Beneficial Ownership Information Filing Services Terms of Service


Effective Date: March 21, 2024


These are the terms applicable to your (“you,” “your,” or “Customer”) purchase of the Beneficial Ownership Information Filing Services (the “Service(s),” “Beneficial Ownership Filing(s),” “Beneficial Ownership Information Filing Services,” or “BOIF Services”). Beneficial Ownership Information Filing Services may be sold as a standalone product or bundled with other Infinite Filings products or packages.


In addition to the Infinite Filings Terms of Service, these Beneficial Ownership Information Filing Terms of Services (the “BOIF Terms of Service,” “BOIF Terms,” or “BOIF Agreement”) constitute a legal agreement between you and Infinite Filings, doing business as Infinity Filings LLC (“we,” “our,” or “us”), detailing your use of the Infinite Filings Beneficial Ownership Information Filing Services. This BOIF Agreement, and its terms, conditions, limitations, and requirements, is effective as of the date you purchase the BOIF Services, accept a promotional trial thereof, or purchase a package that includes BOIF Services (the “Effective Date”). Please read these BOIF Terms carefully.


THIS BOIF AGREEMENT, THE INFINITE FILINGS TERMS OF SERVICE, INFINITE FILINGS PRIVACY POLICY, AND ANY OTHER APPLICABLE TERMS TO ADDITIONAL INFINITE FILINGS PRODUCTS PURCHASED, CONSTITUTE THE ENTIRE AGREEMENT BETWEEN YOU AND INFINITE FILINGS DBA INFINITY FILINGS LLC. YOU MUST ACCEPT AND ABIDE BY THESE TERMS AS PRESENTED TO YOU: CHANGES, ADDITIONS OR DELETIONS ARE NOT ACCEPTABLE AND INFINITE FILINGS MAY REFUSE OR DENY USE OF THE BOIF SERVICE FOR NONCOMPLIANCE WITH ANY PART OF THIS BOIF AGREEMENT. These BOIF Terms affect your legal rights and obligations. If you do not agree to be bound by the BOIF Terms, you may not purchase, access, or use the Beneficial Ownership Information Filing Services. If you have not yet used the Beneficial Ownership Information Filing Services, and do not wish to comply with these BOIF Terms, you may request a refund by contacting the Infinite Filings Customer Support Team at [email protected] within thirty (30) days of submitting your order.


1. Description of Beneficial Ownership Filing Services


The federal Corporate Transparency Act (or “CTA”) requires certain private companies to report their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”) and to update that information with FinCEN within thirty (30) days of any changes. Infinite Filings, or its subcontractor or partner, agrees to serve as the original filer of the Beneficial Ownership Information Report to FinCEN for the company specified in your order (the “Reporting Company”).


a. Definitions

i. Reporting Company:

  • Any domestic corporation, LLC, or similar entity
  • Any foreign company that registers to do business in the U.S.

ii. Beneficial Owner:

An individual who either directly or indirectly:

  • Exercises substantial control over the Reporting Company, or
  • Owns or controls at least 25% of the Reporting Company’s ownership interests.

iii. 25% Ownership:

The CTA does not define what constitutes ownership or how to calculate 25%, but a suggested approach is to aggregate all the individuals’ ownership interests of any class or type that the individual owns or controls and compare the aggregated interest to the undiluted ownership interests of the company.


iv. Substantial Control:

The CTA does not define what constitutes substantial control over an entity. Substantial control can include:

  • Service as a senior officer of the Reporting Company,
  • Authority over the appointment or removal of any senior officer, majority, or dominant minority of the board of directors,
  • Direction, determination, decision, or substantial influence over important matters affecting the Reporting Company,
  • Any other form of substantial control over the Reporting Company. Substantial control may be exercised directly or indirectly. More than one person may exercise substantial control over a Reporting Company. Substantial Control is not intended to include ordinary daily managerial decisions.

v. FinCEN Identifier:

A unique identifying number that FinCEN will issue to an individual or Reporting Company upon request after the individual or Reporting Company provides certain information to FinCEN. A Beneficial Owner, Company Applicant, or Reporting Company may simply report their FinCEN Identifier in lieu of that individual’s otherwise required personal information on the Beneficial Ownership Information Report. A FinCEN Identifier is specific to the individual or entity to which it is issued and each individual or Reporting Company may only obtain one FinCEN Identifier.


vi. Company Applicant:

Only Reporting Companies created or registered on or after January 1, 2024, will need to report their Company Applicant. A company that must report its Company Applicants can list up to two individuals who could qualify as Company Applicants:

  • The individual who directly files the document that creates or registers the company or
  • And, if more than one person is involved in the filing, the individual who is primarily responsible for directing or controlling the filing. Beginning January 1, 2024, when assisting with new formations and registrations, Infinite Filings will provide each company with the FinCEN Identifier of the Company Applicant in addition to the filing evidence.

b. Legal Compliance

While these BOIF Terms provide a helpful summary of the CTA, you shall assume knowledge of all laws that are applicable to you and your entity, and you are solely responsible for compliance with any such laws. You may not use the BOIF Service in any way that violates applicable state, federal, or international laws, regulations, or other government requirements. You further agree not to transmit any material that encourages conduct that could constitute a criminal offense, give rise to civil liability or otherwise violate any applicable local, state, national, or international law or regulation.


c. Exempt Entities

There are 23 types of entities that are exempt from the reporting requirements. A company that qualifies for an exemption is not considered a Reporting Company and does not have to file the BOIF report. It is your responsibility to determine if your company is exempt from the Corporate Transparency Act reporting requirements. Infinite Filings will not serve as an advisor to you with respect to the applicability of the law and will not issue any refunds for BOIF Services purchased and provided for exempt entities.


d. Reporting Deadlines

A Reporting Company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report with FinCEN. A Reporting Company created or registered on or after January 1, 2024, will have 90 days to file its initial beneficial ownership information report. This 90-day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a Secretary of State or similar office first provides public notice of its creation or registration, whichever is earlier. Once this requirement has been met, the Reporting Company will only need to submit an updated report to FinCEN if any of the previously reported information changes.


e. Updates and Penalties

It is your responsibility to contact Infinite Filings or FinCEN directly with changes, corrections, or updates to your beneficial ownership information within thirty (30) days of the change per the requirements of the Corporate Transparency Act. Failure to do so may result in penalties from FinCEN.

You acknowledge that Infinite Filings is not liable to you for damages resulting from your failure to update or provide accurate information. The willful failure to report complete or updated beneficial ownership information to FinCEN may result in:

  • Civil penalties: Up to $500 each day that the violation continues, or
  • Criminal penalties: Including imprisonment for up to two years and/or a fine up to $10,000.

2. Updates to Terms


You acknowledge that Infinite Filings reserves the right to change these BOIF Terms of Service at any time (“Updated Terms”), in its sole discretion, with or without notice. You agree that we may notify you of the Updated Terms by posting them on https://www.infiniteboi.com, and that your use of the BOIF Services after the effective date of the Updated Terms constitutes your agreement to the Updated Terms. The Updated Terms will be effective as of the time of posting, or such later date as may be specified in the Updated Terms, and will apply to your use of the BOIF Services from that point forward. If you do not agree with an update, your only option is to terminate your BOIF Services. Unless explicitly stated otherwise, any new features that augment or enhance the current BOIF Services are subject to these BOIF Terms of Service and/or Updated Terms depending on the date the new features are made available.