Effective January 1, 2024, all US and foreign companies that were formed in, or have registered with any of the 50 US states, must comply with new Beneficial Ownership Information (BOI) reporting requirements with the Financial Crimes Enforcement Network (FinCEN), as prescribed by the Corporate Transparency Act (CTA.)
Ensure Your Business Complies with Corporate Transparency Act Regulations
FAQs
Beginning January 1st, 2024, the Corporate Transparency Act mandates that businesses submit a Beneficial Ownership Information Report or risk criminal and civil penalties of up to $10,000. We offer assistance in navigating this process for a flat fee, ensuring your filing is compliant and done by one of our BOIR professionals.
If your company existed before January 1, 2024, it must file its initial beneficial ownership information report by January 1, 2025.
If your company was created or registered on or after January 1, 2024, and before January 1, 2025, then it must file its initial beneficial ownership information report within 90 calendar days after receiving actual or public notice that its creation or registration is effective. Specifically, this 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.
If your company was created or registered on or after January 1, 2025, it must file its initial beneficial ownership information report within 30 calendar days after receiving actual or public notice that its creation or registration is effective. The following sets out the initial report timelines.
A beneficial owner includes any individual who, directly or indirectly, either (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25 percent of the ownership interests of a reporting company.
The following entities are exempt from submitting a filing:
Securities reporting issuer.
Governmental authority
Bank
Credit union
Depository institution holding company
Money services business
Broker or dealer securities
Securities exchange or clearing agency
Other Exchange Act registered entity
Investment company or investment adviser
Venture capital fund adviser
Insurance company
State-licensed insurance producer
Commodity Exchange Act registered entity
Accounting firm
Public utility
Financial market utility
Pooled investment vehicle
Tax-exempt entity
Entity assisting a tax-exempt entity
Large operating company
Subsidiary of certain exempt entities
Inactive entity
Yes, we understand that many businesses require a combination of services. Whether you need an ITIN, EIN, LLC formation, or trademark registration, BOI, we can assist you with multiple services simultaneously to streamline the process and save you time.
In the case that you are not sure if you need to file a BOIR please call our office at (512) 394-8606 or email your inquiry to info@BeFiling.com.
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