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An initial filing is required during 2024—as well as updates every time company or owner information changes—or face harsh civil and criminal penalties
for non-compliance.
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What you need to know about The Corporate Transparency Act (CTA) and Beneficial Ownership Information (BOI) Reporting

On January 1, 2024, the Corporate Transparency Act (CTA) went into effect requiring millions of businesses operating in the United States to report their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). A beneficial owner is any individual who, directly or indirectly, either exercises substantial control over a company or owns or controls at least 25 percent of the ownership interests of the company. The Corporate Transparency Act requires businesses to submit BOI reports to FinCEN and to notify the agency of any changes to the information that they reported as they occur.

As your trusted compliance partner, BizFilings stands ready to help you navigate this new requirement with an end-to-end solution that includes a “built-for-purpose” compliance platform and the capability to seamlessly handle all your Beneficial Ownership filings.

FAQs

  • When is the initial beneficial owner information report required to be filed with FinCen for companies existing prior to January 1st, 2024?
    A domestic reporting company created before January 1, 2024 or an entity that became a foreign reporting company before January 1, 2024, must file a report not later than January 1, 2025.
  • When is the initial beneficial owner information report required to be filed with FinCen for entities created on or after January 1st, 2024?
    Any domestic reporting company or foreign reporting company created on or after January 1, 2024, must file a report within 90 calendar days of either receiving actual notice that its creation has become effective or the Secretary of State or similar office first providing public notice it’s been created, such as through a publicly accessible registry, whichever occurs first.
  • What is a beneficial owner?
    The final FinCEN rule defines a beneficial owner as follows: “the term “beneficial owner,” with respect to a reporting company, means any individual who, directly or indirectly, either exercises substantial control over such reporting company or owns or controls at least 25 percent of the ownership interests of such reporting company.
  • Which types of organizations are considered reporting companies?
    Beneficial Ownership Information reports must be filed by domestic reporting companies and foreign reporting companies. A domestic reporting company is defined as an entity that is a corporation, LLC or other entity created by the filing of a document with a secretary of state or similar office under the laws of a state or Indian tribe. A foreign reporting company is an entity that is a corporation, LLC, or other entity created under the law of a foreign country and registered to do business in any state or tribal jurisdiction by filing a document with a secretary of state or similar office under the law of a state or Indian tribe.
BizFilings is not a law firm and cannot provide legal advice, including providing advice as to whether any specific entity will be required to file a report. BizFilings cannot provide its own interpretation of the statute or FinCEN’s final report ruling, however many of the questions can be answered by referring to the text of the final rule, sections of which have been provided where appropriate. You can also direct questions to FinCEN. The phone number of the FinCEN Regulatory Support Section is 1-800-767-2825 and you can email them at [email protected].
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