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Beneficial Ownership Information (BOI) Report
Need help filing your LLC’s BOI report? Equity Doc Prep can help.
What is a Beneficial Ownership Information (BOI) Report?
A Beneficial Ownership Information (BOI) report is a legal document that your LLC must submit to the Financial Crimes Enforcement Network (FinCEN) to comply with federal regulations. It reports identifying information of your business and its beneficial owners, essentially those who own and/or controls the company.
Why do I need to file a BOI?
In early 2024, the government introduced the Corporate Transparency Act (CTA), which aims to increase transparency in business ownership and prevent illicit activities. As part of this legislation, all LLCs formed before January 1, 2024 must submit a Beneficial Ownership Information (BOI) report to the FinCEN by December 31, 2024.
This report is crucial for maintaining transparency and compliance with federal regulations. Failure to submit the BOI report on time may result in significant penalties.
How can Equity help?
Equity Doc Prep offers comprehensive support in filing the BOI report for your LLC. Our team will guide you through each step, ensuring that your submission is accurate and timely.