Beneficial Ownership Information

​As of January 1, 2024, the bipartisan Corporate Transparency Act requires many companies doing business in the United States to report information to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) about the individuals who ultimately own or control them. The law was passed to curb illicit finance and protect U.S. national security. Filing is simple, secure, and free of charge.
 
Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:

• Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.
• Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective. Beginning in 2025, newly created or registered companies will have 30 days.

 
Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information. 

Q&A

What Is Beneficial Ownership Information?

Basic identifying information about the individuals who directly or indirectly own or control a company.

Why is it Required? ​​

In 2021, Congress enacted the bipartisan Corporate Transparency Act (CTA) to curb illicit finance. This law requires many companies doing business in the United States to report information about who ultimately owns or controls them to the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Treasury Department.
​
According to the CTA, more than 2,000,000 corporations and limited liability companies are formed under the laws of the States each year, and most States do not require information about the beneficial owners of the corporations, limited liability companies, or other similar entities.  

Who Has to Report?

A reporting company is any entity that meets the “reporting company” definition and does not qualify for an exemption. Companies should consult the Small Entity Compliance Guide for details.

How Do You Report?

Electronically through FinCEN’s website: www.fincen.gov/boi.
​
Filing is simple, secure, and free of charge. Most companies with simple ownership structures should be able to file on their own without the help of an attorney or accountant. 

When Do You Report?

This depends on when your company was created or registered.

• Companies created or registered prior to January 1, 2024 have until January 1, 2025 to report.
• Companies created or registered in 2024 must report within 90 calendar days after receiving actual or public notice that their company’s creation or registration is effective, whichever is earlier.
• Companies created or registered in 2025 or later must file within 30 calendar days after receiving actual or public notice that their creation or registration is effective.

​Beneficial ownership reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.
​
Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.

Who Does Not Have to Report?

Twenty-three types of entities are exempt from beneficial ownership information reporting requirements, including publicly traded companies, nonprofits, and certain large operating companies. More information is available in the Small Entity Compliance Guide.

Who Can Access this Information?

The CTA allows for the following groups to access beneficial ownership information.

• Federal, State, local, and Tribal officials, as well as certain foreign officials who submit a request through a U.S. Federal government agency, for authorized activities related to national security, intelligence, and law enforcement;
• financial institutions, in certain circumstances, with the consent of the reporting company; and
• those financial institutions’ regulators, when they supervise the financial institutions.

The database uses rigorous information security methods and controls typically used in the Federal government to protect non-classified yet sensitive information systems at the highest security level.

Helpful Resources for Businesses

• For more information and to find out if reporting for your business is required to file, visit: Beneficial Ownership Information Reporting | FinCEN.gov
• Small business resources: Small Business Resources | FinCEN.gov
• Frequently Asked Questions (FAQs): Beneficial Ownership Information | FinCEN.gov
• Five Minute Demo: How to File a Beneficial Ownership Information (BOI) Report
• Sign up for updates: https://service.govdelivery.com/accounts/USFINCEN/subscriber/new
• Questions: Contact Us | FinCEN.gov

Resources

Website(s): Beneficial Ownership Information Reporting | FinCEN.gov
 
Small business resources: Small Business Resources | FinCEN.gov
·         Small Entity Compliance Guide | FinCEN.gov
 
Brochure: Quick Reference | FinCEN.gov
Frequently Asked Questions (FAQs): Beneficial Ownership Information | FinCEN.gov
Informational Videos on YouTube:

• Five Minute Demo: How to File a Beneficial Ownership Information (BOI) Report
• FinCEN Info Session: How to Comply with New Beneficial Ownership Reporting Requirements (youtube.com)
• Video: Overview of Beneficial Ownership Information Reporting
• Video: Remarks by Secretary of the Treasury Janet L. Yellen at the Financial Crimes Enforcement Network

​Sign up for Updates
We also encourage everyone to sign up for the beneficial ownership updates at https://service.govdelivery.com/accounts/USFINCEN/subscriber/new
​