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Frequently Asked Questions

You have questions about Beneficial Ownership Information Reporting? We have answers.

General Information

What is beneficial ownership information reporting?

Beneficial Ownership Information (BOI) Reporting became the newest business compliance mandate back in 2021 as part of the Corporate Transparency Act (CTA). The law went into effect on January 1, 2024 and requires that companies formed or operating in the United States disclose the identities of individuals who have control or significant influence over the company.
To meet BOI compliance requirements, business owners must file their Beneficial Ownership Information Report with the U.S. Department of Treasury’s Financial Crime Enforcement Network (FinCEN). If there is a change in the company’s BOI, that change must be reported to maintain compliance.

What is the point of beneficial ownership information reporting?

The intent of BOI reporting is to create transparency. Many of the world’s major economies have been reporting this level of ownership detail for years, and it has shown success in preventing financial crimes like money laundering, corruption, and tax evasion. The United States is just the latest country to join the trend.

What information goes into a BOI Report?

There are two sections of a BOI Report. First is company information. You’ll need to include:

The full legal name of the business
Any nicknames or trade names that the business operates under
The current street address of the business’ location
The jurisdiction in which the business was formed
Taxpayer identification number like EIN or ITIN

You’ll also need the following information for each of your beneficial owners:

Full legal name
Date of birth
Current residential address
An identifying document such as a passport, local or state ID, or driver’s license

When are Beneficial Ownership Information Reports due?

FinCEN began accepting BOI reports on January 1, 2024, Your initial BOI Report’s due date depends on your company’s date of formation.

Formed Before 2024: Report is due by January 1, 2024
Formed During 2024: Report is due within 90 days of formation
Formed in 2025 and beyond: Report is due within 30 days of formation
After your initial BOI Report has been filed, you’ll have 30 days to submit an updated report if there is any change to your company’s beneficial ownership information.

Is Beneficial Ownership Information Reporting an ongoing compliance requirement?

Yes! BOI Reporting isn’t something you can do once and forget about. Every time your company’s beneficial ownership information changes for any reason, you need to submit an updated BOI Report to FinCEN within 30 days of the change.

Some examples of reportable changes include:

You hire (or lose) an individual that is considered a beneficial owner
One of your beneficial owners moves to a new address
One of your beneficial owners has an expiring ID

What happens if I miss a Beneficial Ownership Information Report filing deadline?

Failure to file your BOI Report would result in consequences such as fines of $500 per day up to $10,000, civil and criminal penalties, and in very extreme cases, imprisonment.

What happens if I submit a BOI Report with incorrect or missing information?

If you make an effort to file your BOI Report but it is found to have errors or missing information, you will not face penalties. Instead you’ll have 90 days to submit a corrected report with FinCEN.

BOI Reporting Companies

Do I need to file a Beneficial Ownership information Report for my company?

Probably. Most of the 33 million+ businesses formed or currently operating in the United States do. FinCEN broadly defines two types of “reporting companies” that are required to file BOI Reports:

Domestic Reporting Companies: LLCs, corporations, and similar operations, formed under the laws of any U.S. state or Indian tribe
Foreign Reporting Companies: Certain non-U.S. entities registered to do business in any state or tribal jurisdiction

What companies are exempt from filing Beneficial Ownership Information Reports?

FinCEN lists 23 types of entities exempt from filing BOI Reports, including publicly traded companies, most financial institutions, investment funds, and specific non-profit organizations. Take our BOI Exemption Quiz to check if your company is exempt.

Filing Your BOI Report

How do I file a Beneficial Ownership Information Report for my company?

BOI Reports are filed with the Financial Crimes Enforcement Network (FinCEN) at the U.S. Department of Treasury.

You can file directly with FinCEN, or FileForms can take care of that hassle for you. We’ll validate the format of your information, submit your BOI Report, and help you monitor for changes that need to be filed to maintain compliance. We also store your information in your account so that when you need to file an update, it only takes a quick adjustment and a few clicks—rather than starting the paperwork over from scratch each time.

Do I only have to file a Beneficial Ownership Information Report one time?

No, Beneficial Ownership Information Reporting is an ongoing compliance requirement. If your information changes for any reason, you will have 30 days to file an updated BOI Report with FinCEN. Failure to report a change will result in fines and threaten your compliance status.

What will I need to file my Beneficial Ownership Information Report?

You will need your company’s basic information plus a tax identification number like an EIN or ITIN. You will also need the full legal name, date of birth, and current residential address for each of your beneficial owners, plus a photo of an identifying document like a passport or driver’s license.

FileForms allows your beneficial owners to upload their own information into your account, keeping it secure and private while saving you the time it would take to track it down yourself. You can assign your beneficial owners to multiple companies, so you only have to update their information in one place if there are any changes.

Can I file a Beneficial Ownership Information Report for free?

