Beneficial Ownership reporting ((BOI) is a regulatory requirement that mandates businesses to disclose information about the individuals who ultimately own or control the company. Beneficial Ownership Reporting (BOI) is administered by FinCEN.gov which is the financial crimes arm of the IRS.
It includes details such as names, addresses, and ownership percentages greater than 20%. The goal is to enhance transparency, prevent illicit financial activities, and combat money laundering.
The Penalty for not filing is UP TO $500.00 per day.
New LLC's formed in 2024 forward: 30 days from start
Old LLC's formed pre-2024: Before Jan 1 2025
HOW TO FILE
BOI is now Mandatory for all LLC owners whether they are using the business or not if its still active on the Secretary of State Website
A) Check if your LLC is active: https://businesssearch.ohiosos.gov/
B) File your BOI report: https://boiefiling.fincen.gov/boir/html
1. Have a jpeg copy of the owner drivers license (front and back)
2. Have the EIN, Full Legal Name, Address Etc available.
**This is considered a legal filing. You can either take the 10 min to submit it on your own or contract with a paid third party like an attorney or registered agent service.