New Federal Reporting Requirement for Beneficial Ownership Information (BOI)

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners- the individuals who ultimately own or control the company- to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Filing is simple, secure, and free of charge. Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.

How will I report my company’s beneficial ownership information? If you are required to report your company’s beneficial ownership information to FinCEN, you will do so electronically though a secure filing system available via FinCEN’s BOI E-filing website (https://boiefiling.fincen.gov). Continue reading below to learn what you will need to file.

What you will need:

1)        Authorized filer: Anyone whom the reporting company authorizes to act on its behalf- such as an employee, owner, or third-party service provider-may file a BOI report, individual filers should be prepared to provide basic contact information about themselves, including their name and email address or phone number

2)        Name, residential address and date of birth. All Members who exercise substantial control or own or control at least 25% of the ownership interest of the company

3)        Image of acceptable form of identification, i.e., no-expired U.S. driver’s license or other non-expired identification issued by U.S. state or local government or India Tribe; or non-expired passport issued by the U.S. government; pr non-expired passport issued by a foreign government (only when an individual does not have one of the other three forms of identification listed above.)

4)        Tax Identification Number

For questions or assistance filing your company’s beneficial ownership information, please contact one of Galvanize Law Group’s skilled business attorneys here.