All Business Owners Need to Know About the Beneficial Ownership Information (BOI) Filing Requirements

• As of January 1, 2024, many business owners in the United States are required to file a Beneficial Ownership Information report (BOI) with the Financial Crimes Enforcement Network (FinCEN).
• Failing to do so can result in fines or even criminal charges.

What is a BOI Report?

• The BOI report provides information to FinCEN about the company, such as its name, any d/b/a names, its address and taxpayer ID.
• It also requires that every owner who controls at least 25% of the company provide information about the owner, such as name, birthdate, address, and a form of identification.

Does my business need to file a BOI?

• Generally, if your business is a corporation or limited liability company (LLC), you will need to file a BOI unless an exemption applies.
• Other entity types may still need to file depending on if they were required to file with the Secretary of State or similar office in order to form.
• Many of the exemptions have to do with whether the company is otherwise already required to disclose beneficial ownership information to the government for other reasons.

When do I need to file a BOI Report?

• If your business existed before January 1, 2024, you have until January 1, 2025 to file the report.
• If your business was formed after January 1, 2024, you have 90 days to file after receiving notice the business was formed.
• If any of the information changes or you realize it was inaccurate, you must file an update with FinCEN within 30 days.

Do I need to hire a lawyer to file a BOI Report?

• You don’t need to hire a lawyer and can file the report directly with FinCEN.
• However, a lawyer can help you determine if your business may be exempt from the requirement. A lawyer can also file the report on behalf of your business and remind you to update the information in the event anything has changed.

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