Oh, BOI - More Reporting!
Beneficial Owner Information Report
WHO (needs to file): All LLCs (partnership or single-member), S-Corporations, and C-Corporations.
WHAT (do I file): A form/report to identify a company and its owners
WHERE (do I file): File online: https://boiefiling.fincen.gov/fileboir
WHY (am I filing): To help build a database of business ownership to deter illegal acts, such as money laundering, tax evasion, and other crimes. And to avoid very costly penalties and fines for not filing.
WHEN (do I file): If your company was created before 1/1/24, this report is due by 1/1/25. If your company was created after 1/1/24, this report must be filed within 90 days of creating your company
There is no cost or fee for filing this return and it is a very straightforward process that can be done by the business owners. If you need consultation, please reach out to an attorney. If you need assistance preparing the filing u sing information provided by you, our firm can assist for a fee of $150.
Below is the information you will need to file this report:
For the company:
Full legal business name
Complete current street address of principal place of business
Jurisdiction of formation or initial registration (state, tribal, or foreign jurisdiction)
Taxpayer Identification Number (TIN, EIN)
For each beneficial owner:
Full legal name, date of birth, and complete current address
Unique identifying number from an acceptable non-expired identification document (U.S. passport; state, local, or tribal identification document; state-issued driver’s license; foreign passport)
State or jurisdiction that issued the identification document
Image of the identification document that also includes a photograph of the individual
“Beneficial Owners” are people with substantial influence over your company. All beneficial owners must submit their information, regardless of when your business was formed.
“Company Applicants” are the people who formed your company with the state. Only businesses formed prior to 2024 need to submit company applicant info. The info is the same for company applicants as it is for beneficial owners.