A Beneficial Ownership Interest Report is a new report that almost all small businesses need to file with the Financial Crimes Enforcement Network (FinCEN), part of the U.S. Treasury Department. The report discloses information about a company’s beneficial owners, management, and in some cases, the person who formed the entity. It is required under the Corporate Transparency Act to help combat illicit activities such as money laundering and terrorist financing by increasing transparency in business ownership.

FinCEN, or the Financial Crimes Enforcement Network, is a bureau of the U.S. Department of the Treasury. It enforces compliance with laws that prevent financial crimes, including the regulation and monitoring of beneficial ownership information.

Yes, this is new, and all small businesses need to file by January 1, 2025.

Your company must file a Beneficial Ownership Interest Report if it meets the definition of a "reporting company" under FinCEN's rules and does not qualify for an exemption. Generally, most domestic and foreign companies doing business in the U.S. need to file unless they are exempt. We have a created a free quiz which will tell you if your company needs to file. Simply go to fileboi.org and click on the quiz.

LLCs are also required to file a Beneficial Ownership Interest Report if they are small businesses under FinCEN's rules.

Yes, and they can be significant. Failure to file can result in civil penalties of up to $500 per day, with potential criminal penalties including fines of up to $10,000 and imprisonment of up to two years for willful non-compliance.

Reporting requirements apply to many entities, not just small businesses. However, small businesses will generally be required to file a BOI report unless your company has more than 20 full-time employees and had revenue of more than $5 million in 2023.

File BOI provides an easy and legally compliant way to file Beneficial Ownership Interest Reports electronically, ensuring that companies meet their filing deadlines, comply with regulations, and amend their filings when necessary.

A Beneficial Owner is any individual who directly or indirectly exercises substantial control over a company or owns or controls at least 25% of your company’s ownership interests, whether they are characterized as shares of stock, membership interests, or something else.

File BOI is a privately owned company created to assist small businesses in filing the BOI form and updating it when needed.

Yes. The deadline depends on when your company was formed. If your company was formed in 2024, the deadline is 90 days following the date your company was formed. Companies already in existence before 2024 have until January 1, 2025, to file.

This is not a one-time filing. You must file a Beneficial Ownership Interest Report and then regularly update it to reflect any changes. However, as of now, you do not need to file annually.

Companies must update their reports when there are changes in beneficial ownership information. Even a small change, such as a beneficial owner moving to a new home, will require an update. File BOI makes that process easy, and we will send you reminders to check if you need to file an update.

How can File BOI keep my company in compliance?

File BOI helps ensure that your company meets all its filing deadlines and keeps beneficial ownership information up to date, helping avoid penalties for non-compliance.

Yes, you can file the BOI Report directly with FinCEN. However, many small businesses find the process confusing, which can result in an inaccurate filing. Also, since you cannot retrieve a BOI Report once filed, you need to start over when you need to amend your report. This is required if any information changes, even when a beneficial owner changes residences. At File BOI, we have designed a system that is simple to use, explains the process, and allows you to easily file amendments.