The Beneficial Ownership Information (BOI) report under the Corporate Transparency Act caught a lot of small business owners off guard. If you haven’t filed yours — or aren’t sure if you need to — read this carefully. The penalties are federal-level serious.
⚠️ BOI Status Note
BOI enforcement has been subject to ongoing legal challenges. Always verify current deadlines at fincen.gov or with your attorney.
📋 Corp Nation includes BOI filing as a $49 add-on.
Add BOI Filing →What Is a BOI Report?
The BOI report is a federal filing required by FinCEN (Financial Crimes Enforcement Network) under the Corporate Transparency Act. It requires most LLCs and corporations to disclose who owns and controls them — the “beneficial owners.” It was created to make it harder to use business entities for money laundering and financial crimes.
The Penalties for Not Filing
Civil penalties: Up to $591 per day that the violation continues. A month of non-filing = nearly $18,000.
Criminal penalties: Willful failure to file — or filing false information — can result in fines up to $10,000 and up to two years in federal prison. These aren’t state administrative penalties. These are federal.
BOI Filing Deadlines
- LLCs formed before Jan 1, 2024: Initial deadline was Jan 1, 2025. If you missed it, file immediately.
- LLCs formed in 2024: Had 90 days from formation to file.
- LLCs formed after Jan 1, 2025: Have 30 days from formation to file.
- Changes to ownership information: Must update within 30 days of any change.
Frequently Asked Questions
What happens if I don’t file a BOI report?
Willful failure can result in civil penalties of up to $591 per day and criminal penalties of up to $10,000 in fines and 2 years in federal prison. These are federal penalties enforced by FinCEN. If you haven’t filed and believe you’re required to, file immediately and document your compliance efforts.
Does every LLC have to file a BOI report?
Most LLCs do. There are 23 specific exemptions — mostly for large companies, banks, and heavily regulated industries. Standard small business LLCs formed through a state secretary of state are almost certainly required to file.
How do I file a BOI report?
Reports are filed directly with FinCEN at fincen.gov. Filing is free if you do it yourself. Corp Nation offers BOI filing as a $49 add-on to ensure it’s filed correctly and completely.
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