Why LLCs Must Complete the BOI Application
(Based on an article published by the MA APEX newsletter.)
As part of the Corporate Transparency Act (CTA), the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, requires LLCs to file Beneficial Ownership Information (BOI) reports. This reporting enhances transparency by identifying individuals who directly or indirectly own or control 25% or more of a company.
Why It’s Important:
Failing to submit the BOI report can result in significant penalties. Compliance is critical to avoid fines and ensure your LLC remains in good standing.
BOI Report Requirements:
• Full legal names of beneficial owners
• Date of birth
• Residential address
• Government-issued ID or passport number
Key Deadlines:
• LLCs formed before January 1, 2024, must submit their BOI report by January 1, 2025.
• LLCs formed on or after January 1, 2024, must file within 30 days of formation.
To stay compliant you can file your BOI report by following this link:
https://www.fincen.gov/boi
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