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?
- A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe
- A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
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.
- A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.
- A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
- A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.
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 firstname.lastname@example.org.