Use code FILEGA to get $100 off FileForm Services
Any individual who, directly or indirectly, either (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25 percent of the ownership interests of a reporting company. The rule defines the terms “substantial control” and “ownership interest.” In keeping with the CTA, the rule exempts five types of individuals from the definition of “beneficial owner.”
Businesses filing a BOI report need to include the following information in their initial filing:
Similarly, a business’s beneficial owners and company applicants must include their full legal names, dates of birth, and current residential address alongside an identifying number, such as a:
Beneficial owners and company applicants will need to include pictures of their chosen document in the report.
Beginning on January 1, 2024, the Financial Crimes Enforcement Network, FinCEN, will require businesses in all sectors to file beneficial ownership information, or BOI reports, in an effort to reduce money laundering and other illicit financial efforts.
Businesses established prior to 2024 must file BOI reports by January 1, 2025. Businesses formed in 2024 must file BOI reports within 90 days of its formation date.
Businesses established prior to 2024 must file BOI reports by January 1, 2025. Businesses formed in 2024 must file BOI reports within 90 days of its formation date.
According to FinCEN, the following businesses that do not have to file BOI reports include: