Beneficial Ownership Information (BOI) Report

A Beneficial Ownership Information(BOI) Report must be filed with the Financial Crimes Enforcement Network (FinCEN) if your entity meets certain requirements.

This is part of the U.S. government's efforts to improve the transparency of corporate structures and allow law enforcement agencies to more easily identify the true owners behind companies. This is especially important for cracking down on financial crimes that might be obscured through complex ownership structures.

How to File a BOI Request with Traact:

Who is a Beneficial Owner?

BOI stands for Beneficial Ownership Information, which is information about the individuals who ultimately own or control a company, often referred to as the beneficial owners. These individuals have significant ownership or control over a legal entity, even if their name does not appear on the public records of the business.

Filing Requirements

The BOI report must disclose details about the beneficial owners of the company, including:

1. Full legal name

2. Date of birth

3. Residential address

4. Unique identification number (e.g., from a passport or driver’s license) and the issuing jurisdiction of the ID.

5. In some cases, the company applicants—the individuals who helped form the company—may also need to be reported.

Entities that are "reporting companies" under the CTA are required to file a BOI report.

• The Corporate Transparency Act (CTA) requires a reporting company to disclose specific information about the company, its beneficial owners, and FinCEN applicant companies. This information includes the company name, structure, and beneficial owner data, among other things.

• Click here to view FinCEN Entity Exceptions.

Important Deadlines

• Companies registered before January 1, 2024, have until March 21, 2025 to report.

• Companies registered on or after January 1, 2024, have 90 days after registration to file their initial report.