Introduction
With the Corporate Transparency Act (CTA) now in effect, many small business owners are asking: “Is BOI filing required for my business?”
The answer is yes — if you operate an LLC, corporation, or other registered entity in the U.S., chances are you are required to file a Beneficial Ownership Information (BOI) report with FinCEN (Financial Crimes Enforcement Network).
This guide breaks down who must file, what the requirements are, and key deadlines to avoid penalties.
What is BOI Filing?
BOI filing refers to the submission of Beneficial Ownership Information — a report disclosing the individuals who own or control your business. This new requirement is part of the Corporate Transparency Act, aimed at curbing illegal activities like money laundering, fraud, and tax evasion.
So, Is BOI Filing Required?
BOI Filing Is Required For:
- LLCs
- Corporations
- Limited Partnerships
- Foreign entities registered to do business in the U.S.
If your business is a “reporting company”, then yes — BOI filing is required.
BOI Filing Is Not Required For:
- Large operating companies (20+ full-time U.S. employees, $5M+ revenue, physical office)
- Publicly traded companies
- Banks, credit unions, insurance companies
- Inactive entities that meet specific criteria
Key BOI Filing Deadlines
| Business Type | Formation Date | Filing Deadline |
|---|---|---|
| Existing entities | Before Jan 1, 2024 | By Jan 1, 2025 |
| Newly formed entities | On or after Jan 1, 2024 | Within 90 days (30 days in 2025) |
What Information Is Required?
To comply with the BOI rule, companies must report:
Business Info:
- Legal name and any DBAs
- Business address
- Taxpayer ID (TIN or EIN)
- Jurisdiction of formation
Beneficial Owner Info:
- Full legal name
- Date of birth
- Residential address
- Unique identifying number (e.g., driver’s license, passport)
- A copy of the ID
Who is a Beneficial Owner?
A beneficial owner is anyone who:
- Owns 25% or more of the company OR
- Has substantial control, such as executives, managers, or directors
How to File the BOI Report
Filing is done online through FinCEN’s BOI filing system at fincen.gov. The report is free to submit and requires no filing fee.
Penalties for Not Filing
If BOI filing is required and you fail to comply:
- Civil penalties: Up to $500 per day
- Criminal penalties: Up to $10,000 in fines and/or 2 years in prison
Updates must also be filed within 30 days if beneficial ownership changes.
Conclusion
To answer the question — is BOI filing required? — the answer for most LLCs and corporations is a clear yes.
Failure to file can result in severe penalties. Stay compliant and protect your business by submitting your BOI report on time.
