Hey, U.S. Corporations and LLCs, Have You Filed BOI Yet?

BOI: Beneficial Ownership Information 

Your company is likely subject to a new federal reporting requirement for BOI, under the 2021 Corporate Transparency Act. Companies who are required must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury. 

If your company is a corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state, you are required to report unless one of the unlikely 23 exemptions applies.  

If your company was created or registered prior to January 1, 2024, you were required to file BOI by January 1, 2025. (See Below) Companies created or registered in 2024 have 90 days to file BOI and those created or registered in 2025 or later will have 30 days to file BOI. (Also, See Below) 

If this is all news to you, you are not alone and you are not in violation (yet). A recent federal court order has temporarily enjoined (prohibited) enforcement for complying with BOI reporting requirements. While the injunction is in effect, reporting companies are not required to file BOI with FinCEN. However, companies may continue to voluntarily file BOI reports. The Department of Treasury is appealing the injunction, and it is unclear if/when the requirement to file will be reinstated. 

Filing BOI is done electronically through FinCEN’s website free of charge. It is a one-time filing and not an annual requirement. You can view FinCEN’s Small Entity Compliance Guide for BOI for more information.