If you are the owner of a business (including corporations, partnerships, and LLCs), you are likely required to file a new Beneficial Ownership Information (BOI) report with FinCEN. Below are some of the Frequently Asked Questions regarding this new reporting. FinCEN has their own FAQ list that can be found here: https://www.fincen.gov/sites/default/files/shared/BOI-FAQs-QA-508C.pdf
We suggest that you go ahead and start looking at what is needed to file your BOI report so you have adequate time to gather the information and ask any questions.
Please give us a call if you have any questions.
1. What companies will be required to report BOI to FinCEN?
a. Corporations, limited liability companies (LLCs), and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
2. Are any companies exempt from the reporting requirement?
a. Yes. 23 types of entities are exempt from the BOI reporting requirements. These entities include publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies.
b. The checklist to see if your company qualifies can be found here: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
c. Please call our office if you have any questions about if your company qualifies for exemption.
3. When is the report due?
a. If your company was created or registered prior to January 1, 2024, you have until January 1, 2025 to file your initial report.
b. Any company created or registered in 2024 has 90 calendar days to file after receiving notice of its creation or registration.
c. Any company created or registered on or after January 1, 2025 will have 30 calendar days to file after receiving notice of its creation or registration.
4. How do I file my company’s BOI?
a. You will do so electronically through a secure filing system available via FinCEN’s BOI E-Filing website (https://boiefiling.fincen.gov)
5. Who is a beneficial owner?
a. An individual who either directly or indirectly (1) exercises substantial control over the company or (2) owns or controls at least 25% of the company’s ownership interest.
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