Beneficial Ownership Information Report

With a new year comes new business owner responsibilities. This new act is a required business filing at the federal level, similar to how you register your business with your state. 

Per the website listed below, this new required report applies to those with entities classified as an LLC or PLLC (if you are operating as a sole proprietor, it does not appear as though you need to register). There are some exemptions, but they generally apply to financial institutions and associated entities.

Below are the reporting requirements straight from the site:

“FinCEN launched the BOI E-Filing website for reporting beneficial ownership information (https://boiefiling.fincen.gov) on January 1, 2024.

• A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.
• A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
• A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.”

What you’ll need to report:

• SSN/EIN
• Drivers License #
• Photo of ID

You can find more information here: https://www.fincen.gov/boi

You can file for free here: https://boiefiling.fincen.gov/

One more thing to add to your list as a business owner!

Just get this over with and move on! You won’t want to fight the potential penalty fees!!!!

*legal disclaimer: this post is not intended to replace or suffice for legal advice, it is simply a summary of key points and outlined dates listed as reporting requirements. Should you have specific questions pertaining to the legalities and how this affects your entity, you should contact an attorney licensed to practice in your state.