The BOI Report is the latest beneficial ownership information report being administered by the Federal government, specifically the Financial Crimes Enforcement Network (“FinCEN”). All newly registered and currently operating businesses in the US are obliged to file this report. A small number of companies are exempt from making the report, yet even those entities must submit the initial report to FinCEN informing them of their exemption.
When Is The BOI Report Due?
The requirements for filing this report vary depending on the date that your business was founded:
Companies established AFTER January 1st, 2024
Organizations established AFTER January 1st, 2024, will have 90 days to file the report.
Companies established Before December 31st, 2023
Organizations established BEFORE December 31st, 2023, will have until the end of 2024 to file this report. Thus, the deadline is December 31st, 2024.
What are the BOI Penalties for Failure to File the Report?
Companies that fail to file the report might face fines of up to $500 every day, according to FinCEN. In order to prevent ongoing fines from the government, it is necessary that this report be submitted on time.
Why Was The BOI Report Implemented?
The federal government brought the BOI (beneficial ownership information) report into effect to make sure that all United States-based entities disclosed their ownership information to the federal government. By providing this report to the federal government, the government can easily determine who owns each company.
The government can now quickly ascertain which organization an individual belongs to in case they are under surveillance. The government is also interested in figuring out if the people living in sanctioned countries have ownership in US-based businesses.
With a BOI Report, the government will find it easier to identify which corporations are impacted by new sanctions imposed on nations like North Korea, Russia, or other sanctioned nations on the US list.
How to File the BOI Report?
To manage all BOI reporting requirements, BusinessRocket has created a whole new department for our clients. Our team is in charge of how to submit a BOI Report and is available to answer any inquiries throughout business hours. You can reach us by:
Submit BOI Request by Email: You can get started on your report by emailing BuisnessRocket at Sales@BusinessRocket.com. Just make sure to provide your organization’s name, the state in which it was established, and your preferred phone number for a follow-up call.
Submit BOI Request by Phone: Dial 888-700-8213 for BusinessRocket and select Extension 1 for our onboarding team. They will let you know about your next steps for your report in detail.
How Much Does It Cost To File The BOI Report?
The fee for BusinessRocket’s BOI Report service is only $99. It is a great deal, considering it covers all filing and processing costs of the report. There are also no extra costs by the government to submit this report.
Benefits of an LLC in Connecticut - Connecticut LLC: Advantages & How to Start a Connecticut LLC Forming an LLC in Connecticut gives you real advantages, asset protection, pass-through taxation, low startup costs, flexible management and tax savings with S-Corp. Forming an LLC in Connecticut gives you real advantages, asset protection, pass-through taxation, low startup costs, flexible management and tax savings with …
Benefits of an LLC in New Hampshire – How to Start a new Hampshire LLC - Fahad RafifahadrafiEdit Profile Pros and Cons of LLC in New Hampshire in 2025 Explore the pros and cons of starting an LLC in New Hampshire in 2025. Understand the benefits, potential drawbacks, and how it impacts your business decisions. A New Hampshire LLC offers limited liability, no state income tax, flexible management, and low startup …
Benefits of an LLC in New Hampshire – How to Start a new Hampshire LLC Read More »
Construction LLC Registration Services to Start an LLC - LLC Registration Services Online for Construction Companies – Contractors & Builders Forming a construction company through LLC registration services offers substantial benefits for industry professionals, including legal protection and operational flexibility. LLC structure helps protect personal assets, supports flexible team and project management, and provides favorable tax treatment through pass-through taxation. Whether you’re a general …
Construction LLC Registration Services to Start an LLC Read More »