What is BOI Report? Definition, requirements, and how it applies to your business formation. Learn everything about beneficial ownership information report for LLCs and corporations.
# Beneficial Ownership Information Report
A Beneficial Ownership Information (BOI) Report is a filing required by the Corporate Transparency Act (CTA) that discloses the individuals who ultimately own or control a company. Beneficial owners are individuals who own 25% or more of the company or exercise substantial control over it. Reports are filed with FinCEN (Financial Crimes Enforcement Network).
Most existing companies were required to file their initial BOI report by January 1, 2025. New companies formed after that date must file within 90 days of formation. Failure to file can result in civil penalties of $500/day and criminal penalties up to $10,000 and 2 years imprisonment.
Lovie's formation package includes BOI report preparation and filing with FinCEN, ensuring compliance with the Corporate Transparency Act from day one.