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Starting a New Business - What's In a Name?
December 6, 2024
The BOI E-Filing System supports the electronic filing of the Beneficial Ownership Information Report (BOIR) under the Corporate Transparency Act (CTA).
The CTA requires certain types of U.S. and foreign entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
Stay compliant with your business.
Enforced by Financial Crimes Enforcement Network (FinCEN):
Most businesses are required unless it qualifies for one of the CTA’s exemptions. Businesses formed in 2024 must file within 90 days of formation and the deadline for businesses formed prior is January 1, 2025. Failure to file can result in a $591-per-day fine, up to $10,000 in accumulated fines.
FinCEN will begin accepting BOIRs electronically through its secure filing system January1, 2024. FinCEN will not accept BOIRs prior to January 1, 202If a reporting company already exists as of January 1, 2024, it must file its initial BOIR by January 1, 2025. If a reporting company is created or registered to do business in the United States on or after January 1, 2024 and before January 1, 2025, it must file its initial.
BOIR within 90 days after receiving actual or public notice that its creation or registration is effective. If a reporting company is created or registered to do business in the United States after January 1, 2025, then it must file its initial BOIR within 30 days after receiving actual or public notice that its creation or registration is effective
Full legal name: Any trade name or “doing business as” name;» Complete current U.S. address;» Jurisdiction of formation (including State1 or Tribal jurisdiction for a domestic reporting company);» For a foreign reporting company only, State or Tribal jurisdiction of first registration; and» IRS Taxpayer Identification Number (TIN), including an Employer Identification Number (EIN) (or, if a foreign reporting company has not been issued a TIN, there porting company’s foreign tax identification number and the name of the issuing jurisdiction)
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