Beneficial Ownership Information Reporting
The Corporate Transparency Act, passed by congress in 2021, requires small entities (LLCs, corporations, partnerships, etc.) to file Beneficial Ownership Information Reports (BOIR) with the Financial Crimes Enforcement Network (FinCEN). Entities that are required to file BOIR are referred to as “Reporting Companies”. A reporting company that existed before January 1, 2024, must file their initial BOIR no later than January 1, 2025. Reporting companies formed on or after January 1, 2024, and before January 1, 2025, must file the initial BOIR within 90 days of formation. Reporting companies formed on or after January 1, 2025, must file their initial BOIR within 30 days of formation. Subsequent filings will be required when information in the BOIR changes.
Information about the Reporting Company, Company Applicant(s), and Beneficial Owner(s) is required to be included in the BOIR:
- Reporting Company
- Legal Name
- Tax Identification Number
- Jurisdiction of Formation
- Current US Address
- Company Applicant(s) (up to two may be reported, only applies to Reporting Companies formed on or after January 1, 2024)
- Full Name
- Date of Birth
- Current Address
- Identification Document (driver’s license or passport)
- A copy of the identification document must be attached to the report
- Beneficial Owner(s)
- Full Name
- Date of Birth
- Residential Address
- Identification Document (driver’s license or passport)
- A copy of the identification document must be attached to the report
If a company applicant or beneficial owner has obtained a FinCEN ID, the ID number can be provided instead of the rest of the information.
Harding & Madden Inc can assist with filing a BOIR when required. However, Harding & Madden cannot determine if an entity is a reporting company (required to file a BOIR), nor can Harding & Madden determine who should be included as Company Applicants or Beneficial Owners.
The following resources are available to assist in filing a BOIR, including determining if an entity is a reporting company, and who should be included as a beneficial owner.
FinCEN Small Entity Compliance Guide: Chapter 1 of the guide helps to answer the question of whether or not an entity is a reporting company (including discussion of a list of exemptions). Chapter 2 helps answer the question of who is a beneficial owner.
FinCEN Beneficial Ownership Information Frequently Asked Questions
FinCEN BOI E-Filing System: The E-Filing System can be used to file the BOIR. It can be filed completely online, or by downloading and completing the report in Adobe Reader, and uploading the completed report.
If an entity is a Reporting Company, and wishes for Harding & Madden to file the BOIR on its behalf, the required information can be submitted to us, along with a copy of our BOIR Engagement Letter (initialed, signed, and dated) through our secure file system no later than November 15, 2024.