As a business owner in Oklahoma, it is important to understand the requirements and deadlines for filing the Beneficial Ownership Interest (BOI) for your Limited Liability Company (LLC). The BOI is a document that provides information about the individuals who have a significant ownership interest in the company.
What is the BOI?
The BOI is a requirement under the Oklahoma Beneficial Ownership Information Act, which was enacted to enhance transparency and combat money laundering and other illicit activities. It is designed to collect information about the individuals who ultimately own or control an LLC.
Who needs to file the BOI?
All Oklahoma LLCs, including domestic and foreign entities, are required to file the BOI. This includes both new and existing LLCs. The filing must be completed within 60 days of the LLC being formed or registered to do business in Oklahoma. If you’re wondering why you need to file a BOI, read more on the purpose of BOI.
How to file the BOI
Filing the BOI is a straightforward process that can be done online through the Oklahoma Secretary of State’s website. Here are the steps to follow:
- Visit the Oklahoma Secretary of State’s website and navigate to the BOI filing page.
- Provide the required information about your LLC, including its name, address, and date of formation or registration.
- Enter the details of each individual who has a beneficial ownership interest in the LLC. This includes their full legal name, residential address, percentage of ownership, and social security number or individual taxpayer identification number.
- Pay the filing fee, which is currently $25. The fee can be paid online using a credit or debit card.
- Submit the completed BOI filing.
Once the filing is submitted, you will receive a confirmation receipt. It is important to keep a copy of this receipt for your records.
Annual Reporting
In addition to the initial BOI filing, Oklahoma LLCs are required to submit an annual report to the Secretary of State. This report provides updated information about the LLC’s ownership and management. The annual report must be filed by the anniversary month of the LLC’s formation or registration.
The annual report can also be filed online through the Secretary of State’s website. The filing fee for the annual report is $25.
Consequences of Non-Compliance
Failure to file the BOI or annual report within the specified deadlines can result in penalties and other consequences. These may include late fees, administrative dissolution of the LLC, and loss of liability protection for the owners.
It is important to meet the filing deadlines and ensure that the information provided in the BOI and annual report is accurate and up to date.
Conclusion
Filing the Beneficial Ownership Interest (BOI) for your Oklahoma LLC is a crucial step in complying with state regulations and maintaining transparency in your business operations. By understanding the requirements and deadlines for filing the BOI, you can ensure that your LLC remains in good standing and avoids any potential penalties or legal issues.
Remember to file the initial BOI within 60 days of forming or registering your LLC, and submit an annual report by the anniversary month of your LLC’s formation or registration. By staying on top of these requirements, you can focus on growing your business with confidence.
