FREQUENTLY ASKED QUESTIONS

BOI stands for Beneficial Ownership Information, which refers to identifying information about the individuals who directly or indirectly own or control a company. Most registered business entities — like Limited Liability Companies (LLCs) and Corporations — must file a beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN).

When were BOI reports introduced?

FinCEN launched the BOI E-Filing site on January 1, 2024.

Is there a deadline to file?

Any reporting companies created or registered to do business before January 1, 2024, have until exactly January 1, 2025, to file a BOI report.

[Updated March 26, 2025]: All entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners are now exempt from the requirement to report beneficial ownership information to FinCEN. Existing foreign companies that must report their beneficial ownership information have at least an additional 30 days from March 26, 2025—until April 25, 2025, for most companies—to do so.

Click here for further information.

How do I know if my business needs to file a BOI report?

While some businesses are exempt from filing, we can help you determine if you need to file a BOI report by contacting us! We will ensure your report is filled.

Are penalites involved for businesses that should have filed but have not by the deadline?

The penalties for BOI reporting violations and for unauthorized disclosure or use of BOI are increased to $591 from $500, a day, effective January 25, 2024. This was established in 2021 when CTA, the Corporate Transparency Act, which mandates BOI reporting, became law in 2021.

What information do I need to have if I do need to file?

If your business falls in the category of needing to file, you will need these following items: EIN (Employment Identification Number), and a form of personal identification. Whether that be a Drivers License, State/Local/Tribe-issued ID, US Passport, or Foreign Passport. Everything else consists of the company name and personal information to file.