If you’ve started or are planning to start a U.S. business, you’ve likely heard about the BOI Report — a new federal filing requirement introduced by the Corporate Transparency Act and enforced by FinCEN (Financial Crimes Enforcement Network) starting January 1, 2024.
But who exactly needs to file this report?
This guide explains:
- What the BOI Report is
- Who must file it
- Exemptions and exceptions
- What information is required
- Penalties for non-compliance
What Is the BOI Report?
The Beneficial Ownership Information (BOI) Report is a legal filing required by FinCEN to disclose the owners and controllers of companies formed or registered in the U.S.
It is designed to:
- Increase transparency in U.S. business structures
- Prevent money laundering, fraud, and terrorism financing
- Identify real individuals behind businesses
Who Has to File the BOI Report?
You must file a BOI Report if your company is considered a “reporting company” under FinCEN rules.
A reporting company includes:
- U.S. Domestic Entities:
- Any LLC, Corporation, or similar entity created by filing documents with a U.S. state.
- Foreign Entities:
- Any foreign company registered to do business in the United States.
This means the following businesses must file:
- LLCs (even if single-member and inactive)
- Corporations (C-Corp and S-Corp)
- Professional LLCs (PLLCs)
- Most partnerships formed by state filing
- Foreign companies operating in the U.S.
Who Does NOT Have to File the BOI Report?
FinCEN has identified 23 types of exempt entities, including:
- Large operating companies (20+ U.S. full-time employees and $5M+ revenue)
- Publicly traded companies
- Banks and credit unions
- Tax-exempt nonprofits
- Insurance companies
- Accounting firms
- Subsidiaries of exempt companies
If your business falls under one of these exemption categories, you do not need to file.
Who Is a Beneficial Owner?
A beneficial owner is any individual who:
- Directly or indirectly owns 25% or more of the company
OR - Exercises substantial control over the company’s operations or decisions
You must report all beneficial owners, even if they are not listed in your LLC’s legal documents.
Who Is a Company Applicant?
If your company was formed on or after January 1, 2024, you also need to report the company applicant(s):
- The person who filed the formation documents
- The person who directed or controlled the filing
Companies formed before 2024 do not need to report applicants.
BOI Report Filing Deadlines
| Business Formation Date | BOI Filing Deadline |
|---|---|
| Formed before Jan 1, 2024 | By January 1, 2025 |
| Formed in 2024 | Within 90 days of formation |
| Formed after Jan 1, 2025 | Within 30 days of formation |
You only need to file once, unless there is a change in ownership or information.
What Information Is Required in the BOI Report?
For each beneficial owner (and applicant, if required), you must submit:
- Full legal name
- Date of birth
- Current residential address
- Identification (passport, driver’s license, etc.)
- Scanned copy of the ID
For the company, you must include:
- Legal name and trade names (if any)
- EIN or TIN
- State and date of formation
- U.S. business address
Penalties for Not Filing
Failure to file a required BOI Report can result in:
- Civil fines of up to $500 per day
- Criminal penalties of up to $10,000 and/or 2 years in prison
FinCEN takes non-compliance seriously, so it’s essential to file on time and keep your information up to date.
Need Help Filing the BOI Report?
At FormLLC, we help you stay 100% compliant with the latest U.S. business laws.
Our BOI filing service includes:
- Accurate and timely BOI Report submission
- Ongoing update reminders for changes in ownership
- LLC + EIN setup in 50 states
- BOI + registered agent + business address bundle
- Bank account setup (Mercury, Wise, Relay)
Contact FormLLC:
📧 Email: contact@formllc.us
🌐 Website: www.formllc.us
📱 WhatsApp: +91 6202619173, +1 3322662187
Final Thoughts
If your business is a U.S. LLC or corporation (even single-member), you are likely required to file a BOI Report under the Corporate Transparency Act.
Avoid penalties by understanding your filing obligations and submitting your report to FinCEN on time.
For peace of mind, trust experts like FormLLC to handle the process for you.
