Why You Need a FinCEN ID and When to Use it

Everyone in business should obtain a FinCEN ID. You can obtain one here.

Your FinCen ID is unique to you as an individual. Think of it like a Social Security number that you only use for business. Yes, to get one, you have to provide your Social Security number to the government, along with other identifying information, such as your home address, date of birth, and driver’s license number.

You will use it whenever anyone asks for BOI Identification information from you. For instance, when you file BOI reports for any companies you control or if own >25% of the interests. It will also be needed if you are a member of someone else’s company where you participate in control or own >25% of their company. Lenders may also request it.

Although there are a number of exemptions, none of them applies to Syndicators, Fund Managers, or real estate investors.

You should encourage all of your investors to get their own FinCEN ID and report it to you at the time they subscribe to your company. If you need to include them in a BOI report for your companies, or to a lender, you can use their FinCEN ID instead of having to securely house their sensitive identity information, as only FinCEN will have it.