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DefinitionBOI reporting (Beneficial Ownership Information) is a federal filing required of most US LLCs, Corporations, and similar entities by the Corporate Transparency Act. The filing iden
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Plain English Guide
What Is Boi Reporting · File.Business

What is BOI Reporting? The new federal disclosure rule.

BOI reporting (Beneficial Ownership Information) is a federal filing required of most US LLCs, Corporations, and similar entities by the Corporate Transparency Act. The filing identifies the human beings who ultimately own or control the entity, and is filed with the Financial Crimes Enforcement Network (FinCEN). The penalty for missing it is up to $591 per day.

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Formal Definition

Beneficial Ownership Information (BOI) reporting is a US federal filing requirement under the Corporate Transparency Act of 2021. It requires most domestic and foreign-qualified US entities to disclose information about their "beneficial owners" (individuals who ultimately own or control the entity) to the Financial Crimes Enforcement Network (FinCEN).

In plain English

Here is what that actually means.

The goal of BOI reporting is to make it harder to hide ownership of US businesses behind shell companies. Before the Corporate Transparency Act, US LLCs were easy to form anonymously and were used in money laundering schemes. The BOI rule changes that by requiring the identification of every individual who owns 25% or more of an entity or exercises "substantial control" over it.

The information you submit is NOT public. It is held in a secure FinCEN database and shared only with law enforcement, regulators, and certain financial institutions when they have a legal basis to access it. This is the most common point of confusion: BOI is required, but it is not on the public state record.

Most US LLCs and Corporations must file an initial BOI report within 30 days of formation (for entities formed in 2025 or later), or within 90 days (for entities formed in 2024), or by January 1, 2025 (for entities formed before 2024). An updated report is required within 30 days of any change to the reported information.

Key facts

The four things to know.

Federal filing
Filed with FinCEN, not the state
30-day deadline
For new entities formed in 2025+; 30 days from formation
Not public
Information stays in the secure FinCEN database
$591/day penalty
Civil penalty for willful failure to file
Who needs this

Common situations.

Most LLCs and Corporations Default requirement; exemptions are narrow.
Foreign-qualified entities Foreign-formed entities registered to do business in the US.
Limited Partnerships and LLPs Same requirement applies.
Business trusts If formed by state filing.
How it compares

Related concepts side by side.

BOI vs Annual Report
Annual reports are filed with the state; renew the entity's good standing. BOI is filed with FinCEN; identifies beneficial owners. Different filings, different agencies.
BOI vs EIN application
EIN is the federal tax ID. BOI is a federal ownership disclosure. Both federal; different purposes and different agencies (IRS vs FinCEN).
BOI vs Articles of Organization
Articles are state filings that create the entity. BOI is a federal filing that identifies owners after the entity is created.
FAQ

Common questions.

What is BOI reporting?
BOI, beneficial-ownership information, reporting is a federal filing with FinCEN identifying the individuals who ultimately own or control a company, created to combat illicit finance. As of 2026, most US-formed companies are exempt under FinCEN's 2025 rule, so many businesses file nothing. We confirm your specific situation rather than assuming.
Do I have to file a BOI report?
Generally not if your company is US-formed: FinCEN's March 2025 interim rule removed the requirement for domestic companies, so a US LLC or corporation typically has no federal BOI filing. Foreign-formed entities registered in a US state still report. We confirm which applies so you neither over- nor under-file.
Why did the BOI rule change?
FinCEN issued an interim final rule in March 2025 removing the reporting requirement for domestic US companies after legal challenges, reversing the earlier rule that swept in millions of entities. It is current but could change again, so we track FinCEN and flag any change relevant to your business.
Who still has to file?
Mainly foreign-formed entities registered to do business in a US state; US-formed companies are currently exempt. We assess where each of your entities was formed, and any foreign registration, to determine whether the obligation applies to you.
Does my state have its own version?
Some do: most states have no beneficial-ownership law, but a few have enacted their own transparency rules, New York's took effect in 2026, separate from the federal position. We check whether your state adds a disclosure on top of the federal rule so nothing state-specific is missed.
What information does a BOI report require?
For those who must file, the identifying details, name, birthdate, address, and an ID number, of the individuals who own or control the company. Banks ask for similar information under their own know-your-customer rules even when you do not file with FinCEN. We explain what counts for your entity.
What are the penalties for not filing when required?
For still-obligated foreign-formed entities, failing to file or filing false information can bring civil and criminal penalties under the Corporate Transparency Act. It is not a filing to ignore if it applies. We make sure any entity that must report does so correctly and on time.
Do the old 30 or 90 day deadlines still apply?
Not for US-formed companies: the original rule set tight deadlines from formation for domestic entities, but the 2025 rule removed those, so that guidance is obsolete for a US LLC or corporation. Foreign-registered entities have their own timelines. We apply the current rule, not the stale deadlines online.
Can File.Business tell me if I must file?
Yes: we assess each entity against the current federal rule and any state law, and file the BOI report only where it is actually required, so you neither miss a real obligation nor pay for a filing that no longer exists.
Keep reading

Related guides.

File BOI Report→ BOI Reporting Guide (Blog)→ Form an LLC→ Compliance Suite→

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