Subtotal: $297
Beneficiary Ownership Information Report (BOIR)
$179
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Product Description
What is a BOI Report?
A Beneficiary Ownership Information (BOI) Report is a document that provides details about the beneficial owners of a company or legal entity.
What is a Beneficial Owner?
For the purposes of these filings, a u0022beneficial owneru0022 is usually defined as an individual who:
• Owns or controls 25% or more of the entity’s equity interests.
• Exercises significant influence or control over the entity’s decisions.
• Is the person on whose behalf a transaction is being conducted.
Who Needs to File a BOI Report?
Under the U.S. Corporate Transparency Act (CTA), the following entities are required to file a BOI Report with the Financial Crimes Enforcement Network (FinCEN):
• All corporations, limited liability companies (LLCs), and other similar entities created by filing a document with a secretary of state or similar office.
• Foreign Reporting Companies: Foreign entities registered to do business in any U.S. state or jurisdiction.
Who is Exempt From BOI Reporting?
Certain entities are exempt from filing, including but not limited to:
• Publicly traded companies (because they are already subject to other disclosure requirements).
• Regulated entities like banks, insurance companies, and credit unions.
• Large operating companies that meet specific criteria (e.g., more than 20 employees, over $5 million in gross receipts, and a physical presence in the U.S.).
• Governmental entities and entities assisting in public utility services.
What is the Purpose of BOI Reporting?
The main goal is to enhance corporate transparency and help combat financial crimes, such as money laundering and terrorism financing. The information collected in BOI reports allows authorities to identify the real individuals behind companies and entities.
When is BOI Reporting Due?
The deadline for filing a Beneficial Ownership Information (BOI) Report depends on when the company was registered or created:
Before January 1, 2024: The deadline to file the initial BOI report is January 1, 2025.
January 1, 2024–January 1, 2025: The deadline to file the initial BOI report is 90 calendar days after receiving notice of the company’s registration or creation.
January 1, 2025 or later: The deadline to file the initial BOI report is 30 calendar days after receiving notice of the company’s registration or creation.
Here is the FMCSA CFR regarding this compliance.
