Stay Compliant - File Your BOI Report Accurately Today
File your Beneficial Ownership Information Report with FinCEN to avoid serious penalties. Our dedicated team is ready to help you navigate the compliance process smoothly and efficiently. Begin your filing with us today
Do You Need a BOI Report for Your Business Entity?
What is the BOI Report?
The BOI (Beneficial Ownership Information) Report is a mandatory federal filing under FinCEN that identifies individuals who own or control a company.
Who Must File
All LLCs, corporations, and similar entities formed in or registered to do business in the U.S. must file unless they qualify for an exemption.
Required Information
Each beneficial owner’s full name, date of birth, residential address, and a government-issued ID (such as a passport or driver’s license) must be submitted.
When to File
Existing entities must file by January 1, 2025. New businesses must submit within 90 days of formation through the official FinCEN portal.
Penalties for Late Filing
Failure to submit or update the BOI Report can result in civil or criminal penalties, including fines up to $500 per day of noncompliance.
What Is the BOI Report?
The Beneficial Ownership Information (BOI) Report is a federal filing required by the U.S. Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). It identifies the individuals who own or control a company, increasing transparency to prevent illegal financial activities like money laundering or tax evasion.
Who Must File a BOI Report?
Almost all small businesses, including LLCs, corporations, and similar entities formed in the United States, are required to file a BOI Report unless exempt. You must file if your company:
- Is registered to do business in the U.S.
- Has ownership by one or more individuals.
- Is not a publicly traded or exempt large operating company.
BOI Filing Deadlines
The BOI filing deadlines depend on your company’s formation date:
- Companies formed before January 1, 2024: Must file by January 1, 2025.
- Companies formed on or after January 1, 2024: Must file within 90 days of formation.
Information Required in the BOI Report
The report includes details about both the company and its beneficial owners:
- Full legal name and DBA (if applicable)
- Business address
- Company formation details (state and date)
- Beneficial owner’s name, date of birth, address
- Government-issued ID number and image (passport or driver’s license)
Why Filing the BOI Report Is Important
- Ensures compliance with federal law
- Prevents penalties or fines
- Protects your business’s credibility
- Maintains transparency for banking and funding purposes
When and How to Update Your BOI Report
You must update your BOI Report within 30 days if there are any changes, such as:
- Change in ownership or management
- Change in company address
- Correction of errors in previously filed information
Penalties for Non-Compliance
Failure to file or update your BOI Report can result in severe penalties, including:
- Fines of up to $500 per day for each day of violation
- Criminal penalties, including imprisonment for willful violations
How Ayesha Corporate Can Help
Our experts at Ayesha Corporate make BOI filing easy and stress-free. We help you:
- Prepare and submit your BOI Report accurately
- Stay compliant with upcoming FinCEN regulations
- Handle report updates and documentation
Contact us today to file your BOI Report securely and on time.
Frequently Asked Questions
Is the BOI Report public?
No. The information you provide is not publicly accessible. It is stored securely by FinCEN and used only by authorized government agencies.
Do single-member LLCs need to file?
Yes, unless your business meets a specific exemption, even single-member LLCs must file.
How do I know if my company is exempt?
Exempt entities typically include large operating companies with over 20 employees, more than $5 million in annual revenue, and a physical office in the U.S.