Beneficial Ownership Information (BOI) Report
Federal beneficial ownership reporting under the Corporate Transparency Act, filed with FinCEN. Required for most US LLCs, corporations and similar entities. New entities: report within 30 days of formation. Existing entities: typically due 1 January 2025 (subject to ongoing legislative/court changes).
Who this applies to
- Most US LLCs and corporations under federal threshold
- Excludes large operating companies (20+ employees, $5m+ revenue, US presence)
- Excludes regulated entities (banks, insurance, etc.)
What to file
BOI report via FinCEN's online filing system listing beneficial owners (25%+ ownership or substantial control), their full legal name, DOB, address, and ID document.
How to file
Online via fincen.gov BOI E-Filing System. Free.
Payment due
No payment — informational filing.
Penalties for missing this deadline
Civil penalties up to $591/day. Criminal penalties up to $10,000 and 2 years prison for willful violations. Penalties were temporarily suspended pending litigation in early 2025 — check current status before relying on either deadline or penalty.
Filing checklist
- Identify all beneficial owners (25%+ ownership or substantial control)
- Collect full legal name, DOB, address, and copy of acceptable ID for each
- File BOI report via FinCEN online
- File update within 30 days of any change in beneficial owners
Common mistakes to avoid
- Assuming small businesses are exempt — most are NOT (large operating company exception is narrow)
- Missing the 30-day update window for ownership changes
- Not understanding 'substantial control' (CEO, CFO, GC, important decision-makers all count)
- Filing using personal documents that have expired
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