BOI Reporting Requirements

What is BOI Reporting?

BOI stands for Beneficial Ownership Information (BOI) Reporting.

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Filing is simple, secure, and free of charge. Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once. 

Who Has to Report?

Companies required to report are called reporting companies. Reporting companies may have to obtain information from their beneficial owners and report that information to FinCEN. 

Your company may need to report information about its beneficial owners if it is:

1. A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe -OR-
2. A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing

Who Does NOT have to Report?

Twenty-three types of entities are exempt from beneficial ownership information reporting requirements, including publicly traded companies, nonprofits, and certain large operating companies.

Full details for exemptions at:  https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf.

How do I file my BOI?

You can file online at https://boiefiling.fincen.gov/.

New businesses have 90 days to complete the report after initial filing, but any businesses that registered prior to January 1, 2024,  have until the end of the year

This is a lot! How do I learn more?

Great question. Here are some ways to find additional information: 

1. Visit the official website outlining the reporting process at https://www.fincen.gov/boi.
2. Ask your accountant or business coach to provide some assistance.
3. Attend the MOWBC's Caffeinated Minds Zoom discussion on Tuesday, November 5th  at 9:00 am. Sign up for the Zoom link.