12/28/2024
The Beneficial Ownership Information (BOI) filing requirements are part of the Corporate Transparency ACT
Here are the key points:
1. Who Needs to File: Most companies with fewer than 20 full-time employees and less than $5 million in annual revenue must report BOI. There are 23 exceptions, including banks, governmental entities, nonprofits, and insurance companies
2. Information Required: Companies must provide information about their beneficial owners (individuals who ultimately own or control the company) and company applicants (individuals who file the formation documents
This includes:
- Full legal name
- Date of birth
- Current residential street address (or business address for company applicants)
- A unique identifying number (e.g., U.S. passport, state driver's license)
3. Reporting Deadlines: The initial filing deadline was January 1, 2025, but due to legal challenges, the deadline has been extended to January 13, 2025
Any changes to beneficial ownership must be reported within 30 days
4. Penalties for Non-Compliance: Failure to file can result in civil penalties up to $591 per day, and criminal penalties including up to two years in prison and a fine of $10,000
5. Voluntary Filing: Despite the legal challenges, FinCEN is allowing voluntary filings, and many attorneys recommend filing to avoid potential future penalties
For more detailed information, you can visit the FinCEN website