Reporting Requirements

Beneficial Ownership Reporting FAQ

• Does my company have to report its beneficial owners?

  While certain types of entities are exempt, if you are a small corporation or LLC, you will likely be required to report your beneficial ownership information to FinCEN. A key factor in determining whether your company will have to report is whether you had to file a document with your state’s Secretary of State or a similar office to create your company or, for foreign companies, register it to do business in the United States.

• Who is a beneficial owner of my company?

  A beneficial owner is any individual who exercises substantial control over your company, or who owns or controls at least 25 percent of your company.

• Does my company have to report its company applicants?

  Your company is only required to report its company applicants if it is created or registered on or after January 1, 2024. There can be up to two individuals per organization who qualify as company applicants:

  1. The individual who directly files the document that creates, or first registers, the reporting company;
  2. The individual that is primarily responsible for directing or controlling the filing of the relevant document.
• What specific information does my company need to report?

  If your company is reporting, you will need to provide: (1) your organization’s legal name and any trade name or DBA; (2) your organization’s current street address for conducting business in the United States (cannot be a PO Box or international address); (3) the organization’s jurisdiction of formation or registration; and (4) its Taxpayer Identification Number (TIN).

  For each of your company’s beneficial owners and each company applicant (if required), your company will need to provide the individual’s: (1) legal name; (2) birth date; (3) address (in most cases, a home address); and (4) an identifying number from a driver’s license, passport, or other approved document for each individual, and a photocopy of the ID document.

• When and how should my company file its initial report?

  FinCEN will accept reports electronically beginning January 1, 2024. If your company is created or registered before January 1, 2024, then you will need to file by January 1, 2025. Organizations that are created or registered during 2024 will have a 90-day deadline after receiving actual or public notice that the creation or registration is effective.

  FinCEN is committed to providing America’s small businesses with the resources and information they need to make filing as quick and easy as possible. Utilize FinCEN’s Small Entity Compliance Guide or learn more at fincen.gov/boi. Filing is simple, secure, and free of charge.

• What if my reported information is inaccurate or needs to be changed?

  Your company will have 30 days to report any changes to reported information. For updates, the 30 days start from when the relevant change occurs. For corrections, the 30 days start after you become aware of, or have reason to know of, an inaccuracy in a prior report.