Guide
BOI Filing Requirements Guide
BOI filing is required for most LLCs and corporations. 23 exemption categories exist for large companies. Learn who must file and who is exempt.
Who Files
Who Must File BOI?
Required to File (Reporting Companies)
- LLCs (single-member and multi-member)
- Corporations (C-corp and S-corp)
- Limited partnerships (LPs)
- Limited liability partnerships (LLPs)
- Any entity created by filing with a state secretary of state
Exempt (23 Categories)
Large companies meeting ALL of these:
- 20+ full-time employees in the US
- $5M+ in gross revenue/sales
- Physical US office
Other exemptions: banks, credit unions, insurance companies, SEC reporting companies, public utilities, tax-exempt organizations, and more.
See the full list at FinCEN BOI filing.
What to Report
What Information Is Required?
For each beneficial owner (25%+ ownership or substantial control):
| Field | Required | |-------|----------| | Full legal name | Yes | | Date of birth | Yes | | Residential address | Yes | | ID document (passport/license) | Yes | | ID document image | Yes |
Who Is a Beneficial Owner?
- Anyone with 25%+ ownership interest
- Anyone with substantial control (CEO, CFO, general counsel)
- Includes indirect ownership through other entities
See beneficial ownership report for details.
Deadlines
Filing Deadlines
| When Created | Deadline | |-------------|----------| | Before Jan 1, 2024 | By Jan 1, 2025 | | Jan 1 - Dec 31, 2024 | Within 90 days | | After Jan 1, 2025 | Within 30 days |
See BOI filing deadline for current dates.
Related: BOI penalties | BOI for LLC | BOI cost
Frequently Asked Questions
Is BOI filing required?
Yes, for most LLCs and corporations. 23 exemption categories exist for large companies. See BOI filing requirements.
Is BOI filing free?
Yes. Filing directly with FinCEN at fincen.gov/boi is completely free. No government fee exists.
What is the penalty for not filing BOI?
$500 per day civil penalty, up to $10,000 fine, and up to 2 years imprisonment for willful violations.
Who is a beneficial owner?
Any individual with 25%+ ownership interest or substantial control over the company (CEO, CFO, managing member).
Where do I file BOI?
File at fincen.gov/boi. This is the only authorized filing platform. BOI is a federal filing, not a state filing.
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