Beneficial Owner Information Reporting (BOI)

Understanding the New Compliance Requirement Under the Corporate Transparency Act 

Starting in 2024, many companies doing business in the United States will have to file a beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN), an agency under the U.S. Treasury Department. The BOI report is designed to collect information about the individuals who own or control companies operating in the U.S. 

Is your entity a Reporting Company?  

Domestic reporting company – A Limited Liability Company (LLC), Corporation, or other entity formed or created by filing a document with a secretary of state (or similar office) under the laws of a U.S. state or Indian tribe.  

Who is a Beneficial Owner?  

A beneficial owner is any individual who owns or controls at least 25% of the reporting company’s ownership interests or who directly or indirectly exercises substantial control over the reporting company.  

Deadlines 

Entities created before January 1, 2024 Due by January 1, 2025 

Entities created during 2024 Due in 90 days 

Entities created during 2025 forward Due in 30 days 

What if I don’t?  

Failure to submit a BOI Report may lead to fines of up to $500 per day for ongoing violations in addition to criminal consequences which may include imprisonment for up to two years and/or a fine of up to $10,000. 

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