The Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA) helps increase business transparency and combat financial crimes. FinCEN, the Financial Crimes Enforcement Network, manages the reporting, which affects most small U.S. corporations and LLCs.
Who Must File?
Almost all small corporations and LLCs must report their beneficial owners—those who own 25% or more or have significant control. Exemptions apply to large, regulated entities.
How to File
The process is simple, free, and can be done on your own:
Provide full names, birth dates, addresses, and identification numbers (like a passport or driver’s license) for beneficial owners.
Social Security Numbers of owners are required.
The business name and identification number are also necessary.
Filing Deadlines
New businesses: File within 30 days of formation.
Existing businesses: File by January 1, 2025 if formed before 2024.
Update filings: Report any ownership changes within 30 days.
Where to File
Submit your information via the BOI E-filing Portal: BOI Filing Portal.
Why It Matters
This reporting promotes transparency and reduces illegal activities. The process is free, easy to complete, and essential for staying compliant with federal laws. I
If you’re unsure about your business’s BOI reporting requirements or need help navigating the filing process, don’t hesitate to reach out. We’re here to assist you in staying compliant and avoiding penalties. Call us today to get started or for more information about how we can help simplify your reporting needs!
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