Beneficial Ownership Information Reporting

Important Resources

What You Need to Know

What are the BOI reporting requirements?

All U.S. entities must report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCen). This is a new requirement starting in 2024.

When is the deadline?

The report must be filed by January 1, 2025 for all entities formed prior to January 1, 2024.

Who must report beneficial ownership information?

All limited liability companies (LLCs), corporations, s-corporations and partnerships.

Who is exempt?

While there are a few exemptions for regulated companies (like publicly traded companies), small businesses are NOT exempt and must file.

Why has BOI reporting been introduced?

The BOI reporting requirement was passed to combat financial crimes, increase transparency and accountability, to comply with international standards, to improve regulatory oversight, and to protect the integrity of the financial system.

What needs to be reported?

The following information all 25% or more owners and all decision-makers of the company must be reported:

• • Full legal name
  • Date of birth
  • A unique identifying number (such as a passport or driver’s license number) and an image of the identifying document
  • Address
  • For more detailed information about who is considered an owner and/or decision-maker, please visit the official FinCEN BOI reporting page: FinCEN BOI

Where should entities report?

The Beneficial Ownership Information Report can be completed and submitted online through FinCEN’s website HERE.

What are the reporting requirements going forward?

Once the report is submitted, you do not need to re-file again unless there are material changes to the company’s beneficial ownership.