BOI Report Filing Guide 2026: Complete Beneficial Ownership Information Compliance

If you own an LLC or corporation in the United States, you're now required to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). This guide covers everything you need to know to stay compliant with the Corporate Transparency Act in 2026.

What Is a BOI Report?

The Beneficial Ownership Information (BOI) report is a mandatory filing that discloses the individuals who actually own or control a company. Required by the Corporate Transparency Act (CTA) enacted in 2021, this reporting requirement aims to combat money laundering, tax fraud, terrorism financing, and other financial crimes.

Before the CTA, shell companies could operate anonymously, making it difficult for law enforcement to trace illicit financial activities. The BOI reporting requirement closes this gap by creating a database of who actually owns and controls U.S. businesses.

Who Must File a BOI Report?

Most entities formed by filing documents with a Secretary of State (or similar office) must file. This includes:

• Limited Liability Companies (LLCs) — including single-member LLCs
• Corporations — C-corps, S-corps, professional corporations
• Limited Partnerships and Limited Liability Partnerships (LLPs)
• Business Trusts formed by filing with a state
• Foreign companies registered to do business in the U.S.
• Holding companies and investment entities

What About Single-Member LLCs?

Yes, single-member LLCs must file BOI reports. Even though you're the only owner, you're still required to disclose your beneficial ownership information to FinCEN.

Filing Deadlines

Deadlines depend on when your company was formed:

Company Formation Date	BOI Filing Deadline
Before January 1, 2024	January 1, 2025 (deadline passed — file immediately if you haven't)
During 2024	Within 90 calendar days of formation
During 2025 or later	Within 30 calendar days of formation

Required Information

Your BOI report needs two categories of information:

Company Information

• Legal name of the company
• Trade names or "doing business as" names
• Current U.S. address (principal place of business; P.O. boxes not accepted)
• State or Tribal jurisdiction of formation
• EIN (or TIN if no EIN)

Beneficial Owner Information (for each owner)

• Full legal name
• Date of birth
• Current residential address (P.O. boxes not accepted)
• Identifying number from one of:
  • U.S. passport
  • State driver's license
  • State-issued ID
  • Foreign passport (if no U.S. ID)
• Image of the ID document

Who Is a Beneficial Owner?

A beneficial owner is any individual who meets either of these criteria:

1. Substantial Control

Anyone who exercises substantial control over the company, including:

• Serves as a senior officer (CEO, CFO, COO, President, etc.)
• Has authority over the appointment or removal of senior officers or a majority of the board
• Directs, determines, or has substantial influence over important decisions
• Has any other form of substantial control

2. Ownership Interest (25% or More)

Anyone who owns or controls at least 25% of the company's ownership interests, including:

• Stock shares (voting or non-voting)
• LLC membership interests
• Profits interests
• Options or other rights to acquire ownership

Step-by-Step Filing Guide

1. Gather Required Documents

   Collect your company formation documents, EIN confirmation letter, and valid government-issued ID for each beneficial owner. You'll need high-quality scans or photos of ID documents.

2. Identify All Beneficial Owners

   Determine who meets the substantial control or 25% ownership thresholds. Don't forget silent partners, investors with significant stakes, and key decision-makers who may not have titles.

3. Create a FinCEN Account

   Visit boiefiling.fincen.gov and create an account. You'll need to verify your email and set up secure access.

4. Complete the BOI Report Form

   Enter all company and beneficial owner information accurately. Double-check names, addresses, and ID numbers before submission.

5. Upload ID Document Images

   Upload clear, readable images of each beneficial owner's ID document. Images must show the entire document without obstructions.

6. Review and Submit

   Review all information for accuracy. Once satisfied, submit the report electronically. You'll receive a confirmation receipt.

7. Save Your Confirmation

   Download and save your filing confirmation. Keep it with your important business documents for future reference.

Exemptions: Who Doesn't Need to File?

Several types of entities are exempt from BOI reporting:

Exemption Type	Examples
Securities reporting issuers	Publicly traded companies (already disclose ownership to SEC)
Governmental authorities	Federal, state, local government entities
Banks and credit unions	FDIC-insured banks, credit unions (already subject to beneficial ownership rules)
Insurance companies	Insurance companies regulated by state insurance commissioners
Large operating companies	Companies with 20+ full-time U.S. employees, $5M+ gross receipts, and U.S. operating presence
Tax-exempt entities	501(c) organizations, charitable trusts, political organizations
Trusts	Trusts created by filing with a court (certain types)

The "Large Operating Company" Exemption

To qualify for this exemption, your company must meet ALL three criteria:

• Employs more than 20 full-time employees in the United States
• Has more than $5,000,000 in gross receipts or sales (including from affiliates)
• Has an operating presence at a physical office within the United States

Most small businesses won't qualify for this exemption.

Penalties for Non-Compliance

The penalties for failing to file or filing false information are severe:

Civil Penalties

• $606 per day (adjusted annually for inflation) that the violation continues
• Maximum civil penalty: $10,000 per violation

Criminal Penalties

• Fine of up to $10,000
• Imprisonment for up to 2 years
• Or both

Personal Liability

Senior officers of a company that fails to file a required BOI report may be held personally liable for the company's failure. This means the government can pursue your personal assets to satisfy penalties.

Filing Updates and Corrections

You must file an updated BOI report within 30 days of any change to previously reported information. Common triggers include:

• New beneficial owner (someone acquires 25%+ ownership)
• Beneficial owner departure (someone sells their 25%+ stake)
• Change in beneficial owner's name, address, or ID information
• Company name change or new trade name
• Company address change
• Correction of inaccurate information in a previous filing

There is no annual renewal requirement. If nothing changes, you don't file anything after your initial report.

Frequently Asked Questions