Beneficial Ownership Information Report Filing Information

Effective January 1, 2024, most LLCs and corporations conducting business in the US are required to submit a Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network (FinCEN). At first glance, this report may seem complicated, so here, we break it down to the essentials.

Of course, if you want to make BOI report filing really easy, you can order our $9 BOI report filing service. Our filers will get your report submitted on time and make sure it contains the right information.

The Beneficial Ownership Information Report

The BOI report is a federally required filing aimed at reducing fraud and other financial crimes by providing the government with key details about your business and the individuals with the most control over operations and profits. However, unlike state filings, the information in your BOI report doesn’t go on the public record—it’s only accessible to authorized parties.

As a newly-formed business, you’ll need to provide information on your:

  1. Reporting Company: your business (i.e., your LLC or corporation)
  1. Beneficial Owner(s): anyone who has substantial control over business decisions (like a corporate officer or LLC member-manager) and/or holds 25% or more of company ownership interest
  1. Company Applicant(s): the person who files your formation documents or who orders them to be filed (if different)

Required Information

Reporting Company Individuals
  • Legal company name

  • Any DBAs or trade names

  • Principal business address

  • Jurisdiction of formation

  • Tax ID (EIN, SSN, or TIN)

  • Full name

  • Residential address

  • Birth date

  • Photo ID (like a passport or driver’s license)

Additional BOI facts: 

  • If the beneficial owner of your company is another business, you must provide the information for the individuals who that business. For example, if LLC 1 is a beneficial owner of LLC 2, on the BOI report for LLC 2, you must list the information for the owners of LLC 1, not just the name of the company.
  • Businesses formed before 2024 don’t need to include company applicant information.

BOI Report Filing Details

Here are the BOI filing basics.

How to file: Online through the FinCEN database.

When to file:

  • Businesses formed prior to 2024: Before January 1, 2025.
  • Businesses formed during 2024: Within 90 days of company formation.
  • Businesses formed after 2024: Within 30 days of company formation.

Cost to file: None. Filing is free.

BOI Report FAQs

Answers to some commonly-asked Beneficial Ownership Information report questions:

Are there any BOI filing exemptions?

Yes. There are 23 exemptions for businesses in industries that are already highly regulated, such as:

  • Large operating companies with 20+ full-time employees and more than $ 5 million in gross receipts or sales in the previous year
  • Public utility companies
  • Government authorities
  • Banks and credit unions
  • Insurance companies
  • Accounting firms
  • Investment companies and brokers or dealers

Non-profit corporations and inactive companies that meet certain requirements are also exempt.

Are there any penalties for not filing?

Yes. Not filing or purposely providing false information on your report can get you fined up to $500 per day, up to $10,000, and up to 2 years in jail.

Can I update the information on my BOI report? 

Yes. You can update your information online through FinCEN. To avoid penalties, update your information within 30 days of the initial change.

Can you file my BOI report for me?

Yep. We offer $9 BOI report filing. So if you’re stressed about the details of this filing, don’t worry. We’ve got you covered.

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