The BOI Report (Beneficial Ownership Information) is a requirement introduced to ensure greater business transparency and prevent illegal activities such as money laundering. This report is mandatory for certain companies in the United States and requires detailed information about the entity’s beneficial owners.
Which Businesses Need to Submit a BOI Report?
- Newly formed businesses, such as LLCs and corporations.
- Existing entities that do not meet exemptions set by the Treasury Department.
What Information is Included in the BOI Report?
- Full name, date of birth, and address of each beneficial owner.
- Official identification (such as a passport or driver’s license).
- Business information, including the legal name and EIN.
Importance of the BOI Report:
- Legal compliance: It is a mandatory requirement, and failing to file can result in significant fines.
- Transparency: Builds trust with partners and investors by demonstrating accountability and professionalism.
How Do We Help?
We ensure your BOI report is prepared and filed correctly, meeting all applicable regulations, so you can focus on your business without worry.
