The Beneficial Ownership Information (BOI) reporting requirements, introduced under the Corporate Transparency Act (CTA), are now in effect as of January 1, 2024. These rules mandate that U.S. corporations, limited liability companies (LLCs), and certain foreign-owned entities must file reports with FinCEN detailing their beneficial owners. The aim of this rule is to increase transparency, combat money laundering, and prevent other illicit activities by disclosing who truly owns or controls these entities.
Entities formed or registered before January 1, 2024, must submit their BOI reports by January 1, 2025. For entities formed or registered on or after January 1, 2024, they have 30 days from their formation or registration to submit the necessary information. Updates to previously filed reports must also be submitted within 30 days if there are changes.
FinCEN has set up a secure system for this information, and access is limited to government agencies and financial institutions, among others. You can learn more and file reports directly through FinCEN’s website.
FILE YOUR REPORT HERE
Last modified: September 10, 2024
