Does My Small Business Have Beneficial Ownership Information (BOI) Reporting Requirements?
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Millions of small-business owners are impacted by the Jan. 1, 2025 deadline for beneficial ownership information (BOI) reporting under the Corporate Transparency Act. The Corporate Transparency Act aims to prevent illegal activities (e.g. money laundering, fraud, funding terrorism) by requiring businesses to disclose which individuals own them.
Affected businesses must submit a BOI report on the Financial Crimes Enforcement Network (FinCEN) website by Jan. 1, 2025.
Wondering what action your small business needs to take? Below, we’ll review which businesses are beholden to BOI reporting, what the requirements entail and how to file a report.
What is beneficial ownership information?
Beneficial ownership information is identifying details (name, date of birth, address, passport or driver’s license number) about individuals who own or control a company. You may be a beneficial owner if you directly or indirectly exercise “substantial control” over, or own or control at least 25% interest in a business.
According to FinCEN, you may exercise substantial control over a company if you fall into any of the following categories:
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Who has to file a BOI report?
A corporation, limited liability company or other entity created by filing a document with a secretary of state or any similar office in the U.S. (or in one of its territories).
A foreign company (including corporations and LLCs) that’s registered to do business in the U.S. through official filings.
Most sole proprietorships and general partnerships don’t have to submit a report because they’re not required to file a formation document with their applicable secretary of state.
Additionally, there are 23 types of businesses that are exempt from BOI reporting requirements, including certain publicly traded companies, many nonprofits and some financial institutions, among others. The previously mentioned Small Entity Compliance Guide breaks down all 23 categories to help you determine whether your business meets one of the exemptions.
What information is required for BOI reporting?
If your business qualifies as a reporting company, you’ll need to complete and submit a BOI report through the FinCEN website. As part of this report, you’ll need to provide details about your company and its beneficial owner, including:
Company information
Its legal name.
Any trade names or “doing business as” names.
Current street address.
Jurisdiction of formation or registration.
Beneficial owners information
Name.
Date of birth.
Residential address.
Identifying number from an acceptable identification document (such as a passport or U.S. driver’s license) and name of the issuing state or jurisdiction of that document.
Image of the document used to obtain the identifying number.
If your business was created or registered on or after Jan. 1, 2024, you’ll also need to provide information about company applicants. A company applicant is an individual who directly files (or is primarily responsible for filing) the document that creates or registers your company.
For example, if you worked with a startup lawyer to draft and submit your formation paperwork, that individual would be considered a company applicant.
You’ll need to submit the same information for company applicants as is required for beneficial owners.
When to file a BOI report
The deadline for meeting the BOI reporting requirement varies based on when your business was created or registered to do business:
Business creation or registration date | BOI reporting deadline |
Before Jan. 1, 2024 | Jan. 1, 2025. |
Jan. 1, 2024 to Dec. 31, 2024 | 90 calendar days after receiving actual or public notice that creation/registration is effective. |
On or after Jan. 1, 2025 | 30 calendar days after receiving actual or public notice that creation/registration is effective. |
❗FinCEN has extended the filing deadlines to submit BOI reports for certain businesses that have been affected by Hurricanes Milton, Helene, Debby, Beryl and Francine.
If your company is located in an area impacted by one of these disasters, you can refer to the FinCEN hurricane notices for more information.
How to file a BOI report
You submit a BOI report through FinCEN's website. You can complete your report as a PDF or you can use FinCEN’s online system. There’s no charge to file a report through FinCEN.
If you choose to complete your report as a PDF, you’ll need access to Adobe Reader. You download the PDF BOI report file, input your information and upload the final product to the FinCEN website. If you use the online system, on the other hand, you’ll simply follow the prompts, provide your information and submit the form.
After you submit the BOI report (using either method), you’ll have the ability to download a copy and receive a confirmation of receipt. If at any time you need to make an update to or correct your report, you’ll be able to follow the same steps to submit an amended version.
You also have the option to work with a third-party service provider, such as LegalZoom or ZenBusiness to submit your beneficial ownership information report. These companies will likely charge you a fee to complete and file your report, as well as manage any changes on your behalf.
Have your BOI report filed for you—for free
Pilot is one of the largest accounting firms in the US that’s offering free BOI filing for your business, with email and text message support for any questions.
