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Boirfiling24

Beneficial Ownership
information

The deadline for filing the Beneficial Ownership Information Report (BOIR) is January 1st, 2025.

This deadline applies to businesses that were registered before January 1st, 2024. Any entity formed or registered before this date must submit their BOIR by the start of 2025 to comply with new regulations under the Corporate Transparency Act (CTA).

Who Must File by the January 1st, 2025 Deadline?

The BOIR filing requirement is mandatory for:

  • Corporations
  • Limited Liability Companies (LLCs)
  • Other similar entities created or registered in the United States before January 1st, 2024.

 

These businesses must report detailed information about their beneficial owners—individuals who either:

  1. Own 25% or more of the company, or
  2. Exercise substantial control over the entity.

 

Failure to file the report on time could result in $591 per day after the deadline, up to $100.000 in fines, and 2 years prison time, so businesses should ensure they meet this requirement well before the deadline.

 

 

  1. Large Operating Companies: Employ over 20 full-time workers, maintain an active U.S. office, and exceed $5,000,000 in gross receipts.
  2. Inactive Entities: Exist before January 1, 2020, not active, U.S. ownership, and limited funds transactions.
  3. Bank Exemption: Fit federal banking definitions.
  4. Credit Union Exemption: Meet federal credit union criteria.
  5. Holding Company Exemption: Qualify as a bank or savings and loan holding company.
  6. Money Transmitter Business Exemption: Registered with FinCEN as a money transmitter or services business.
  7. Securities Broker or Dealer Exemption: Registered under Securities Exchange Act.
  8. Securities Exchange or Clearing Agency Exemption: Registered under Securities Exchange Act.
  9. Exemption for Other Registered Entities: Officially registered with the SEC.
  10. Investment Companies or Advisers Exemption: Defined as an “investment company” or “investment adviser” and documented with the SEC.
  11. Exemption for Venture Capital Fund Advisers: Investment advisers under the Investment Advisers Act of 1940.
  12. Insurance Companies: Fit the Investment Company Act of 1940 definition.
  13. State-Licensed Insurance Producers: Authorized insurance producers with a U.S. presence.
  14. Commodity Exchange Act Registered Entities: Registered entities under the Commodity Exchange Act.
  15. Public Accounting Firms: Registered under the Sarbanes-Oxley Act of 2002.
  16. Public Utilities: Regulated public utilities offering specific U.S. services.
  17. Financial Market Utilities: Designated by the Financial Stability Oversight Council.
  18. Pooled Investment Vehicles: Operated or advised by specified entities.
  19. Tax-Exempt Entities: Fit IRS Code sections or are trusts described in specific sections.
  20. Entities Assisting Tax-Exempt Entities: Provide financial assistance to tax-exempt entities, U.S. owned and funded.
  21. Securities Reporting Issuer: Issue securities and registered under Securities Exchange Act.
  22. Subsidiaries of Certain Exempt Entities: Owned by specified exempt entities.
  23. Government Authority Exemption: Established under U.S. laws, Indian tribe, State, or agreement between States.
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