What is Beneficial Ownership Information? Definition, requirements, and how it applies to your business formation. Learn everything about beneficial ownership information (boi) for LLCs and corporations.
# Beneficial Ownership Information (BOI)
Beneficial Ownership Information (BOI) is data about the natural persons who ultimately own or control a company, as required by the Corporate Transparency Act. This includes full legal name, date of birth, residential address, and an identifying document number (passport, driver's license, or state ID) for each beneficial owner.
BOI reporting was enacted to combat money laundering and illicit finance through anonymous shell companies. The information is filed with FinCEN and is not publicly available — it can only be accessed by law enforcement, financial institutions (with consent), and certain government agencies.
Lovie collects and securely files BOI data during the formation process, ensuring new entities are CTA-compliant from their first day of existence.