Beneficial Ownership Information
(BOI) Explained

  • Beneficial Ownership Information (or “BOI” for short) is a new regulation that requires almost every business to submit a filing with the Financial Crimes and Enforcement Network (“FinCEN”).

    Companies must disclose information about owners of the company and those who exercise control over the company (e.g. CEO)

    This filing must be updated regularly as this information changes.

  • If your business meets any of the following, the business will likely be required to file a BOI:

    • Corporations

    • LLCs

    • Any other entity created through a Secretary of State filing.

    • Foreign companies that are registered to do business in the United States through a Secretary of State filing.

    Fortunately, there are 23 types of entities that are exempt from filing. Take our survey to determine if you’re required to file.

  • Every business that’s required to file must do so by December 31, 2024.

  • You’ll need to submit an updated BOI within 30 days of any major business or beneficial owner updates. The most common are:

    • Changes to the company name or address

    • Changes to beneficial owner names or addresses

    • Changes to equity owners in the business

    • Changes in management, such as a new CEO or other major hire