Business Tips

FinCEN’s BOI Reporting Rule

Do you own a small business? You should be aware of the Beneficial Ownership Information Reporting Rule established by the Corporate Transparency Act—and how it may affect you.

If your company is registered as either a corporation or an LLC, or otherwise created by filing a document with a secretary of state or similar office, there’s a good chance you’re classified as a reporting company under FinCEN’s rules—which means you’ll need to fill out some extra paperwork to report your company’s Beneficial Ownership Information, or BOI.

BOI refers to the individuals who either directly or indirectly own or control a company. The purpose for reporting this information is to make it harder for bad actors to hide behind shell companies or other non-transparent ownership structures.

Filling out the necessary paperwork is a fairly straightforward process, and simply requires the basic information below about the company.

  • Name
  • Address
  • Taxpayer Identification Number or Employer Identification Number

You’ll also need the information listed below for all owners and, if required, company applicants.

  • Legal name
  • Date of birth
  • Address
  • Unique ID number
  • Copy of a photo ID

List of Requirements

For more information and to get started on the form, visit the FinCEN’s website. Here you’ll find a full list of requirements, including whether your company qualifies for an exemption, what information you’ll need in order to file, and what the filing deadline is for your company.

In the meantime, if you receive any letters or emails claiming to be from FinCEN and containing an “Important Compliance Notice,” don’t click any links or scan any included QR codes. FinCEN will not send you unsolicited requests. Visit FinCEN’s official website if you need to contact them or have any questions.

Ready for What’s Next?

Have questions? Ready to start building a relationship with one of our experienced bankers?