The Beneficial Ownership Information (BOI) report is a federal requirement most business owners have never heard of. As of 2024, most US LLCs and corporations are required to file with the Financial Crimes Enforcement Network (FinCEN). The penalties for missing it are not subtle: $591 per day in civil fines, and up to $10,000 and two years in prison for willful violations.
⚠️ Corp Nation handles BOI filing as an add-on to your LLC formation.
Get Started →What Is the BOI Report?
The BOI report is a federal disclosure requirement under the Corporate Transparency Act. It requires most US companies — LLCs, corporations, and similar entities — to report information about their “beneficial owners” to FinCEN, a bureau of the US Treasury Department. A beneficial owner is anyone who owns 25% or more of the company, or who exercises substantial control over it. The report collects names, dates of birth, addresses, and ID document numbers.
BOI Report Deadlines
- LLCs formed before January 1, 2024: Initial report was due by January 1, 2025.
- LLCs formed in 2024: 90 days from formation date to file.
- LLCs formed January 1, 2025 and after: 30 days from formation date to file.
- Updates: Any change to beneficial owner information must be reported within 30 days of the change.
The Penalties Are Real
FinCEN has made clear enforcement is coming. The penalties:
- Civil penalties: Up to $591 per day for each day the violation continues
- Criminal penalties: Up to $10,000 fine and/or up to 2 years in prison for willful non-compliance
- These penalties apply to both the company and the individual responsible for the filing failure
Who Is Exempt?
There are 23 exemption categories — mostly large regulated companies, publicly traded companies, banks, insurance companies, and certain nonprofits. The exemption most relevant to small business owners: companies with more than 20 full-time employees, over $5 million in gross receipts, and a physical office in the US. Most small LLCs don’t qualify. When in doubt, file.
How to File
File at boiefiling.fincen.gov. It’s free, online, and takes about 15 minutes once you have all the required information ready: legal name of the company, state and date of formation, EIN, registered agent address, and identifying information for each beneficial owner (name, DOB, address, and a copy of a government-issued ID).
Frequently Asked Questions
Is the BOI report the same as an annual report?
No. The BOI report is a federal FinCEN filing. Annual reports are state filings. They’re completely separate requirements with different deadlines, different agencies, and different information.
Does a single-member LLC need to file a BOI report?
Yes, in most cases. Single-member LLCs are generally required to file unless they qualify for one of the 23 specific exemptions. The sole member is the beneficial owner and must be reported.
Don’t Risk the $591/Day Penalty
Corp Nation files your BOI report as an add-on. Get it done right, the first time.
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