(843) 438-6565

Beneficial Ownership Information Report (BOI)

BOI Reporting Service

FinCEN, the Financial Crimes Enforcement Network, a bureau of the US Department of the Treasury now requires that most businesses submit ownership information.

Schedule A Discovery Sessiion

Hire us to file your BOI Report requirement for you for $25. You can also do it yourself using the  BOI E-filing System. 

You can also do it yourself

BOI Application PDF

  • Adobe Reader is required
  • Prepare report offline at your own pace, save as you go
  • Reuse PDF BOIR when filing updates/corrections
  • Download BOIR transcript upon submission
Download Now

The Corporate Transparency Act

BOI Reporting is a direct result of the passage of the Corporate Transparency Act (CTA), which went into effect at the start of 2024. The CTA is an attempt to combat money laundering and other illicit financial maneuvering by providing law enforcement with a path to finding out who owns and controls a business.

Prior to the CTA, state statutes defined what kind of information a business had to tell the government about who owned it. So in Wyoming, for example—a state known for strong privacy protections for business owners—an LLC’s owners could maintain complete anonymity by hiring a registered agent. The result was that not even law enforcement could find out who owned a Wyoming LLC, and scammers and other bad actors were easily able to evade accountability. The Corporate Transparency Act changed this, requiring most businesses to disclose identifying information about who owns and controls their business to the U.S. Department of the Treasury.

Who Has to File a BOI Report?

The CTA calls companies that need to file a BOI Report “reporting companies.”

A reporting company is a business entity formed or registered to do business in the United States. This means LLCs, corporations, and all other business that filed paperwork with the local Secretary of State or equivalent agency to form or register an entity. It does not include sole proprietors or general partnerships.

Basically, all companies need to file a BOI Report unless they qualify for an exemption.

BOI Reporting Company Exemptions

Some companies that already adhere to strict reporting requirements are exempt from the BOI Report requirement. There are 23 specific exemptions, but as a general rule, tax exempt companies, large operating companies, and inactive businesses do not have to file a BOI Report.

BOI Reporting Company Exemptions

Some companies that already adhere to strict reporting requirements are exempt from the BOI Report requirement. There are 23 specific exemptions, but as a general rule, tax exempt companies, large operating companies, and inactive businesses do not have to file a BOI Report.

What counts as a “large” company? Under the CTA, a large operating company is exempt if it:

  • Reports more than $5 million in gross sales or receipts;
  • Operates and conducts business regularly at an office in the US; and
  • Employs more than 20 full-time employees.

BOI Reporting Civil Penalties

If you fail to file your BOI Report, file false information on your report, or fail to update your report with correct information, you could face a fine of up to $500 per day. This fee is adjusted for inflation (back in April 2024, it was up to $591!).

Frequently Asked Questions – FAQ

How to File the Beneficial Ownership Information Report?

Here’s how to file your BOI Report in three steps:

  1. Collect the required information on your company.
  2. Collect the required information on your beneficial owners and company applicants.
  3. File your BOI Report online or hire us.

It sounds simple, but you’ll need to know what kind of information to gather and who counts as a beneficial owner and company applicant.

Who Counts as a Beneficial Owner?

The definition of beneficial ownership has two prongs: ownership and control. A beneficial owner (in regards to BOI Reporting) is someone who:

  • Owns at least 25% of your business, or
  • Exercises control over your business.

The two-pronged definition exists to close a loophole. For example, an LLC could have 5 owners—four who each own 10% and one who owns 60%. Without factoring in control, the LLC would only have to list the owner who owned 60% as an owner, even if the other members held decision-making power within the LLC. Thanks to the control prong, all of the members in this scenario would be considered beneficial owners.

What information is required on my company for the BOI Report?

For the BOI Report, you’ll need to provide the following information on your entity:

  • Legal name
  • Any trade names or DBAs
  • Business address
  • Jurisdiction or state where you first formed your company
  • EIN/FEIN
What information is required on my beneficial owners and company applicants?

For the BOI Report, you’ll need to gather the following information on your company applicants and beneficial owners:

  • Legal name
  • Date of birth
  • Residential or business address
  • ID number from a passport, drivers license/ID, or tribal ID
  • Photo or copy of the ID
How do I file the BOIR?

Once you have all this information gathered, you can file the BOI Report online through FinCEN’s e-filing system.

You can also hire a third party like Registered Agents Inc to handle your BOI Reporting.

BOI Reporting Deadlines

Existing Companies

If your business was formed prior to the CTA taking effect (January 1, 2024), then you have until January 1st, 2025 to handle your BOI Report.

2024 Companies

If you form your company during 2024, you have 90 days from your formation date to file your BOI Report.

2025 Companies

If you form your company after 2024 ends, you’ll only have 30 days from your formation date to file your BOI Report.

How Our BOI Reporting Service Works

We can file your BOI Report for you. Here’s how it works.

  1. Hire us to act as your registered agent or form your business.
  2. Add on BOI Reporting Service for $25.
  3. That’s it! We’ll make sure your BOI Report is filed accurately and quickly, so you don’t run afoul of federal law.