Most U.S.-registered entities, including corporations, LLCs, and similar structures, must file a BOI report. Certain organizations, such as nonprofits with 501(c) tax-exempt status or large operating companies with over 20 employees and $5 million in annual revenue, are exempt.

Exemptions apply to certain large businesses, nonprofits, and regulated entities like banks. If you’re unsure, consult a compliance expert or use an exemption qualification tool.

Each report must include:

• Beneficial owners’ full legal names, birthdates, addresses, and identifying documents (e.g., driver’s license or passport).
• Company applicant information if the entity was created after January 1, 2024.

BOI Reporting is the disclosure of specific information about a company’s beneficial owners to the Financial Crimes Enforcement Network (FinCEN). It is mandated under the Corporate Transparency Act (CTA) to improve transparency and combat illegal activities such as money laundering and fraud.

A beneficial owner is anyone who:

• Owns 25% or more of the company.
• Exercises substantial control over the entity (e.g., senior officers or decision-makers).

January 1, 2025 for entities formed prior to January 1, 2024 and within 30 days from formation for entities formed January 1, 2024 or later.

Entities must submit an updated BOI report within 30 days of any change in ownership or control. Initial reports are due by January 1, 2025, or upon formation for newer companies.

Yes, non-compliance can result in:

• Civil penalties: Up to $500/day of continued violation.
• Criminal penalties: Fines up to $10,000 and/or imprisonment for up to two years.

Yes, corrections can be submitted if errors are identified. Updates are also mandatory when there are significant changes, such as new owners.

All submissions are handled via FinCEN’s secure system. Data is protected under strict confidentiality provisions and only accessible to authorized agencies.