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A Guide to Beneficial Ownership Information (BOI) Reporting for Business Owners

What is Beneficial Ownership (BOI) Reporting?

Beneficial Ownership Information (BOI) reporting is a new legal requirement for businesses to disclose the individuals who own or control them. This information helps promote transparency, ensures compliance with regulatory requirements, and supports effective corporate governance by providing clear insights into the structure and control of businesses.

Why is BOI Reporting Important? 

BOI reporting plays a critical role in enhancing corporate transparency. By identifying the true owners and controllers behind businesses, it helps close loopholes that allow bad actors to hide behind anonymous entities. This transparency not only strengthens the integrity of the business environment but also promotes trust and accountability.

Who Must Report?

Any business entity formed or registered in the U.S., including corporations, Limited Liability Companies (LLCs), or similar entities, must report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This also applies to foreign entities that register to do business in the U.S.

A beneficial owner is defined as an individual who either directly or indirectly:

  • Holds substantial control over the company, or
  • Owns or controls 25% or more of the company's ownership interests.

When Do you Need to Report? 

The deadlines for submitting BOI are as follows:

  • If your company was created or registered before January 1, 2024, you must report by January 1, 2025.
  • Companies formed or registered in 2024 must file within 90 calendar days of receiving official notice of registration.
  • Companies formed after January 1, 2025, must file within 30 days of their registration notice.
  • Any updates or corrections to previously filed information must be submitted within 30 days of the change.

Stay ahead of compliance requirements and ensure your business is fully aligned with the latest regulations.

Learn More and Get Started Today

Visit the following FinCEN resources:

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