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Corporate Transparency Act

Corporate Transparency Act

Starting January 1st, 2024, all corporations and LLCs will need to file a Beneficial Ownership Information Report. This report is filed with FinCEN, the same agency that requires the FBAR.

For business entities formed on or after January 1st, 2024, the BOI report must be filed within 30 days of the entity being created.

For business entities formed before January 1st, 2024, the BOI report must be filed on or before December 31st, 2024.

If any information about the company or the beneficial owners change, an updated report must be filed within 30 days after the change occurs. If an error is discovered, a corrected report must be filed within 30 days of discovering the error.

The BOI report will contain information on the company, any beneficial owners, and for entities formed on or after January 1st, 2024, the company applicant.

A beneficial owner is anyone who directly or indirectly has substantial control over the company or owns at least 25% of the company. A company applicant is the person who files the papers to form the company.

What information is required:

Company Information –

  • full legal name of the business
  • any trade or “doing business as” names
  • complete current street address of the principal place of business
  • jurisdiction of formation
  • EIN


Beneficial Owner Information –

(1) full legal name
(2) date of birth
(3) complete current residential street address (except in the case of a company applicant who forms or registers an entity in the course of the company applicant’s business, who has to provide the street address of the business)
(4) unique identifying number and the issuing jurisdiction from either a current
(i) U.S. passport,
(ii) state or local ID document,
(iii) driver’s license, or
(iv) if the individual has none of those, a foreign passport
(5) an image of the document from which the unique identifying number was obtained.

Who will have access to the information contained in the BOI report?

FinCEN is authorized to disclose BOI to a limited group of requestors, including:

(1) federal agencies engaged in national security, intelligence, and law enforcement
(2) state law enforcement agencies with a court order
(3) the Treasury Department
(4) financial institutions with the company’s consent
(5) government regulators of financial institutions
(6) certain foreign authorities requesting information through a U.S. agency.

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