Filing Info

Unlocking the Significance of BOI Reporting

The Beneficial Ownership Information (BOI) Report has been introduced by the U.S. Treasury's Financial Crime Enforcement Network (FinCEN), in response to the enactment of the Corporate Transparency Act (CTA). It's not just about compliance; it's a pivotal step towards enhancing financial governance and integrity.

Embarking on BOI Reporting with Confidence in CorpBOI

When the time comes for BOI report submission, CorpBOI emerges as your reliable partner, ensuring that your business not only complies with but excels in the realm of the new reporting standards.

Exploring the Synergy Between the Corporate Transparency Act and BOI Reports

The Corporate Transparency Act (CTA) transcends legislative boundaries; it stands as a robust shield against money laundering and financial impropriety. Enacted by Congress to combat illicit financial activities like money laundering and terrorism financing, the CTA heralds an era of financial accountability.

Under the CTA, businesses established before 2024 that meet specific criteria rise to the status of reporting companies. These entities bear the responsibility of filing Beneficial Ownership Information (BOI) reports by January 1, 2025. Moreover, businesses founded in 2024 are granted a 90-day grace period from their formation date, coinciding with their registration with the Secretary of State, to submit the BOI report.

Defining the Beneficial Owner

Clarification of the Beneficial Owner - Chapter 2

Identifying the Entities Required to submit a BOI Report

Established and emerging enterprises across a wide spectrum of industries are mandated to fulfill the role of reporting companies, which can encompass:

  • Aerospace
  • Agriculture and Farming
  • Automotive
  • Construction
  • Education
  • Entertainment and Media
  • Environmental Services
  • Finance
  • Healthcare
  • Legal Services
  • Manufacturing
  • Pharmaceuticals
  • Real Estate
  • Restaurants, Hospitality and Tourism
  • Retail
  • Technology
  • Transportation and Logistics

Identifying the Entities NOT Required to submit a BOI Report

It's worth noting that certain exemptions exist for certain sectors.

Furthermore, select highly regulated industries enjoy exemptions under the Corporate Transparency Act.

Find out if your Entity is exempt from filing: Chapter 1.2

When Do You Need to Set Sail on Your BOI Report Journey?

You can commence your BOI report journey TODAY.

The specific timeline is determined by the date on which your business was established.

  1. For businesses established before 2024 that meet specific criteria, the deadline for filing Beneficial Ownership Information (BOI) reports is January 1, 2025.
  2. Businesses formed in 2024 are required to submit their BOI reports within 90 days from their date of formation when they register with the Secretary of State.

Reporting Timelines: Chapter 4 and Chapter 6

CorpBOI is your gateway to enhanced compliance. Join the ranks of forward-thinking entrepreneurs who choose CorpBOI as their trusted companion in the world of BOI reporting. Embark on a journey toward financial adherence with CorpBOI.