Beneficial Ownership Information (BOI)

Effective January 1, 2024, individuals that own or control at least 25% of a company must have their information reported by the companies to the Financial Crimes Enforcement Network (FinCEN). However, twenty-three types of entities are exempted from reporting including publicly traded companies, not for profits and certain large operating companies.

Who should report:

A company must report if it is

a corporation, a limited liability company (LLC), or was otherwise created in the United States or
a foreign company and was registered to do business in any United States, state or Indian tribe.

Deadline for filing

January 1, 2025, remains the deadline for reporting companies to file its initial BOI report. However, a reporting company that was registered in 2024 still has 90 days to file after its effective date of registration.

Penalties:

Noncompliance could lead to significant consequences which includes up to $500 per day and criminal charges.