What is a Beneficial Ownership Information report?

A Beneficial Ownership Information (BOI) report is a filing required by the Corporate Transparency Act that discloses the individuals who ultimately own or control your company.

Most LLCs and corporations formed in the US must file a BOI report with FinCEN (Financial Crimes Enforcement Network). The report requires each beneficial owner's full legal name, date of birth, residential address, and a copy of an identifying document (passport or driver's license). A beneficial owner is anyone who directly or indirectly owns 25 percent or more of the company, or who exercises substantial control over it. Companies formed after January 1, 2024 must file within 90 days of formation. Existing companies had until January 1, 2025. Lovie automatically files your BOI report as part of the formation process.