Effective January 1, 2024, domestic and foreign corporations are required to file BOI (Beneficial Ownership Information) with FinCEN (Financial Crimes Enforcement Network) based upon the Corporate Transparency Act. The BOI includes identifying information about the individuals who directly or indirectly own or control a company.
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When to File:
- For companies created or registered to do business before January 1, 2024 – they will have until January 1, 2025, to file its initial BOI report.
- For companies created or registered to do business after January 1, 2024 – they will have 90 calendar days after receiving actual or public notice that its creation or registration is effective to file its BOI.
- For companies created or registered on or after January 1, 2025 – they will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective to file its BOI.
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Where to File: https://www.fincen.gov/boi
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Any Exceptions? There are 23 types of entities which are exempt from BOI filing requirements – including publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies
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