Business Formation
Beneficial Ownership Information Report required by FinCEN
+ state filing fees
10,000+
Businesses Formed
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States Covered
98%
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Overview
The Beneficial Ownership Information (BOI) Report is a federal filing required by the Corporate Transparency Act (CTA). Starting January 1, 2024, most US companies must report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).
A "beneficial owner" is any individual who directly or indirectly owns 25% or more of the company, or exercises substantial control over it. This includes executives, senior officers, and anyone with authority over important decisions.
The BOI Report is a one-time filing (with updates required when ownership changes) designed to combat money laundering, tax fraud, and other financial crimes by creating transparency around who actually owns and controls US companies.
Benefits
Federal compliance requirement with significant penalties
Required by federal law. Non-compliance can result in $500/day penalties and criminal prosecution.
File once and only update when beneficial ownership changes. No annual renewal required.
Existing companies (formed before 2024) must file by January 1, 2025. New companies have 90 days.
LLCs, Corporations, and other entities formed or registered in any US state.
Requirements
Information needed for your report
Legal name, trade names/DBAs, current US address, state of formation, and EIN.
Full legal name, date of birth, current residential address for each beneficial owner.
US passport, state ID/drivers license, or foreign passport for each beneficial owner.
For companies formed after January 1, 2024: information about who filed the formation documents.
Optional unique ID that can be used instead of personal information for privacy.
Process
Simple 4-step compliance
Collect required details about your company and all beneficial owners.
Provide information through our secure platform. We verify completeness.
Our team submits your BOI Report to FinCEN through the official system.
Get your filing confirmation and compliance certificate for your records.
Compliance
Know your deadlines
Companies formed before January 1, 2024 must file initial report.
By January 1, 2025
Penalty: $500/day, up to $10,000 + criminal penalties
Companies formed in 2024 have 90 days from formation date.
90 days from formation
Penalty: $500/day, up to $10,000 + criminal penalties
Companies formed after January 1, 2025 have 30 days from formation.
30 days from formation
Penalty: $500/day, up to $10,000 + criminal penalties
Must file updated report within 30 days of any change in beneficial ownership.
Within 30 days of change
Penalty: Same as initial filing penalties
FAQs
Common questions about BOI Report Filing
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