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

Alex Herd • January 23, 2026

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• As of January 1, 2024, many business owners in the United States are required to fill 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 you 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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Common issues that lead to business conflict Conflict can grow out of all kinds of day-to-day business issues, including: increased costs or pricing disputes unpaid invoices or late payments disagreements between owners or partners vendors failing to perform as expected clients pushing beyond the original scope of work unclear contract terms one side changing expectations midstream unauthorized decisions or commitments misunderstandings about roles, responsibilities, or ownership What these situations have in common is that they tend to raise the same underlying questions. What was actually agreed to? Who had authority to act? What does the contract say? What was communicated? And what is the smartest way to respond now? Why these problems escalate so quickly A lot of business relationships function on momentum and trust. That is not always a bad thing. But when something changes, whether it is money, timing, performance, or priorities, the gaps start to show. That is often when businesses realize: the contract does not clearly address the issue the parties understood the arrangement differently internal decision-making was not as clear as everyone assumed important communications were never properly documented nobody addressed the issue early because they hoped it would work itself out Hope is useful in many parts of life. It is not a particularly strong dispute resolution strategy. The best move is to be proactive The most effective way to deal with business conflict is often to reduce the chances of it happening in the first place. That usually means tightening up a few fundamentals. Clear agreements A good contract should do more than capture the basic deal. It should help address what happens when things go wrong or change. That can include pricing terms, payment obligations, approval procedures, change-of-scope terms, termination rights, ownership rules, and dispute resolution provisions. 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