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BOI stands for Beneficial Ownership Information, and it’s a federal filing requirement for all businesses registered in any U.S. state. Yes, it’s happening—and it’s not going away.
If you have a registered business entity, YOUR BOI IS DUE BY DECEMBER 31, 2024. Fail to file? The fines are steep!
The good news? Filing is pretty straightforward, and we’re here to help. Here is the link for BOI E-Filing. Just keep in mind: any changes to your business entity (like addresses or ownership) must now be updated within 30 days of the change—or you could face fines. Here is the link to FAQ's from FinCEN.
Why Bother with BOI Reporting?
The government wants to know who’s behind your business to keep shady dealings out of the picture. BOI reporting is part of the Corporate Transparency Act, designed to prevent financial crimes like money laundering.
Who Has to File?
Most businesses—like corporations and LLCs—are required to file. Some exceptions apply (e.g., large companies or entities that are dormant)
Here’s How We Can Help
What We’ll Collect
Your company’s name (and any DBAs).
EIN and state of incorporation.
Company address.
Info for all beneficial owners: names, dates of birth, addresses, and ID numbers (driver’s license or passport).
Who’s a Beneficial Owner?
Anyone who owns or controls 25% or more of the business.
Or anyone who calls the shots (think CEO or senior manager).
Optional FinCEN ID
If you own multiple businesses, a FinCEN ID can simplify your filings.
Single-entity owners can skip this.
Deadlines Matter
Businesses created before January 1, 2024, must file by January 1, 2025.
New businesses must file within 30 days of formation.
What’s Next?
If you’d rather not handle this yourself, we’ve got your back. Send us a copy of your driver’s license and confirm your details—we’ll take it from there for just $100 per entity. We really would rather you do this yourself! The fee is the guidance and seriously, just try to do this yourself!
If you’re part of our SOP.Solutions maintenance program, you’re already covered. We’ll keep you on track and make sure you stay compliant.
Key Takeaway
BOI reporting isn’t fun, but it’s necessary. Staying compliant keeps your business in good standing and avoids costly penalties.
Questions? Confused? Need a laugh? We’re here to help.
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