Everything you need to know about BOI reporting
The plain-English guide to Beneficial Ownership Information reporting under the Corporate Transparency Act. Who must file, what data is required, deadlines, penalties.
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⚠ Updated for 2025 rule change
This guide reflects FinCEN's March 26, 2025 interim final rule. US-formed entities are now exempt from BOI reporting. Only foreign-formed entities registered to do business in any US state must file. Check with our decision tree →
What is inside the BOI guide
- Plain-English explanation of the Corporate Transparency Act
- Who must file (and who is exempt) · 23 exemption categories
- Beneficial owner definition and substantial control criteria
- Required information per beneficial owner
- Initial filing deadline (30 days from formation)
- Update deadline (30 days from any change)
- How to file via FinCEN BOSS system
- Civil penalty ($591/day) and criminal penalty details
- 2026 court status and any rule changes
- Sample BOI report (filled with example data)
Who this is for
Founders forming their first business, accountants advising small business clients, attorneys helping clients with formation, and anyone running a US business who wants the relevant deadlines and decisions in one place.
Why we made this free
File.Business is a business operating system, not a paywalled content factory. We make money when founders use our formation, registered agent, and compliance services. The more accurate information you have, the better choices you make.
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