BOI Report Filing

As of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) will require most legal entities, domestic or foreign, to report their Beneficial Ownership Information (BOI).

2024 BOI Filing Requirements.

• Existing LLCs, Corporations, and business entities with an effective filing date established PRIOR TO January 1, 2024, are required to file a Beneficial Ownership Information (BOI) report by January 1, 2025.

• LLCs, Corporations, and business entities created ON OR AFTER January 1, 2024, and before January 1, 2025, must file a Beneficial Ownership Information (BOI) report within 90 calendar days of their registration or formation with the Secretary of State's office.

• Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.

• This Reporting Rule exempts twenty-three (23) specific types of entities and certain large corporations as outlined in the Small Entity Compliance Guide provided by FinCEN

Why this report requires your attention.
Failure to submit this report may lead to fines of up to $500 per day for ongoing violations in addition to, criminal consequences which may include imprisonment for up to two years and/or a fine of up to $10,000. Senior officers of an entity neglecting to file a mandated BOI report may be held responsible for such lapses.

Need More Guidance?
Download CorpNet’s Beneficial Ownership Information (BOI) fact sheet and get key details on this new 2024 compliance requirement from FinCEN. This document will help you determine if you need to file, what information is needed, when the report is due, and much more!

Download BOI Reporting Fact Sheet

Ready to File Your 2024 BOI Report?
CorpNet can now facilitate filing the BOI report on behalf of our client’s business entities for only $199 per entity (ask us about our partner discount).