BOI Filing Service

Beneficial Ownership Information Reporting Service

Our filing service is $100 per company – flat fee.

BOIR FinCEN – Overview

Beginning on January 1, 2024 Under the Corporate Transparency Act (CTA), FinCEN began requiring most small businesses to report their Beneficial Ownership Information (BOI). Why? This law was passed with the intent to improve financial transparency and eliminate money laundering and other similar crimes. You do not have to file every year, only when business ownership information changes. To read more information on this topic see commonly asked questions below.

The BOI E-Filing System supports the electronic filing of the Beneficial Ownership Information Report (BOIR) under the Corporate Transparency Act (CTA). The CTA requires certain types of U.S. and foreign entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Commonly Asked Questions

Do the BOI reporting requirements apply to S-Corporations?

Yes. A corporation treated as a pass-through entity under Subchapter S of the Internal Revenue Code (an “S Corporation” or “S-Corp”) that qualifies as a reporting company—i.e., that is created or registered to do business by the filing of a document with a secretary of state or similar office, and does not qualify for any of the exemptions to the reporting requirements—must comply with the reporting requirements. The S-Corp’s pass-through structure for tax purposes does not affect its BOI reporting obligations. In particular, pass-through treatment under Subchapter S does not qualify an S-Corp as a “tax-exempt entity” under FinCEN BOI reporting regulations.

[Issued April 18, 2024]

What are the Deadlines for Filing & Fines for Not Filing?

For businesses created or registered before January 1, 2024

The deadline for the initial BOI report filing is January 1, 2025.

For businesses created or registered on or after January 1, 2024

The deadline to file the initial BOI report is within 90 days of
their company registration date.

Note: Late filings can result in fines of $500 per day, up to $10,000

Do I have to File this report Every Year? How Often Do I Have to Report?

No, unless ownership information has changed. You are not required to report unless changes in ownership have occured.

Yes, If ownership information has altered or changed.

Is a sole proprietorship a reporting company?

No, unless a sole proprietorship was created (or, if a foreign sole proprietorship, registered to do business) in the United States by filing a document with a secretary of state or similar office. An entity is a reporting company only if it was created (or, if a foreign company, registered to do business) in the United States by filing such a document. Filing a document with a government agency to obtain (1) an IRS employer identification number, (2) a fictitious business name, or (3) a professional or occupational license does not create a new entity, and therefore does not make a sole proprietorship filing such a document a reporting company.

[Issued December 12, 2023]

Who is a beneficial owner of a reporting company?

A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25 percent of a reporting company’s ownership interests. Because beneficial owners must be individuals (i.e., natural persons), trusts, corporations, or other legal entities are not considered to be beneficial owners. However, in specific circumstances, information about an entity may be reported in lieu of information about a beneficial owner.

[Updated April 18, 2024]

Are there Exempt Entities?

Yes, see the list below:

23 types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies.

Exemption No.Exemption Short Title
1Securities reporting issuer
2Governmental authority
4Credit union
5Depository institution holding company
6Money services business
7Broker or dealer in securities
8Securities exchange or clearing agency
9Other Exchange Act registered entity
10Investment company or investment adviser
11Venture capital fund adviser
12Insurance company
13State-licensed insurance producer
14Commodity Exchange Act registered entity
15Accounting firm
16Public utility
17Financial market utility
18Pooled investment vehicle
19Tax-exempt entity
20Entity assisting a tax-exempt entity
21Large operating company
22Subsidiary of certain exempt entities
23Inactive entity
 What information will a reporting company have to report about itself?

A reporting company will have to report:

  1. Its legal name;
  2. Any trade names, “doing business as” (d/b/a), or “trading as” (t/a) names;
  3. The current street address of its principal place of business if that address is in the United States (for example, a U.S. reporting company’s headquarters), or, for reporting companies whose principal place of business is outside the United States, the current address from which the company conducts business in the United States (for example, a foreign reporting company’s U.S. headquarters);
  4. Its jurisdiction of formation or registration; and
  5. Its Taxpayer Identification Number (or, if a foreign reporting company has not been issued a TIN, a tax identification number issued by a foreign jurisdiction and the name of the jurisdiction).

A reporting company will also have to indicate whether it is filing an initial report, or a correction or an update of a prior report.

[Issued September 18, 2023]

 What information will have to reported about its beneficial owners?

For each individual who is a beneficial owner, a reporting company will have to provide:

  1. The individual’s name;
  2. Date of birth;
  3. Residential address; and
  4. An identifying number from an acceptable identification document such as a passport or U.S. driver’s license, and the name of the issuing state or jurisdiction of identification document.