Beneficial Ownership Information

This information is being provided to you as a courtesy to you. It is intended to be used for informational purposes only and that it is not intended to be interpreted as advice.

As of January 1, 2024, the bipartisan Corporate Transparency Act requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. The law was passed to curb illicit finance and protect U.S. national security. Filing is simple, secure, and free of charge. Learn more about beneficial ownership reporting at www.fincen.gov/boi.

Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:

Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.
Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information.

As your next step: Go to fincen.gov/boi to determine if your entity needs to report information about its beneficial owners—the real people who ultimately own or control the company—to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). You can also subscribe to FinCEN Updates for future guidance.

What happens if a reporting company doesn’t file?

A person who willfully violates beneficial ownership reporting requirements may be subject to civil penalties of up to $591 for each day that the violation continues, as well as criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.