Do you have a business (like LLC, s-Corp, corporation, partnership, sole proprietorship, etc.) that is registered with the office of the secretary of state in your state? If yes, you are REQUIRED by federal law to file a beneficial ownership information report (BOIR) by March 21, 2025.
What is Beneficial Ownership Information Report?
In 2021, Congress passed the bipartisan Corporate Transparency Act designed to control or eliminate illicit finance. This law requires many companies, including small companies like yours, doing business in the United States to report information about who ultimately owns or controls them. BOI report is not an annual report but, if there are changes in your business, you must update the report you filed with FinCEN within 30 days.
Who should file BOI report?
Your company may need to report information about its beneficial owners if it is:
- A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
- A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
What are penalties for failure to file?
The current deadline for this report is March 21, 2025. Ensuring compliance with Beneficial Ownership Information (BOI) reporting is very crucial for your business. Failure to file your report by the deadline may result in civil and criminal fines including:
- Up to $592 civil fine per day
- Up to a maximum fine of $10,000 and/or
- Up to 2 years of imprisonment
We can help
BOIRS is a business services company that helps small businesses stay compliant and avoid stiff and expensive fines for non-compliance. We offer filing services including BOIR filings. We have already helped over 5000 small businesses file their BOI report with 100% satisfaction rate. We can help you too.
Our services involve:
- Reviewing Reporting company information
- Reviewing Beneficial Owner information
- Filing the initial report
- Requesting FinCEN ID for Reporting company and/or Beneficial Owner
- Handling updates after initial filing
- Completing the attestation page of the report
- Emailing a copy of the report to Beneficial Owners
- Handling all FinCEN inquiries related to the report
Getting Started
Getting started is easy. Simply click on the button below and provide your information. Click submit to submit the form, and we’ll take care of the rest for you. Best of all, we’ll do it promptly.
