The Beneficial Ownership Information Report (BOI) is a report that some companies will have to submit on a mandatory basis. It will be required by FinCEN, the Financial Crimes Enforcement Network of the United States Treasury, starting in January 2024
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Information about this report
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The Beneficial Ownership Information (BOI) Report is a report that compiles information about the beneficial ownership of a company.
The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) requires some companies to file this report beginning in January 2024.
The BOI aims to increase transparency and prevent financial crimes. Identifies information about the people who directly or indirectly own or control a company.
The BOI is part of the US government's efforts to make it more difficult for ill-intentioned companies to hide or profit from their ill-gotten gains through shell companies or other unclear ownership structures.
Who should submit this report?
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Reporting companies are entities created or registered in the US, unless they qualify for one of the 23 exemptions. Reporting companies include:
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Corporations
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Limited liability companies
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Other similar entities
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Entities created by filing a document with a secretary of state or similar office
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Entities registered to do business in the United States
Companies registered before January 1, 2024 have until January 1, 2025 to submit their BOI report.
Start your BOI Report