How do I file beneficial ownership information for my small business?

Since January 1, 2024, many companies are now required to report information about the individuals who own them, as a deterrent to financial crimes. The US Financial Crimes Enforcement Network (FinCEN) administers the reporting requirements.

Beneficial ownership information (BOI) reports must be filed through FinCEN’s secure filing system. Log in or sign up for QuickBooks to file your BOI report here.

Who must file?

Foreign corporations, foreign limited liability companies, or other foreign companies registered by a state or Native American tribe.

Exemptions

All entities created in the United States and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN.

How and when are BOI reports filed?

Reporting company

• Legal name
• Trade name
• Address
• Jurisdiction of formation
• IRS reporting number
• Identification number of a foreign jurisdiction if a foreign reporting entity has to be reported

Beneficial owners, and the applicant (if applicable)

• Legal name
• Date of birth
• Address from a passport 
• Driver’s license or other official document that provides an ID number, jurisdiction, and image

Reporting requirements may be affected by rules concerning:

• Intermediate ownership levels
• Ownership by a minor child
• Community property
• Foreign pooled investment vehicles

What if a company's reported information changes or is later found to be inaccurate?

An updated BOI report must be filed within 30 days of any change to previously reported information.

• This doesn’t apply to changes in information about the company applicant. 
• There's no requirement to report a company’s termination or dissolution.
• A company that later qualifies for an exemption must file an updated report indicating its newly exempt status.