Yes. You can file your BOI Report directly with FinCEN through a free portal on their website. Their portal does not support bulk uploads or save your information, so any time you need to file a report you will have to start the paperwork over from scratch.

What are the benefits of using a BOI Report filing service?

FinCEN estimates that it will take hours for entities with simple structures to compile all the information they need and file their report, and the more complex your company structure is the longer it’ll take. And that’s just for the initial report. Don’t forget that every time there is even the smallest change to your beneficial ownership information, you’ll need to file an updated BOI Report within 30 days. FinCEN doesn’t save your information, so you’ll have to start the paperwork over from scratch each time.

When you file with FileForms it’ll take about 10 minutes of work on your part—we’ll handle the rest of the process for you and we offer live customer support to answer any questions you have. We also save your information and help you monitor for reportable changes, so filing updates only takes a quick adjustment and a few clicks.

Beneficial Owner Criteria

Who is considered a beneficial owner of a company?

Beneficial owners are anyone who has direct or indirect influence over your company. These include individuals who own or control at least 25% of your company, or exercise substantial control over your company. A person with “substantial control” would include senior leadership positions like CEO, CFO, etc. or board members. Check out our Quick Reference Guide to learn more: https://fileforms.com/boi-guide

Do I need to report myself as a beneficial owner if I am self-employed?

Not if you operate as a sole proprietor and did not file a formation or registration document with the Secretary of State. If you formed an LLC, then yes.

What do I do if one of my beneficial owners moves to a new address?

If your beneficial ownership information changes for any reason, you will have 30 days to file an updated BOI Report with FinCEN. Failure to report a change will result in fines and threaten your compliance status.

FileForms

Why should I use FileForms to file my Beneficial Ownership Information Report?

FileForms doesn’t just help you GET compliant, we help you STAY compliant. The average business will update their BOI Report three times a year, and we’re the only BOI filing service that offers unlimited filings through a subscription service. We safely store your company and beneficial owner information in our secure portal so you don’t have to retype it each time you need to file an updated report, and we help you monitor reportable changes so nothing gets missed.

Is FileForms an official partner of FinCEN?

FileForms is directly integrated with FinCEN. We’re connected to the Federal Government’s database and approved to file BOI reports directly through FinCEN’s API.

How does FileForms work?

Once you’ve entered all the information needed for your BOI Report, our BOI filing experts will review and verify it before filing your report with FinCEN. We’ll help you monitor for reportable changes so you don’t miss any filing deadlines, and when you do need to refile you can do so with a quick adjustment and a few clicks in your FileForms account. Subscribers to our Unlimited Filing Service can file as many times as needed to as business grows and changes.

FileForms makes it easy to manage multiple entities in your account. We support bulk uploads of information, and you can assign a beneficial owner to multiple companies to streamline information updates in the future.

What is included in the legal counsel and review offered by FileForms?

We offer 30-minute consultations with an attorney or CPA. For a flat fee, you’ll receive the extra guidance you need and a signed legal opinion to submit along with your BOI Report. Our attorneys and CPAs are all experts in BOI policy and procedure.

How much does filing a Beneficial Ownership Information Report through FileForms cost?

We offer two options for your Beneficial Ownership Information Reporting:

One-Time Filing Option: File a single BOI Report with FinCEN for $179
Unlimited Filing Subscription: For $199 a year per entity, file as many BOI Reports with FinCEN as you need to. Receive a detailed filing analysis with each report submission, plus access to our BOI Monitoring Services and priority support.

No matter which FileForms plan you choose, your account comes with lifetime access to your company dashboard, unlimited BOI data storage, and unlimited customer support.

Does FileForms offer other services besides Beneficial Ownership Information Reporting?

FileForms can help your business reach compliance under the Corporate Transparency Act.

In addition to BOI Reporting, we can also help you file your Report of Foreign Bank and Financial Accounts (FBAR), which informs FinCEN about any foreign financial bank or brokerage accounts your business might have in other countries.

	FileForms Unlimited Filing Subscription	One-Time Filing With FileForms	One-Time Direct Filing with FinCEN
File your BOI Report with FinCEN
Automated, secure beneficial owner information collection
Unlimited company and BOI data storage
Dashboard to manage BOI Reports for all your entities
Connect beneficial owners to multiple entities
Filing analysis delivered upon successful BOI Report filing
Unlimited, free Change of Information filings
Access to BOI Monitoring Services and filing reminders
Priority customer support during the filing process
File with legal counsel and review

BOI Report Filing Plans

ONE-TIME FILING

$179 per entity

UNLIMITED FILING SUBSCRIPTION

$199per year per entity*

All the One-Time Filing Benefits PLUS

100 ONE-TIME FILINGS

$5,000one-time payment

FILEFORMS ENTERPRISE SUBSCRIPTION

$500per year*