Beneficial Ownership Information (BOI) refers to details about individuals who ultimately own or control a company. In the U.S., businesses are required to report this information under the Corporate Transparency Act (CTA) to help prevent money laundering, fraud, and other financial crimes.
Key Points About Beneficial Ownership Information (BOI):
1. Who is a Beneficial Owner?
• Any individual who directly or indirectly owns 25% or more of a business.
• Anyone who exercises substantial control over the company (such as key executives or decision-makers).
2. What Must Be Reported?
• Full legal name
• Date of birth
• Residential address
• Government-issued ID (passport or driver’s license)
3. Who Needs to File?
• Most corporations, LLCs, and similar entities registered in the U.S.
• Certain foreign companies operating in the U.S.
4. Who Is Exempt?
• Large businesses (more than 20 full-time employees and over $5 million in revenue)
• Certain financial institutions and regulated businesses
5. Where is the Information Filed?
• The Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury Department.
6. Penalties for Non-Compliance
• Civil penalties: Up to $500 per day for failing to report.
• Criminal penalties: Fines up to $10,000 or imprisonment for up to two years for willful violations.
Why It Matters
The BOI rule aims to increase transparency in business ownership, making it harder for criminals to hide behind shell companies. The reporting requirement went into effect on January 1, 2024.
The State of Florida notified me that it was off until further notice late last year and had officially recommended not filling it out until the status changed (that was as of Dec 31, 2024).
Thanks, I just looked it up. Apparently we have until March 21st to file. I’ve never heard of this before. Just some more bureaucratic crap to track us. 🙄
Beneficial Ownership Information (BOI) refers to details about individuals who ultimately own or control a company. In the U.S., businesses are required to report this information under the Corporate Transparency Act (CTA) to help prevent money laundering, fraud, and other financial crimes.
Key Points About Beneficial Ownership Information (BOI): 1. Who is a Beneficial Owner? • Any individual who directly or indirectly owns 25% or more of a business. • Anyone who exercises substantial control over the company (such as key executives or decision-makers). 2. What Must Be Reported? • Full legal name • Date of birth • Residential address • Government-issued ID (passport or driver’s license) 3. Who Needs to File? • Most corporations, LLCs, and similar entities registered in the U.S. • Certain foreign companies operating in the U.S. 4. Who Is Exempt? • Large businesses (more than 20 full-time employees and over $5 million in revenue) • Certain financial institutions and regulated businesses 5. Where is the Information Filed? • The Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury Department. 6. Penalties for Non-Compliance • Civil penalties: Up to $500 per day for failing to report. • Criminal penalties: Fines up to $10,000 or imprisonment for up to two years for willful violations.
Why It Matters
The BOI rule aims to increase transparency in business ownership, making it harder for criminals to hide behind shell companies. The reporting requirement went into effect on January 1, 2024.
This was in the Patriot Act and was not implemented until recently. Then it was halted by the courts. And I guess now it’s on again.
Never heard of it. I own a business and have never gotten a notice.
The State of Florida notified me that it was off until further notice late last year and had officially recommended not filling it out until the status changed (that was as of Dec 31, 2024).
https://dos.fl.gov/sunbiz/other-services/reporting-of-beneficial-ownership-information/
Thanks, I just looked it up. Apparently we have until March 21st to file. I’ve never heard of this before. Just some more bureaucratic crap to track us. 🙄
Trump 45~47 and Elon reads here quit a lot.
They can't say they do, but we know they do.
We saw the signs.
X locked me out in the great purge of 2021 I cannot contact Musk.