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Compliance
2 min read
Olyren Consulting

Understanding Beneficial Ownership Information (BOI) Reporting

A comprehensive guide to BOI reporting requirements under the Corporate Transparency Act, including who needs to file and how to comply.

BOIComplianceFinCENCorporate Transparency Act

The Corporate Transparency Act (CTA) requires many businesses to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This guide explains what you need to know.

What is BOI Reporting?

BOI reporting is a federal requirement designed to prevent money laundering and other financial crimes by identifying the beneficial owners of certain business entities.

Who Must File?

Most LLCs, corporations, and other business entities must file BOI reports, including:

  • Domestic corporations
  • Domestic LLCs
  • Other entities created by filing with a state
  • Foreign entities registered to do business in the U.S.

Exemptions

Certain entities are exempt, including:

  • Large operating companies (20+ employees, $5M+ revenue)
  • Publicly traded companies
  • Banks and credit unions
  • Tax-exempt entities
  • Certain inactive entities

What Information is Required?

You must report information about:

  1. The Company:

    • Legal name and any trade names
    • Business address
    • State of formation
    • Tax identification number (EIN)

  2. Beneficial Owners:

    • Full legal name
    • Date of birth
    • Residential address
    • Unique identifying number (passport, driver's license, etc.)

  3. Company Applicants (for entities formed after January 1, 2024):

    • Same information as beneficial owners

Filing Deadlines

  • Entities formed before January 1, 2024: Must file by January 1, 2025
  • Entities formed in 2024: Must file within 90 days of formation
  • Entities formed after 2024: Must file within 30 days of formation

Updates and Corrections

You must update your BOI report within 30 days if:

  • Information about beneficial owners changes
  • Company information changes
  • You discover errors in your filing

Penalties for Non-Compliance

Failure to comply can result in:

  • Civil penalties up to $500 per day
  • Criminal penalties including fines and imprisonment
  • Both civil and criminal penalties can apply

How Olyren Can Help

BOI reporting can be complex, especially for businesses with multiple owners or complex ownership structures. Our team can:

  • Determine if you need to file
  • Help gather required information
  • Prepare and submit your BOI report
  • Set up reminders for updates

Don't risk penalties—contact us today to ensure your business is compliant with BOI reporting requirements.