Free Guide to Filing a BOI Report

What Is a BOI Report and Why It Matters

A Beneficial Ownership Information (BOI) report is a document that tells the federal government who actually owns or controls a business. The report identifies the real people behind a company, not just the legal entity itself. This requirement came from a law passed in 2021 called the Corporate Transparency Act, which took effect on January 1, 2024.

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The purpose of BOI reporting is to prevent criminals from hiding money or conducting illegal activities through shell companies. When someone owns a business through layers of other companies or uses fake names, law enforcement has a harder time tracking illegal activity. By requiring businesses to report their true owners, the government can see who is really in charge and follow the money more effectively.

The Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Department of the Treasury, collects these reports. The information stays in a database that law enforcement and financial institutions can access when investigating crimes. Most regular business owners have nothing to worry about—this is simply a transparency measure.

BOI reporting affects millions of businesses across the United States. Small businesses, corporations, limited liability companies (LLCs), and other business structures may need to file. The rule does have some exceptions for certain types of businesses and organizations, which we cover in more detail later in this guide.

Practical takeaway: Understand that a BOI report is about identifying real business owners. This is a legal requirement for many business types, and filing correctly protects you from penalties.

Which Businesses Must File a BOI Report

Not every business needs to file a BOI report, but many do. The rule applies to any business formed or registered in the United States after January 1, 2024. It also applies to businesses formed before that date if they were still in operation on January 1, 2024. This includes domestic corporations, limited liability companies (LLCs), limited partnerships (LPs), and certain other business structures.

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The most common businesses that must report are:

• Corporations registered with a state
• Limited liability companies (LLCs) registered with a state
• Limited partnerships registered with a state
• Limited liability partnerships (LLPs)
• Other business entities formed under state law

However, several categories of businesses are exempt from BOI reporting. These include banks, insurance companies, and certain investment firms that are already heavily regulated by other federal agencies. Non-profit organizations do not need to file BOI reports. Government agencies and Indian tribes also do not file. Additionally, businesses that have been reporting owners to the SEC (Securities and Exchange Commission) as publicly traded companies are exempt. Some business structures that have very specific regulatory requirements may also be excluded.

If a business was already in operation before January 1, 2024, and is still active, filing is required. There is also a grace period for older companies. The initial filing deadline for companies that existed before January 1, 2024 was January 1, 2025. Companies formed after January 1, 2024 must file within 30 days of formation.

Understanding whether your business must file is the first and most important step. If you are uncertain, checking with your state's Secretary of State office or a business advisor can provide clarity about your specific situation.

Practical takeaway: Most registered business entities must file a BOI report unless they fall into specific exempt categories. If your business is a corporation, LLC, partnership, or similar entity registered with your state, you likely must report.

What Information Goes Into a BOI Report

A BOI report requires you to provide information about the beneficial owners of your business. A beneficial owner is someone who owns at least 25 percent of the business or has significant control over it. If you own 25 percent or more, you are a beneficial owner. If you do not own that much but you make major business decisions, manage day-to-day operations, or have power over finances, you may also be considered a beneficial owner.

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For each beneficial owner, you will need to report the following information:

• Full legal name
• Date of birth
• Current street address (the actual place where the person lives, not a business address)
• A unique identifier number, either a U.S. passport number, state driver's license or ID number, or other acceptable government ID number

The report also requires company information, such as the legal name of the business, the state where it was formed, and a company identification number if one exists. You will also need to identify who is reporting the information—usually the company owner or an authorized representative.

It is important to be accurate when providing this information. Mistakes or outdated details can lead to problems. If your business ownership changes, the report must be updated within 30 days. Similarly, if a beneficial owner's address or other information changes, the report should be corrected.

The information you provide is confidential and stored in a secure database. It is not available to the general public. Only certain law enforcement agencies, financial institutions in specific circumstances, and other authorized government departments may view this information.

Practical takeaway: Gather accurate, current information about all beneficial owners (those with 25 percent ownership or significant control). Have copies of identification ready before you begin preparing your report.

How to File Your BOI Report Step by Step

Filing a BOI report involves using the official FinCEN online filing system. The process is straightforward but requires attention to detail. Here are the basic steps:

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First, go to the FinCEN website and locate the BOI reporting portal. This is the only official place where BOI reports are filed. Be careful not to use third-party sites that claim to file reports for you, as these may be scams or may charge unnecessary fees for a process you can do yourself at no cost.

Second, create an account or log in if you already have one. You will need to provide basic information to set up access to the system. Keep your login information safe and secure.

Third, gather all the required information mentioned in the previous section—beneficial owner details, company formation information, and identification numbers. Having everything organized before you start makes the process faster and more accurate.

Fourth, enter the information into the online form. The system will walk you through each required field. Take time to double-check each entry before moving forward. Common mistakes include misspelled names, incorrect addresses, or wrong ID numbers.

Fifth, review the entire report one more time before submitting. Most online filing systems allow you to preview what you have entered. Look for typos or errors in dates, addresses, or ID numbers.

Sixth, submit your report through the secure online system. Once submitted, you should receive a confirmation that your report was received. Keep this confirmation for your records.

Practical takeaway: File directly through FinCEN's official website, organize your information beforehand, and review everything carefully before submitting to avoid errors that could delay acceptance of your report.

Deadlines and Updates for BOI Filing

Understanding the filing deadlines is crucial for staying in compliance. Companies that existed before January 1, 2024 had until January 1, 2025 to file their first BOI report. The deadline has now passed, but if you have not yet filed, submitting your report remains important for legal compliance.

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For businesses formed on or after January 1, 2024, the deadline is 30 days from the date your business is officially registered with your state. This is typically when you receive your certificate of formation or incorporation from your state's Secretary of State office. Once you receive that document, you have 30 days to file.

Even after you file your initial report, your responsibility does not end. You must update your BOI report if certain information changes. An update is required within 30 days if:

• A beneficial owner changes (someone new becomes an owner, or an existing owner no longer meets the threshold)
• A beneficial owner's name changes
• A beneficial owner's address changes
• A beneficial owner's ID information changes or becomes invalid