Beneficial Ownership Information
As of January 1, 2024, many companies in the United States have begun to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.
Your company may be a reporting company and 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.
Twenty-three types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies, nonprofits, and certain large operating companies.
If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025, to report Beneficial Ownership Information or BOI.
For further information and to view a brief five-minute demonstration, please visit FinCEN's Beneficial Ownership Information page.