What is BOI Reporting? The new federal disclosure rule.
BOI reporting (Beneficial Ownership Information) is a federal filing required of most US LLCs, Corporations, and similar entities by the Corporate Transparency Act. The filing identifies the human beings who ultimately own or control the entity, and is filed with the Financial Crimes Enforcement Network (FinCEN). The penalty for missing it is up to $591 per day.
Beneficial Ownership Information (BOI) reporting is a US federal filing requirement under the Corporate Transparency Act of 2021. It requires most domestic and foreign-qualified US entities to disclose information about their "beneficial owners" (individuals who ultimately own or control the entity) to the Financial Crimes Enforcement Network (FinCEN).
Here is what that actually means.
The goal of BOI reporting is to make it harder to hide ownership of US businesses behind shell companies. Before the Corporate Transparency Act, US LLCs were easy to form anonymously and were used in money laundering schemes. The BOI rule changes that by requiring the identification of every individual who owns 25% or more of an entity or exercises "substantial control" over it.
The information you submit is NOT public. It is held in a secure FinCEN database and shared only with law enforcement, regulators, and certain financial institutions when they have a legal basis to access it. This is the most common point of confusion: BOI is required, but it is not on the public state record.
Most US LLCs and Corporations must file an initial BOI report within 30 days of formation (for entities formed in 2025 or later), or within 90 days (for entities formed in 2024), or by January 1, 2025 (for entities formed before 2024). An updated report is required within 30 days of any change to the reported information.
The four things to know.
Common situations.
Related concepts side by side.
Common questions.
Who has to file a BOI report?
What information is required?
Who is a "beneficial owner"?
What are the deadlines?
What is the penalty for missing BOI?
How much does it cost to file BOI?
Is the BOI report public?
How often do I have to file?
Does a single-member LLC need to file?
Does a real estate holding LLC need to file?
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