Starting January 1, 2024, a new Federal Reporting Requirement went into effect for Beneficial Ownership Information (BOI). Many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
Filing is simple, secure, and free of charge. Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.
Your company may need to report information about its beneficial owners if it is a corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state.
Twenty-three types of entities are exempt from beneficial ownership information reporting requirements, including publicly traded companies, nonprofits, and certain large operating companies. FinCEN’s Small Entity Compliance Guide includes checklists for each of the 23 exemptions that may help determine whether your company qualifies for an exemption. Please review Chapter 1.2 of the Guide for more information.
Reporting companies report beneficial ownership information electronically through FinCEN’s website: www.fincen.gov/boi. The system provides a confirmation of receipt once a completed report is filed with FinCEN.
FinCEN began accepting reports on January 1, 2024.
If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025 to report BOI.
If your company is created or registered in 2024, you must report BOI within 90 calendar days of creation or registration.
If your company is created or registered on or after January 1, 2025, you must file BOI within 30 calendar days of creation or registration.
Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.
You can find guidance materials and additional information by visiting www.fincen.gov/boi.