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Beneficial Ownership Information Report
Special Deals
It’s crucial to stay informed about the new Beneficial Ownership Information (BOI) requirements that could impose hefty fines of up $500 per day, not to mention potential criminal penalties. All business owners must comply with these regulations before the end of the year. Don't—time is running out, and the deadline is fast approaching! Ensure your business is prepared to avoid unnecessary consequences.
Who is a beneficial owner of a reporting company?
A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over the reporting company, or (2) owns or controls at least 25% of the reporting company’s ownership interests. Because beneficial owners must be individuals (i.e., natural persons), trusts, corporations, or other legal entities are not considered to be beneficial owners. However, in specific circumstances, information about an entity may be reported in lieu of information about a beneficial owner.
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FinCEN’s Small Entity Compliance Guide provides checklists and examples that may assist in identifying beneficial owners.
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How many beneficial owners can a reporting company have?
An individual might be a beneficial owner through substantial control, ownership interests, or both. A reporting company can have multiple beneficial owners; there is no maximum number of beneficial owners who must be reported.
[Issued October 3, 2024]
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What if a reporting company does not have any individuals who own or control at least 25 percent?
FinCEN expects that every reporting company will be substantially controlled by one or more individuals, and therefore that every reporting company will be able to identify and report at least one beneficial owner to FinCEN.
