Key points about the BOI Filing:
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Required by the Financial Crimes Enforcement Network (FinCEN)
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Applies to most U.S. businesses
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Deadline for filing is January 1st, 2025 for companies formed prior to 2024
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Entities registered on or after January 1st, 2024, have a different reporting timeline, as they must file their BOI within 30 days of registration​
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Failure to file can result in penalties of up to $500 per day
What Information is Reported?
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The BOIR requires businesses to report details about their beneficial owners, including:
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Full legal name
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Date of birth
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Current residential or business address
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Unique identifying number (e.g., passport or driver's license number)
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Why is the BOI Filing Important?
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The BOIR helps:
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Prevent money laundering and other financial crimes
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Improve corporate accountability
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Assist law enforcement in investigations
Are there exemptions?
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Yes, there are 23 entities that are exempt.
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You can read about the full list of exemptions and details within this link (Ref. Wolters Kluwer).
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Do all owners need to be reported within the BOI filing?
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No. Only the following owners who meet the criteria need to be reported:
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Own 25% or more of the company, or
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Exercise substantial control over the entity.
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Other Frequently Asked Questions:
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A report must be filed if your business was active during 2024, even for a single day
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Your report asks for information about the individuals who directly or indirectly own or control the company
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Your report asks for information about the individuals who directly or indirectly own or control the company