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What is BOI?

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The Beneficial Ownership Information (BOI) report is part of the Corporate Transparency Act (CTA) that Congress passed in 2021 which establishes uniform reporting requirements for businesses. The BOI lays out in personal detail who owns a business and contains personal identifying information about a company’s beneficial owners. The CTA and Beneficial Ownership Reporting is part of the U.S. government’s efforts to crack down on money laundering, financing of terrorism, tax fraud, and other illegal acts.

Business owners file the BOI with FinCEN - the U.S. Department of Treasury’s Financial Crimes Enforcement Network - which issues the regulation providing the details on who must file a report, when it has to be filed, and what information has to be reported. This type of report is new to the United States, but it’s already quite common in many other developed countries.

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Compliance is mandatory

  • Engage with Venning to understand your reporting requirements

  • This is a federal filing. There is no state filing involved.

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Avoid the harsh penalties

  • Civil penalty of up to $500 for each day the violation continues and criminal fines of up to $10,000, imprisonment for up to two years, or both

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File now with Venning BOI services

  • We work with you and other key advisors in a coordinated and collaborative approach to ensure complete and accurate filings for each entity

Key Deadlines

The deadline to submit the initial BOI report depends on your company's establishment date.

  • If the company is formed or registered before January 1, 2024, submit the BOI report by January 1, 2025.

  • If the company is formed or registered after January 1, 2024, submit the BOI report within 90 days from the date you received notice of the company’s effective registration from the state.

  • For companies to be formed or registered after January 1, 2025, the deadline for filing a BOI report is within 30 days from the date the business receives notice of its effective registration from the state.

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