As stated in the Small Entity Compliance guide, “BOI reports require specific pieces of information about your company, its beneficial owners, and, in the cases described in section 3.1, its company applicants.”

It is your responsibility to collect personal identifying information for each beneficial owner and company applicant, safely store and protect their data, file it on the initial report, and monitor every 30 days for changes.

This process may not take many hours if you only have one reporting company. But if you have 10+ reporting companies to file and monitor, your valuable time quickly disappears. 

Meeting your filing requirements with a single reporting company may take an afternoon of work.

Meeting your filing requirements for 2-10 reporting companies may take you a week’s worth of work.

Meeting your filing requirements for 40+ reporting companies is now a full-time job with months of work.