01/02/2024
As of Jan 1, 2024 , all reporting entities are
required to file a Beneficial Ownership
Information Report (BOI) to
the Financial Crimes Inforcement Network.
The purpose of this report is to combat
money laundering, tax evasion, and other
financial crimes.
This report helps law enforcement and
regulatory agencies identify and track
individuals who own or control certain types
of companies.
You are required to file a BOI if your business
meets the following criteria:
7 is a corporation, LLC, or other similar entity
that is created by the filing of a document with
a secretary of state or similar office.
It is engaged in a trade or business in the
United States.
Is not otherwise exempted or excluded
from the reporting requirements.
Each individual who directly or indirectly owns
25% or more of the equity interests in your
business is required to report beneficial
ownership information, which generally
includes identifying information (such as
name, address, and Social Security number or
other identifying number.
Failure to comply with the BOI reporting
requirements by January 2025 can result in
civil penalties of up to $500 per day!
You can find more information by visiting
A final rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act (CTA) was issued in September 2022. These regulations go into effect on January 1, 2024. Beneficial ownership information will not be accepted prior to January 1, 2024.