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Business Ownership Information Reporting

Do you need to file a Business Ownership Information Report?

 

There are two types of reporting companies required to file a Business Ownership Information (BOI) report:

 

  • Domestic reporting companies which include corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.

 

  • Foreign reporting companies which include entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.


Requirements for Domestic & Foreign Companies to file a Business Ownership Information (BOI) report are as follows:

  • If your company was created or registered to do business before January 1, 2024, then you will have until January 13th, 2025, to file the initial BOI report.
  • If your company was created or registered in 2024, then you will have 90 calendar after the effective registration date of the business to file.
  • If your company is created or registered on or after January 1, 2025, then you will have 30 calendar days from the effective registration date of the business to file.
  • Any changes made to your business (such as change of address, ownership, adding or removing partners, etc.) may require the submission of an updated BOI report.
  • Failure to timely file your BOI report can lead to civil and criminal penalties.


There are some exceptions to the filing requirements. For instance, if a domestic corporation or limited liability company is not created by the filing of a document with a secretary of state or similar office, then it is not considered a reporting company and, therefore, not required to file a BOI report.

There's no fee to file or update your BOI Report on your own!

However, if you need assistance with filing your BOI report, then we can help you with that. Click here to contact us via email to request a BOI consultation. Additional fees may be charged for this service.