Starting in 2024, many businesses in the United States — including most LLCs and corporations — are now required to file a BOI Report under the Corporate Transparency Act. But what is this report, and how do you file it correctly?
This guide explains:
- What the BOI Report is
- Who must file it
- When and where to file
- Step-by-step instructions for how to fill out the BOI Report
- What penalties to avoid
What Is the BOI Report?
The Beneficial Ownership Information (BOI) Report is a filing required by the Financial Crimes Enforcement Network (FinCEN) — a bureau of the U.S. Department of the Treasury.
It collects details about the owners and controllers of companies to prevent illegal activities like money laundering or tax evasion.
Filing is mandatory for most U.S. businesses formed before or after January 1, 2024.
Who Needs to File the BOI Report?
You must file if your company is a:
- Limited Liability Company (LLC)
- Corporation (C-Corp or S-Corp)
- Other entities formed by filing with a state agency
Exemptions apply to:
- Large companies with 20+ employees and $5M+ revenue
- Regulated entities (banks, credit unions, etc.)
When Is the Deadline?
| Business Formation Date | BOI Report Deadline |
|---|---|
| Before Jan 1, 2024 | By Jan 1, 2025 |
| In 2024 | Within 90 days of company formation |
| On or after Jan 1, 2025 | Within 30 days of company formation |
You only need to file once unless your ownership details change.
How to Fill Out the BOI Report (Step-by-Step)
You can file the BOI Report online for free via FinCEN’s BOI Filing System.
Step 1: Gather Required Information
You’ll need details about:
- The company (legal name, state, EIN)
- Beneficial owners (name, DOB, address, ID)
- Company applicants (if formed after Jan 1, 2024)
Step 2: Log in to FinCEN BOI Filing Portal
Go to: https://boiefiling.fincen.gov
You don’t need to create an account.
Click “File BOIR” and select your filing type:
- Initial Report
- Correction
- Update
Step 3: Enter Company Information
You’ll be asked to enter:
- Legal entity name
- Any DBA/trade names
- Business address
- EIN (Employer Identification Number) or TIN
Step 4: Add Beneficial Owner Information
For each owner (25%+ ownership or significant control):
- Full legal name
- Date of birth
- Residential address (not business address)
- ID type (passport, driver’s license, etc.)
- Upload a scanned copy of the ID
You can add multiple beneficial owners.
Step 5: Add Company Applicant (if required)
Only needed for companies formed after Jan 1, 2024.
This includes:
- The person who filed the formation documents
- The person directing the filing (if different)
Same ID details as for beneficial owners are required.
Step 6: Review and Submit
Double-check all entries. Submit the form electronically.
You’ll get a confirmation receipt via email.
When to Update or Correct the BOI Report
You must update your BOI Report within 30 days if:
- A new owner is added
- An owner’s address or ID changes
- The company changes its name or structure
You must file a correction if you discover an error after submission.
Penalties for Not Filing the BOI Report
- Civil penalties: Up to $500 per day of non-compliance
- Criminal penalties: Up to $10,000 and/or 2 years in prison for willful violations
Filing is free — but missing the deadline or submitting false information can be costly.
Need Help Filing the BOI Report?
FormLLC provides expert assistance for your BOI filing — whether you’re forming a new LLC or managing your existing one.
Our service includes:
- BOI report filing and confirmation
- LLC formation in any U.S. state
- EIN delivery in 24–48 hours
- Registered Agent + U.S. address
- Business email, domain & dashboard
- Bank account assistance (Wise, Mercury, Relay)
Contact Us:
Email: contact@formllc.us
Website: www.formllc.us
WhatsApp: +91 6202619173, +1 3322662187
Final Thoughts
Filing the BOI Report is a legal requirement under FinCEN’s new Corporate Transparency Act.
The process is straightforward — but accuracy is essential.
Whether you’re just launching a U.S. business or updating ownership information, make sure to file on time and correctly to stay compliant and avoid penalties.
