New Federal Reporting Requirement for Beneficial Ownership Information (BOI)
Starting from January 1, 2024, many companies in the United States will have to share details about the people who own or control them. This is called reporting, and it's done to the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Department of the Treasury.
Your company might have to report this information if:
- It's a corporation, a limited liability company (LLC), or if it was made in the United States by filing papers with a secretary of state or a similar office under a state or Indian tribe law.
or
- It's a foreign company that got registered to do business in any U.S. state or Indian tribe by filing papers.
If someone breaks the rules about reporting this info (called BOI reporting), they might get in trouble. They could be fined up to $500 each day the problem keeps going. They might also go to jail for up to two years and have to pay up to $10,000.
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