The BOI LLC REPORT Beneficial Ownership Information (BOI) is an essential compliance requirement for Limited Liability Companies (LLCs) in the United States. The report, governed by the Corporate Transparency Act (CTA), mandates that LLCs disclose key ownership details to the Financial Crimes Enforcement Network (FinCEN). This article will guide you through the deadlines, requirements, exemptions, penalties, and submission procedures for BOI LLC reports.
What is a BOI Report?
A BOI report contains information about individuals who directly or indirectly own, control, or benefit from an LLC. This report is designed to enhance financial transparency and prevent illicit activities such as money laundering and tax evasion.
Who Must File a BOI Report?
All domestic and foreign LLCs registered to conduct business in the U.S. must file a BOI report unless exempted. Exemptions include:
- Publicly traded companies
- Certain large operating companies
- Tax-exempt organizations
- Governmental entities
BOI Report Deadlines
The filing deadline depends on when the LLC was created. Below is a summary of important deadlines:
| LLC Formation Date | BOI Report Filing Deadline |
|---|---|
| Before January 1, 2024 | January 1, 2025 |
| On or after January 1, 2024 | Within 30 days of formation |
Important Note: LLCs formed before 2024 have until January 1, 2025, to submit their BOI report, while new LLCs must submit within 30 days of registration.
BOI Report Requirements
Each BOI report must include the following four key components:
- Company Information:
- Full legal name
- Business address
- Formation jurisdiction (state of incorporation)
- EIN (Employer Identification Number)
- Beneficial Owner(s) Information:
- Full legal name
- Date of birth
- Residential address
- Identification document (passport, driver’s license, etc.)
- Company Applicant Information:(for newly registered LLCs)
- Name of the individual who filed the LLC’s formation documents
- Contact details
- Identification document
- Updates and Corrections:
- If there is a change in ownership or any other reportable information, an updated BOI report must be filed within 30 days of the change.
How to File a BOI Report
The BOI report must be submitted electronically to FinCEN through its official online portal. The steps are:
- Visit the FinCEN website.
- Log in to the BOI filing portal.
- Enter all required information.
- Upload any supporting documents.
- Review and submit the report.
- Keep a confirmation receipt for records.
Penalties for Non-Compliance
Failing to file the BOI report on time or providing false information can lead to serious penalties:
| Violation Type | Penalty |
| Failure to file the BOI report | Up to $500 per day until resolved |
| Providing false information | Up to $10,000 fine and/or imprisonment |
Note: Intentional failure to file or submitting fraudulent information can result in criminal charges.
Frequently Asked Questions (FAQs)
1. Do single-member LLCs need to file a BOI report?
Yes, single-member LLCs are required to file unless they meet an exemption.
2. What happens if I miss the deadline?
You may face daily fines until compliance is achieved.
3. Can I amend my BOI report if I made an error?
Yes, corrections must be submitted within 30 days of identifying the mistake.
4. Do I need to renew my BOI report annually?
No, the BOI report does not require annual renewal, but updates must be filed for any ownership changes.
Conclusion
The BOI report is a crucial requirement for LLCs under U.S. law. Understanding the deadlines, requirements, and penalties will help you stay compliant and avoid unnecessary fines. If you need assistance, consult a professional service to ensure timely and accurate submission of your BOI report.
