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Beneficial Ownership Information Reporting Update

December 13, 2023

If you own an LLC or Corporation please read the following update on the Beneficial Ownership Information Reporting.

Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN) which is a bureau of the U.S. Department of the Treasury.

Who Needs to Report?

Who Does Not Have to Report?
Twenty-three types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies, nonprofits, and certain large operating companies. You can find the full list under C.2.

How Do I Report?
If you are required to report your company’s beneficial ownership information to FinCEN, you will do so electronically through a secure filing system available via FinCEN’s BOI E-Filing website.

When Do I Report?

FinCEN launched the BOI E-Filing website for reporting beneficial ownership information on January 1, 2024.

To learn more please visit:

This is information was updated on January 11, 2023. Please check the FinCEN website regularly for more information and updates as they become available. As always, please do not hesitate to reach out to your advisor or the ASU SBDC with any questions at 325-942-2098 or sbdc@angelo.edu.