407-344-1012 
February 27, 2025 
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Are you wondering how to file the FINCEN Beneficial Ownership Information (BOI) Report when your LLC is owned by another LLC? The new BOI reporting requirements can be confusing, especially when dealing with multi-layered business structures. In this video, we break it all down in a simple guide so you can stay compliant and avoid penalties!
VIDEO ON STEP BY STEP GUIDE ON HOW TO DO FINCEN BOI REPORT
FINCEN BOI Report (Step by Step Instr…
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TRANSCRIPTION
If your LLC is owned by another LLC, how do you do the FinCEN BOI report? That’s what we’re going to talk about in this video. Let’s go. Hello from Freedom Group.
We are a group of four companies that we provide quality services for more than 20 years in taxes, accounting, insurance, real estate, immigration, financial planning. We can help you in many, many ways as a business owner. Now, many business owners have been calling our office to ask this question.
I have an LLC that is owned by another LLC. How do I fill out the FinCEN BOI report? So first of all, let’s give proper names to these two LLCs. So you have an LLC, let’s call that the subsidiary LLC that is owned by another LLC.
Let’s call that LLC the parent LLC. So the parent LLC owns the subsidiary LLC. So in order to do the FinCEN BOI report, you must first do the FinCEN BOI report for the parent LLC, which in most cases, that parent LLC is owned by individuals.
So you fill out the regular FinCEN BOI report for the parent LLC with the beneficial ownership information of the owners of the individuals who own that parent LLC. So you fill out the FinCEN BOI report for the parent LLC and very important, get the FinCEN ID number for that parent LLC, right? Once you have that, then you fill out the FinCEN BOI report for the subsidiary LLC. So you go through the same process of the FinCEN BOI report for the subsidiary LLC.
Then when you get to the part of beneficial ownership, you put the parent LLC’s information there. You can put the parent LLC name, the parent LLC EIN number, or you can just put the FinCEN ID number for the parent LLC and FinCEN will automatically link those two LLCs together. So now you know, if you have an LLC, which is a beneficial owner of another LLC, in order to do the FinCEN BOI report, you do the BOI report for the parent LLC first, and then you do the BOI report for the subsidiary LLC second.
And when you get to the part of the beneficial ownership, then you just put the information of the parent LLC for the subsidiary LLC. Very simple, okay? Now, I hope you have received valuable information in this video. If you have, like it and share it with another business owner that can take advantage of this information.
If you want to see a step-by-step guide on how to do your FinCEN BOI report, watch the following video where we show you step-by-step on how to do the FinCEN BOI report for your business. Thank you for watching and God bless.
SUMMARIZATION
The FINCEN BOI Report is a crucial requirement for business owners navigating corporate structures with multiple entities. If you own an LLC that is owned by another LLC, it is essential to understand the proper steps to ensure compliance. In this guide, we will walk you through the reporting process, breaking it down into simple, actionable steps.
Understanding the FINCEN BOI Report
The Beneficial Ownership Information (BOI) report is required by the Financial Crimes Enforcement Network (FinCEN) to increase transparency in business ownership. It helps prevent financial crimes by identifying the individuals who ultimately own or control a company. Business owners must submit this report to comply with federal regulations.
Step 1: Identify the Parent and Subsidiary LLCs
When dealing with an LLC structure where one LLC owns another, clarity in ownership hierarchy is vital. The Parent LLC is the entity that holds ownership over the Subsidiary LLC. Each LLC must be accounted for in the FINCEN BOI reporting process.
Step 2: File the BOI Report for the Parent LLC
Before filing for the Subsidiary LLC, you must first complete the BOI report for the Parent LLC. This report must include the following details:
- Legal name and address of the Parent LLC
- Employer Identification Number (EIN)
- Beneficial ownership details of individuals who directly or indirectly own or control the entity
- Contact information for responsible individuals
Once submitted, the Parent LLC will receive a FinCEN ID number, which will be critical for completing the Subsidiary LLC report.
Step 3: File the BOI Report for the Subsidiary LLC
After obtaining the FinCEN ID number for the Parent LLC, you can proceed with filing the BOI report for the Subsidiary LLC. The report should include:
- Legal name and address of the Subsidiary LLC
- EIN for the Subsidiary LLC
- The FinCEN ID number of the Parent LLC, linking the two entities
- Any additional beneficial ownership details, if applicable
This step ensures that the regulatory authorities recognize the ownership structure and can effectively track financial activities.
Step 4: Ensure Compliance and Recordkeeping
After submission, it is crucial to maintain records of the BOI reports for both the Parent and Subsidiary LLCs. If ownership structures change or new members gain control, updates to the reports may be required. Business owners should stay informed about FinCEN’s compliance requirements to avoid penalties.
Why Compliance Matters
Failure to comply with FinCEN BOI reporting regulations can lead to severe consequences, including fines and legal actions. Given the rising scrutiny of business ownership transparency, ensuring that all required reports are accurately submitted is critical.
Final Thoughts
Understanding how to file a FINCEN BOI Report for an LLC owned by another LLC simplifies the compliance process and protects your business from potential legal issues. By carefully following these steps, you can ensure that your company remains compliant with federal regulations.
For further guidance, consult with a tax professional or legal expert who specializes in business entity compliance. If you have more questions about BOI reporting, FinCEN provides detailed resources on their official website.
