How to Do BOI Filing
Starting January 1, 2024, most U.S. companies must report their Beneficial Ownership Information (BOI) to FinCEN as part of the Corporate Transparency Act (CTA). If you’re unsure how to do BOI filing, this guide breaks it down for you.
Step-by-Step: How to File BOI with FinCEN
1. Determine If You’re Required to File
You must file a BOI report if your business is:
- A corporation, LLC, or similar entity created by filing with a U.S. state.
- A foreign company registered to do business in the U.S.
Exemptions include large operating companies, banks, credit unions, and regulated entities.
2. Gather Required Information
You’ll need details for:
- The Company: legal name, DBA names, business address, state of formation, and EIN.
- Beneficial Owners: full legal name, date of birth, residential address, ID document type, and a photo of the ID.
- Company Applicants (if formed after Jan 1, 2024): same details as owners.
3. Go to the FinCEN BOI Filing Website
Visit the official BOI E-Filing System.
4. Choose Your Filing Option
You can:
- File Online using the web form.
- Upload a PDF form via the portal.
5. Submit and Save Confirmation
Once submitted, you’ll receive a Filing Receipt Number. Save this as proof of your submission.
Important Deadlines
- Existing companies (before Jan 1, 2024): Must file by January 1, 2025.
- New companies (formed in 2024): File within 90 days of formation.
- Future companies (formed in 2025 onward): File within 30 days of formation.
Penalties for Not Filing
Failing to file or providing false info can result in:
- $500/day in civil fines
- Criminal penalties: up to $10,000 or 2 years imprisonment
Need Help?
If you’re unsure how to do BOI filing or want to avoid mistakes, services like FormLLC.us can handle it for you with guaranteed compliance.
Conclusion:
BOI filing is now a legal requirement for most U.S. businesses. Knowing how to do BOI filing correctly ensures compliance, protects your company, and avoids hefty penalties.
