Under the Corporate Transparency Act, most U.S. LLCs and corporations must file a Beneficial Ownership Information (BOI) report with FinCEN identifying their real owners. The filing is free, takes about 15 minutes — and the penalty for missing it is up to $591/day. BOI rules have shifted multiple times in court; this guide reflects the current 2026 status. Always confirm the latest before filing.
Important status note: BOI reporting has been subject to multiple court injunctions and rule changes since 2024. The information below reflects the latest FinCEN guidance. Confirm the current status at fincen.gov/boi or contact us before relying on it.
What is BOI reporting?
The Corporate Transparency Act (CTA), which took effect January 1, 2024, requires most U.S. companies to disclose their beneficial owners — the actual human beings who control or benefit from the entity — to the Financial Crimes Enforcement Network (FinCEN). The goal is to combat anonymous shell companies used for money laundering.
Who has to file?
A "reporting company" is any entity that was created by filing a document with a state (so: LLCs, corporations, LLPs). That covers essentially every small business owner. There are 23 narrow exemptions — mostly for entities already heavily regulated (public companies, banks, insurers, large operating companies with 20+ employees and $5M+ in U.S. revenue, tax-exempt entities).
If you set up an LLC with a state, assume you need to file until proven otherwise.
What do you report?
Three sets of information:
- The company itself — legal name, trade names (DBAs), U.S. address, state of formation, and EIN
- Every beneficial owner (any individual who owns 25%+ or exercises substantial control — CEOs, presidents, and senior officers usually qualify even without equity): full legal name, date of birth, home address, and a scan of a passport or driver's license
- Company applicant (for entities formed on/after January 1, 2024) — the person who filed the formation document
Deadlines
- Entities formed before January 1, 2024: deadline was January 1, 2025 (many had later deadlines due to court injunctions — check your specific entity's current due date)
- Entities formed in 2024: 90 days from formation
- Entities formed in 2025+: 30 days from formation
- Any change to reported info: new 30-day filing required (new address, new ID, new officer, name change)
Penalties
- Civil: up to $591/day (adjusted annually for inflation)
- Criminal: up to 2 years in prison and $10,000 in fines for willful violations
How to file (if you want to DIY)
- Go to the FinCEN BOI e-filing portal
- Click File BOIR
- Gather each owner's ID (passport or driver's license scan), full legal name, DOB, and home address
- Complete the online form and submit. You'll receive a transcript — save it
There is no filing fee. Anyone claiming you need to pay hundreds to file directly with FinCEN is running a scam — these are common in the mail and by email.
Common situations that trip people up
- Multi-member LLCs with a minor owner — a parent or guardian can be listed
- Trusts as owners — the trustees and sometimes the beneficiaries are reportable
- Foreign owners — report a foreign passport; a foreign address is fine
- Sold or dissolved your LLC — you still had to file if it existed in 2024, then file a dissolution update
- Holding companies — each entity files separately; the owners are reported through each
BOI is a new, low-friction, high-penalty filing. The actual work takes less than an hour — the real cost is remembering it exists.
How we can help
For many clients, we file BOI as part of their engagement — it's typically a flat fee of $125 per entity and we handle the whole process, including follow-up filings whenever an owner's info changes. If you're unsure whether you've filed, or whether a change triggered a re-filing requirement, let's talk.