Beneficial Ownership Information Reporting
The Corporate Transparency Act:
FinCEN BOI Reporting Requirements
As of January 1, 2024, many companies in the United States were mandated to begin disclosing details about their beneficial owners, who are the individuals who ultimately own or control the company. The companies are required to report this information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
About Beneficial Ownership Reporting
Overview of BOI Reporting
In 2021, Congress passed the Corporate Transparency Act, which establishes a new requirement for reporting beneficial ownership information. This law is part of the U.S. government’s efforts to make it more difficult for dishonest individuals to conceal or profit from their unlawfully obtained assets through shell companies or other opaque ownership structures.
Who is Required To Report
If you own or operate a business, it's essential to determine if you need to report under the FinCEN Beneficial Ownership Information (BOI) requirements. Companies required to file include Limited Liability Companies (LLCs), Limited Liability Partnerships (LLPs), Business Trusts, and any other foreign or domestic entity established through filing with a Secretary of State office or within a tribal jurisdiction.
Who is Exempt from Reporting
There are 23 types of entities that are exempt from the reporting requirements of beneficial ownership information. These entities include publicly traded companies, nonprofits, and certain large operating companies. FinCEN offers a BOI Small Business Compliance Guide that may help determine whether your company meets the exemption criteria.
You can easily report your company’s Beneficial Ownership Information (BOI) electronically through FinCEN’s website.
Resources to Learn More
You can learn more by visiting the following:
Beneficial Ownership General Information
Get beneficial information about Fincen requirements directly from the US Treasury Financial Crimes Enforement Network Website
Beneficial Ownership Information FAQs
See frequently asked questions from other business owners on the US Treasury FinCen FAQs
Financial Crimes Enforcement Network BOI Brochure PDF
Get an introduction to the Beneficial Ownership Information Reporting requirements from US Treasury Financial Crime's Enforement Netork's overview brochure
BOI Small Business Compliance Guide
Are you a small business and want to know your compliance requirements? Visit the FinCen small entitity compliance guide for more details and information
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