Annual Report vs. BOI Report: Key Differences

Understanding the differences between an Annual Report vs BOI Report is crucial for business compliance. These reports serve different purposes at both the state and federal levels and have different filing requirements, penalties, and compliance obligations.

What is an Annual Report?

An Annual Report is a state-mandated filing that businesses must submit to the Secretary of State where they are registered. It is a longstanding compliance requirement designed to keep businesses in good standing.

• Purpose: Keeps company information up to date with the state.
• Includes: Business name, address, registered agent details, and sometimes financials.
• Frequency: Filed annually (deadlines vary by state).

Annual reporting requirements for small businesses or limited liability companies (LLCs) are typically less demanding than those for larger corporations. However, most states still require small businesses and LLCs to file a report to comply with state regulations and maintain good standing. Annual report fees and requirements vary from state to state. Note, “annual report” is a blanket term — the specific name for this report varies by state and may be referred to as a “statement of information,” “annual statement,” or a similar term.

🔎 Learn more about your state’s annual report requirements

What Is a BOI Report?

A Beneficial Ownership Information (BOI) Report is a federal compliance requirement enforced by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA), effective January 1, 2024.

• Purpose: Helps prevent money laundering, tax evasion, and financial crimes.
• Includes: Detailed information about beneficial owners, including name, address, and identification details.
• Frequency: Initial filing required + updates within 30 days of ownership changes.

Do I Need to File a BOI Report?

The Corporate Transparency Act (CTA) requires the submission of a beneficial ownership report only by “reporting companies,” which include:

• Domestic reporting companies: Business entities such as LLCs, corporations, or S corporations formed in a U.S. state.
• Foreign reporting companies: Foreign businesses registered with a U.S. state or Native American tribe.
• Sole proprietorships and general partnerships are not considered reporting companies and are exempt from filing a BOI Report.

There are some exemptions, such as for nonprofit corporations, publicly traded companies, companies registered under the Commodities Exchange Act, and more. You can learn more about exemptions on the FINCen website.

Annual Report vs BOI Report: Key Differences

To better understand the distinctions, here’s a side-by-side comparison:

Challenges in BOI Compliance vs. Annual Reports

Unlike Annual Reports, which follow a predictable yearly schedule, BOI reporting requires continuous monitoring. Any change in beneficial ownership must be reported within 30 days.

Without a compliance solution, businesses may:

• Miss important deadlines → Leading to potential fines.
• Struggle with tracking ownership changes → Risking non-compliance.
• Face federal enforcement actions → Increased scrutiny from FinCEN.

Summary: How FileForms Simplifies Annual Report vs BOI Compliance

At FileForms, we make compliance simple and stress-free. Our platform helps businesses manage both Annual Reports and BOI filings with ease:

• Automated Annual Report Filings – Never miss a deadline.
• Proactive BOI Compliance – Get alerts for required updates.
• Full-State Coverage – Compliance support across all 50 states.

💡 Stay ahead of deadlines and avoid penalties.