Beneficial Ownership Information (BOI) reporting requirements
As you may be aware, the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been in effect since January 1, 2024. This law, administered by the Financial Crimes Enforcement Network (FinCEN) division of the U.S. Treasury, requires many businesses to disclose information about their beneficial owners. Compliance is essential to avoid penalties.
Who is Required to File?
Most corporations, limited liability companies (LLCs), and other entities must file a BOI report unless an exemption applies (click here for a list of the exemptions).
What Must Be Filed?
The BOI report must include information about each applicant and each beneficial owner.
An applicant is the person responsible for applying for the company’s charter/articles of incorporation/formation.
A Beneficial Owner is any person who owns 25% or more of the equity, any director, or any officer who exerts significant control over the governance of the entity.
Required information:
Full legal name
Date of birth
Current residential or business address
A unique identifying number from an acceptable identification document (e.g., passport or driver’s license), along with an image of the document
If You Have Not Already Done So:
If you still need to complete your BOI filing, it is critical to do so as soon as possible. Non-compliance can result in substantial penalties, including fines of up to $500 per day, and in certain cases, criminal penalties may also apply.
For entities formed in the calendar year 2024, the deadline for filing a BOI report is 90 days from the date of formation. For all other entities that existed before January 1, 2024, the deadline to file is December 31, 2024.
If you believe your business is subject to the BOI filing requirements or would like to discuss having Chehardy Sherman Williams handle the filing of the BOI report on your behalf, please email us at info@chehardy.com or call our offices at (504) 977-2687. We are prepared to assist you in maintaining compliance and can help facilitate the filing process. If you choose to file your own FinCEN reports, use this link to the website: https://www.fincen.gov/boi
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