BOI report (Beneficial Ownership Information)
Federal report filed with FinCEN under the Corporate Transparency Act, disclosing beneficial owners of US entities. Due within 90 days of formation.
Definition
The BOI (Beneficial Ownership Information) report is filed with FinCEN at fincen.gov/boi under the Corporate Transparency Act (31 U.S.C. § 5336). Newly formed entities currently must file within 90 days of formation. The penalty for non-filing is $591 per day (CPI-adjusted from $500), plus criminal penalties up to $10,000 and 2 years prison for willful violations.
Context
BOI is filed once per ownership-change event, not annually. The form discloses each beneficial owner's name, date of birth, residential address, and a unique identifying number from a government-issued ID. FinCEN does not charge a filing fee.
Example
When a Pakistani founder forms a Delaware LLC in 2026, the BOI report is filed with FinCEN within 90 days of formation. The founder uploads a passport copy and discloses residential address. The filing takes about 15-20 minutes.
Common pitfalls
- Missing the 90-day window triggers $591/day penalty accrual.
- BOI is separate from federal tax filings; some founders confuse it with Form 5472.
- Beneficial-owner changes (new co-owner, address change) trigger a re-filing obligation.