What Is BOI Filing?

BOI filing requires certain businesses to report information about their beneficial owners—those who directly or indirectly control at least 25% of the entity or have substantial influence over business decisions. This initiative, enforced by the Financial Crimes Enforcement Network (FinCEN), aims to enhance financial transparency and combat illicit activities such as money laundering and fraud.

Who Needs to File?

Most corporations, LLCs, and other entities formed by filing with a state or tribal authority must submit BOI reports unless specifically exempt. Exemptions apply to certain regulated entities, such as banks, investment companies, and large operating companies that meet specific criteria.

What Information Is Required?

Businesses required to file must provide details on each beneficial owner, including:

• Full legal name
• Date of birth
• Residential address
• A unique identifying number from an official document, such as a passport or driver’s license

Filing Deadlines & Compliance

• New Entities (formed after January 1, 2024): Must file within 30 days of registration.
• Existing Entities: Those formed before January 1, 2024, have until March 21, 2025, to submit their initial BOI report.
• Changes & Updates: If there are changes to beneficial ownership, businesses must update their filing within 30 days of the change.

Where to File

BOI reports must be submitted electronically through the FinCEN filing portal. You can find the official filing system and additional guidance on compliance by visiting FinCEN’s website at:

https://www.fincen.gov/boi

Consequences of Non-Compliance

Failure to file or providing false information can lead to significant penalties, including civil fines and potential criminal charges. Ensuring timely and accurate submission is essential to avoid compliance issues.

For further details and instructions on BOI filing, visit FinCEN’s official BOI page at:

https://www.fincen.gov/boi