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Our BOI report filing service will help you comply with the Corporate Transparency Act and report your beneficial ownership information

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Business owners are required to provide comprehensive information about their beneficial ownership starting January 1, 2024.

This is a new requirement by the Corporate Transparency Act (CTA), a federal law designed to prevent the misuse of companies for illicit activities such as money laundering, terrorism financing, tax fraud, and other financial crimes.

It achieves this by mandating certain businesses to file a BOI report in which they disclose their “beneficial owners” to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Who needs to file a BOI report?

Under the Corporate Transparency Act (CTA), most small businesses formed under U.S. state or territorial laws—or foreign businesses registered to operate in the U.S.—must file a Beneficial Ownership Information (BOI) report. Larger corporations, nonprofits, and certain other entities are exempt as they already report similar information to regulatory authorities.

Which Businesses Are Exempt?

While the CTA has broad implications, some businesses are not required to file a BOI report. Exempt entities typically already provide ownership details to regulatory agencies. These include:

Publicly traded companies
Banks & credit unions.
Investment & insurance companies.
Tax-exempt organizations
Businesses with 20+ full-time U.S. employees.Companies reporting over $5 million in gross receipts/sales

What Defines a Beneficial Owner?

A beneficial owner is anyone who:

Directly or indirectly exercises substantial control over a company
Owns or controls at least 25% of the company’s ownership interests
Exclusions: Minor children, nominees, intermediaries, custodians, and employees whose control comes solely from their job title.

What Are the Penalties for Non-Compliance?

What Information Does the BOI Report Require?

What If Business or Ownership Details Change?

If your business relocates, changes ownership, or updates any previously reported information, you must file an updated BOI report within 30 days to remain compliant.

The Role of FinCEN

The Financial Crimes Enforcement Network (FinCEN) is responsible for collecting and securing BOI reports to combat money laundering, terrorist financing, and financial crimes.

BOI data is strictly protected and only disclosed to federal agencies involved in national security, intelligence, and law enforcement.
FinCEN follows rigorous security protocols to prevent unauthorized access or misuse.

By understanding and complying with the Corporate Transparency Act, your business stays legally compliant and avoids unnecessary risks—so you can focus on growth with peace of mind.

File your BOI and avoid
$500/day in civil fines

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