BOI Filing — Federal Compliance Made Simple
The Corporate Transparency Act requires most LLCs and corporations to file Beneficial Ownership Information with FinCEN. We handle the document preparation so you file correctly and on time.
What Is Beneficial Ownership Information (BOI)?
The Corporate Transparency Act (CTA), enacted in 2021 and effective January 1, 2024, requires most LLCs, corporations, and similar entities formed in the U.S. to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).
A beneficial owner is any individual who owns 25% or more of the entity, or who exercises substantial control over it. This information is submitted to FinCEN, a bureau of the U.S. Department of the Treasury.
Failure to file can result in significant civil and criminal penalties. ProperForms helps you prepare the required documentation accurately.
Disclaimer: ProPerForms is a document preparation service. This is not legal advice. Consult a licensed attorney for legal guidance on your specific situation.
Key Facts
- Who Must File: Most LLCs & corporations
- Existing entities: confirm current FinCEN deadline
- Penalties: significant civil & criminal
Does Your Entity Need to File?
Most LLCs and corporations must file. Here’s a quick breakdown.
Generally Required to File
- Single-member LLCs
- Multi-member LLCs
- Corporations
- Entities formed by filing with a Secretary of State
Common Exemptions
- Large operating companies (20+ employees, $5M+ revenue)
- Publicly traded companies
- Banks and regulated financial institutions
- Certain nonprofit entities
Not sure if your entity qualifies? Get in touch.
Filing Deadlines You Need to Know
Entities Formed Before January 1, 2024
Initial report deadline applies. Note: this can change — confirm the current FinCEN deadline before filing.
Entities Formed in 2024 and After
Must file within 90 days of formation.
Changes to Beneficial Ownership
Updates must be filed within 30 days of any change.
Entities Formed Before January 1, 2024
Initial report deadline applies. Note: this can change — confirm the current FinCEN deadline before filing.
Entities Formed in 2024 and After
Must file within 90 days of formation.
Changes to Beneficial Ownership
Updates must be filed within 30 days of any change.
Deadlines are subject to regulatory updates. Verify current requirements at fincen.gov.
BOI Filing Questions Answered
FinCEN (Financial Crimes Enforcement Network) is a bureau of the U.S. Department of the Treasury that collects and analyzes financial transaction data to combat money laundering, terrorism financing, and other financial crimes.
You’ll need entity information (legal name, address, EIN), beneficial owner details (name, date of birth, address, ID number), and company applicant information for entities formed after January 1, 2024.
Civil penalties can exceed $500 per day of non-compliance, and willful violations can result in criminal penalties including fines up to $10,000 and imprisonment up to two years.
In most cases yes — Self-Directed IRA LLCs are typically subject to BOI reporting requirements. We can help you determine whether your specific structure qualifies.
Any change to reported beneficial ownership information must be filed with FinCEN within 30 days of the change.
No. BOI information is reported confidentially to FinCEN and is not publicly accessible. Access is limited to authorized government agencies and, under strict conditions, certain financial institutions.
Don't Risk Non-Compliance
BOI filing is a federal requirement. Let us help you prepare your documentation correctly.