#TuesdayTips – Understanding BOI Reporting: A Quick Guide


Hey folks! Wondering what BOI (Beneficial Ownership Information) is and how it affects your company? Here’s a breakdown:

  1. What is BOI?

    • BOI helps identify individuals owning or controlling a company.
    • Part of the Corporate Transparency Act to combat hidden gains through shell companies.
  2. Reporting Deadlines:

    • Companies created before Jan 1, 2024, report by Jan 1, 2025.
    • Companies registered after Jan 1, 2024, report within 30 days of creation.
  3. Reporting Companies:

    • Domestic: Created in the U.S.
    • Foreign: Registered in the U.S. but formed under a foreign country’s law.
  4. Exemptions:

    • 23 entity types are exempt from reporting requirements.
  5. Beneficial Owners:

    • Individuals with ≥25% ownership or substantial control over the company.
  6. Company Applicants:

    • Reporting for companies created on or after Jan 1, 2024.
    • Up to two individuals involved in the filing process.
  7. Reporting Requirements:

    • Legal name, trade names, address, jurisdiction, and TIN for the company.
    • For beneficial owners and company applicants: Name, date of birth, address, and acceptable ID.
  8. Acceptable IDs:

    • U.S. driver’s license, state/local government ID, U.S. or foreign passport.

Stay informed, stay compliant! #BOIReporting #CorporateTransparencyAct #ComplianceMatters

Remember, this is just a quick overview. Check the link for detailed info and consult with legal experts for your specific case.

#TuesdayTips – Understanding BOI Reporting: A Quick Guide