Beneficial Ownership Reporting (BOI) Filing Deadline
Companies with individuals who maintain beneficial ownership must report this information to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act. Reporting businesses must submit their initial report within 30 calendar days after the business is created or registered.
What Is Beneficial Ownership?
Beneficial ownership refers to any individual(s) who:
- Have substantial control over the business, or
- Own at least 25% of the company.
Substantial Control
According to FinCEN, an individual has substantial control if they meet any of the following:
- Serve as a senior officer of the company (e.g., President, CEO, CFO, General Counsel, COO)
- Can appoint or remove senior officers, board members, or similar governing bodies
- Can make decisions that directly impact business operations, including financial decisions, reorganizations, dissolutions, or amendments
- Maintain any other type of control over the business not described above
Ownership Interest
An individual is considered to have ownership interest if they meet any of the following:
- Own at least 25% of equity, stock, or voting rights in the company
- Have an established interest in company assets or profits
- Hold an option or privilege to buy or sell equity, stock, voting rights, or capital/profit interest
- Maintain a related ownership interest through convertible instruments
- Control any other mechanism, arrangement, or instrument that establishes company ownership
Who Is Exempt from BOI Reporting?
FinCEN lists 23 entity types that are exempt from beneficial ownership reporting requirements.
Important: Always verify with FinCEN.gov whether your company qualifies for an exemption before choosing not to complete BOI reporting.
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