filed correctly.
If you want a simple and safe way to file your BOI report, give FileForms a try!
You can even test it out for free. Why not make BOI reporting one less thing to worry about?
Frequently Asked Questions
What is the deadline for filing my BOI report?
The deadline for filing your BOI report depends on when your company was formed. Existing businesses have until January 1, 2025 to file. New businesses created after January 1, 2024, must file within 30 days of formation.
What happens if I don’t file my BOI report?
Failing to file your BOI report can result in hefty penalties, including fines and even imprisonment. It’s crucial to comply with the Corporate Transparency Act to avoid these consequences.
Can I file my BOI report myself, or do I need to use a service like FileForms?
You can technically file your BOI report yourself through the FinCEN website. However, using a service like FileForms simplifies the process, ensures accuracy, and provides valuable support.
How much does it cost to file a BOI report with FileForms?
FileForms offers various pricing plans, starting at $49 for a single report filing. They also have options for unlimited filings and custom solutions for larger businesses.
Is my information safe with FileForms?
Yes, FileForms prioritizes data security. They use encryption and other security measures to protect your sensitive information and ensure confidentiality.
