On January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) started requiring some basic ownership and control information to be collected from many business entities. This information is reported to FinCEN in the form of a Beneficial Ownership Information Report (BOIR). Most legal entities are required to report, including corporations, limited liability companies (LLCs), partnerships, and entities created by the filing of a document with a secretary of state or any similar office in the United States. These BOIR requirements come from the Corporate Transparency Act (CTA) passed by Congress in 2021 to help prevent money laundering.
Filing is done online via FinCEN’s website and there is no fee.
For more information on what Beneficial Ownership is, how to file, and what entities are exempt, please visit FinCEN’s FAQs.
When you need to file:
- If your company was created or registered prior to January 1, 2024, you have until January 1, 2025, to file a report.
- If your company was created or registered in 2024, you must report within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
- If your company will be created or registered on or after January 1, 2025, you must report within 30 calendar days after registration is effective.
Businesses that fail to file a BOIR on time or provide incomplete or incorrect information can face civil penalties.
To file, visit the FINCEN website.