NOTICE: Failure to file Beneficial Ownership Information Report before the federal deadline may result in penalties of up to $591/day.
The new BOIR requirement can be complex, and failing to comply can lead to serious penalties, including fines or imprisonment. Using a service like BOIR Reporting Service ensures compliance by simplifying the process. We make it easy for you by collecting your information, preparing a custom report, and submitting it directly to FinCEN on your behalf.
This saves you time, reduces risk, and ensures your business remains in good standing with the federal government.
Other exempt entities include non-profits, trusts, and certain financial service companies.
FinCEN has identified 23 categories of exempt business entities, including:
A large operating company is exempt if it meets the following criteria:
Inactive entities are exempt if they:
Certain individuals and roles are exempt from being considered beneficial owners, such as minor children, individuals who only act as intermediaries for financial institutions, or those who hold property on behalf of another.
As of 2024, all LLCs—including single-member and multi-member LLCs—are considered reporting companies and must file a BOIR. This includes providing the U.S. government with identifying information about the company’s beneficial owners to meet the new requirements.
If the ownership or control of your company changes, or if any identifying information changes, you must file an updated BOIR within 30 days. This also applies to changes in tax-exempt status or if any errors in the initial filing are discovered.