BOI – Beneficial Ownership Information

Description

Beneficial Ownership Information (BOI) refers to identifying the individuals who, directly or indirectly, own or control a company.

In 2021, the U.S. Congress passed the Corporate Transparency Act on a bipartisan basis. This law created the requirement for BOI reporting as part of the U.S. government’s efforts to prevent bad actors from hiding or benefiting from illicit gains through shell companies or other opaque ownership structures.

• A company created or registered before January 1, 2024, will have until January 1, 2025, to submit its BOI (Beneficial Ownership Information) report.
• A company created or registered in 2024 will have 90 calendar days to submit its BOI report after receiving official or public notification that its creation or registration is finalized.
• A company created or registered on or after January 1, 2025, will have 30 calendar days to submit its BOI report after receiving official or public notification that its creation or registration is finalized.

Intentionally failing to report complete or updated beneficial ownership information to FinCEN, or knowingly providing false or fraudulent information, may result in civil or criminal penalties. Civil penalties can be up to $500 per day for each day the violation continues, and criminal penalties can include imprisonment for up to two years and/or fines up to $10,000. Senior executives of an entity required to submit a BOI report may be held accountable if they fail to comply with this requirement.

Rely on us to handle your BOI filing quickly, so you can focus on growing your business. If you choose our Business Formation Package, this BOI filing is already included.