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Beneficial Ownership
Information (BOI) Key Points and FAQs

$99 Filing Fee Per Entity

Key points about the BOI Filing:

  • Required by the Financial Crimes Enforcement Network (FinCEN)

  • Applies to most U.S. businesses

  • Deadline for filing is January 1st, 2025 for companies formed prior to 2024

    • Entities registered on or after January 1st, 2024, have a different reporting timeline, as they must file their BOI within 30 days of registration​

  • Failure to file can result in penalties of up to $500 per day

What Information is Reported?

  • The BOIR requires businesses to report details about their beneficial owners, including:

    • Full legal name

    • Date of birth

    • Current residential or business address

    • Unique identifying number (e.g., passport or driver's license number)

Why is the BOI Filing Important?

  • The BOIR helps:

  • Prevent money laundering and other financial crimes

  • Improve corporate accountability

  • Assist law enforcement in investigations

Are there exemptions?

  • Yes, there are 23 entities that are exempt. 

Do all owners need to be reported within the BOI filing?

  • No. Only the following owners who meet the criteria need to be reported:

    • Own 25% or more of the company, or

    • Exercise substantial control over the entity.
       

Other Frequently Asked Questions:

  • A report must be filed if your business was active during 2024, even for a single day

  • Your report asks for information about the individuals who directly or indirectly own or control the company

  • Your report asks for information about the individuals who directly or indirectly own or control the company

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