Introduction
If you own a business in Florida, you’ve likely come across the term BOI filing. But what is a BOI filing in Florida, and why does it matter for your business?
This blog explains the BOI filing requirements, who needs to file, and how this federal rule applies to Florida business entities.
What Is a BOI Filing?
BOI stands for Beneficial Ownership Information. A BOI filing is a mandatory report submitted to the Financial Crimes Enforcement Network (FinCEN) that discloses the individuals who ultimately own or control a company.
This requirement was introduced under the Corporate Transparency Act (CTA), which took effect on January 1, 2024.
Does Florida Require a BOI Filing?
No, the BOI filing is not a state-level (Florida) requirement. It is a federal filing, but it applies to Florida-registered companies like:
- LLCs
- Corporations
- Business trusts
- Other entities formed by filing documents with the Florida Department of State
So, even though it’s a federal rule, if your business is registered in Florida, you must comply with the BOI reporting rule.
Who Needs to File in Florida?
Most small businesses in Florida must file BOI reports unless they qualify for an exemption. Common businesses that must file include:
- Florida LLCs
- Florida S Corps
- Real estate holding companies
- Single-member LLCs
- Family-owned businesses
What Information Is Included in a Florida BOI Filing?
Your Florida-based business must report:
- Company details (name, address, EIN)
- Beneficial owner details (name, DOB, address, ID)
- Company applicant information (for entities formed after Jan 1, 2024)
What Happens If You Don’t File?
Failure to comply with BOI filing requirements can lead to:
- $500 daily fines
- Criminal charges
- Imprisonment up to 2 years
Conclusion
What is a BOI filing in Florida?
It’s a federally required report that discloses who owns and controls your Florida business. If your entity is active and registered with the Florida Division of Corporations, you’re likely required to file.
