Need more information on BOI?
FAQ
Beneficial Ownership Information (BOI) refers to detailed data about the individuals who ultimately own or control a legal entity, such as a company. This information is crucial for regulatory compliance and transparency purposes, helping to prevent financial crimes like money laundering and ensuring accountability within corporate structures.
A beneficial owner of a company is an individual who either has significant control over the company or holds at least 25 percent of its interests. This category includes:
- Senior officers, such as presidents, CFOs, CEOs, COOs
- Key decision-makers within the company
- Individuals with the authority to appoint or remove officers or directors
- Persons who own or control at least 25 percent of the company’s ownership, equity, voting rights, or stock
For business entities established before January 1, 2024, the deadline to file is December 31, 2024. Entities formed on or after January 1, 2024, have a 90-day period from their formation date to submit their filing. Additionally, any entities that update their formation documents on or after January 1, 2024, must file a new report within 30 days
It is essential to comply with these requirements to avoid potential criminal and civil penalties. Non-compliance can result in imprisonment for up to two years, fines up to $10,000, and/or daily fines of up to $500.
Absolutely! Business owners can file the report directly online at boiefiling.fincen.gov/fileboir. For detailed instructions on how to file the BOI Report yourself, please refer to our guide.
However, navigating the criteria for beneficial ownership and accurately documenting this information can be challenging. Additionally, managing filing deadlines, staying updated with regulatory changes, and avoiding errors in your submission can be difficult. Our team is here to assist you with filing your BOI Report, ensuring compliance, and helping you avoid potential penalties.
