FinCEN BOI Report: What Every Business Owner Must File

Starting January 1, 2024, most US companies must file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). This is a new requirement under the Corporate Transparency Act.

Who must file?

Most corporations, LLCs, and other entities created by filing with a state must report. This includes:

• •LLCs
• •Corporations
• •Limited partnerships
• •Any entity created by filing a document with a secretary of state

Who is exempt?

23 categories of entities are exempt, including:

• •Large operating companies (20+ US employees, $5M+ revenue, physical US office)
• •Banks, credit unions, and other regulated financial institutions
• •Tax-exempt organizations
• •Publicly traded companies

Most small businesses and startup LLCs are NOT exempt.

What information is reported?

About the company:

• •Legal name and any trade names (DBAs)
• •Address
• •State of formation
• •Tax identification number (EIN or SSN)

About each beneficial owner:

• •Full legal name
• •Date of birth
• •Residential address
• •ID document (passport, driver's license, or state ID) — number and image

Who is a beneficial owner?

Any individual who:

• •Exercises substantial control over the company, OR

• •Owns or controls at least 25% of the company

For a single-member LLC, the sole member is always a beneficial owner.

Deadlines

• •Companies formed before January 1, 2024: Must file by January 1, 2025
• •Companies formed in 2024: Must file within 90 days of formation
• •Companies formed in 2025 and later: Must file within 30 days of formation

How to file

BOI reports are filed electronically through FinCEN's website at boiefiling.fincen.gov. There is no paper filing option. The filing is free.

Penalties

Willful failure to file can result in:

• •Civil penalties of up to $500 per day
• •Criminal penalties of up to 2 years imprisonment and $10,000 fine

Using UFF

UFF helps you organize the information you'll need before filing on FinCEN's website. Fill out our guided form to prepare your data, then use it as a reference when filing electronically.