What is Beneficial Ownership Information?  

Beneficial Ownership Information is part of the U.S. government’s broader effort to combat money laundering, tax evasion, and illicit financing. Beneficial owners are individuals who have significant ownership or control over a company. The Corporate Transparency Act (CTA), requires that businesses disclose this information through the submission of a Beneficial Ownership Information Report, or BOI report.

A beneficial owner is defined as someone who:  

  • Owns or controls at least 25% of a company’s equity, or  
  • Exercises substantial control over the company’s operations.  

Key details required in the BOI filing include:  

  • Full legal name  
  • Date of birth  
  • Residential or business address  
  • A unique identifying number (e.g., from a passport or driver’s license)  

Who Needs to File BOI Reports?  

Most U.S.-based corporations, limited liability companies (LLCs), and other similar entities are subject to this requirement. However, certain exemptions exist, including:  

  • Large publicly traded companies  
  • Banks and credit unions  
  • Charitable organizations  
  • Insurance companies  

If your business does not have an exemption, you are required to submit your BOI report every year to the Financial Crimes Enforcement Network (FinCEN) by January 13, 2025. 

If this requirement is not followed, there could be serious consequences. This may include fines that can close to $600 per day for not complying, along with possible criminal charges. 

 

How Can You Prepare?  

  • Assess Your Filing Requirement: Determine if your business is required to file. Review the CTA and FinCEN’s guidelines.  

  • Gather Necessary Information: Identify your beneficial owners and collect the required details well before the deadline.  

  • Consult a Legal Expert: Navigating BOI compliance can be complex. Partner with a law firm that specializes in business law to ensure your filings are accurate and timely.  

 

Get Help with BOI Report Filing

Ball Morse Lowe has helped many of our clients submit BOI reports, and we are here to help you navigate this requirement. 

Contact us today at 405-701-5355 for personalized assistance with your BOI filings and other compliance needs. Together, we’ll make sure your business is prepared for the challenges ahead.  

Don’t wait until it’s too late—reach out to us today to learn how we can help your business meet the BOI reporting requirements!