Beneficial Ownership Information filings

 (Contact my office at (423) 479-3007 if you need assistance filing these required reports)

Beneficial Ownership Information Report (BOI)

Deadline: By December 31 for existing companies. Within 90 days of formation if created in 2024. Within 30 days if formed on or after January 1, 2025. BOIs do not have to be updated after the initial filing unless there are changes in ownership information – this must be done within 30 days of the change

What is a Beneficial Owner?

A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25 percent of a reporting company’s ownership interests. Because beneficial owners must be individuals (i.e., natural persons), trusts, corporations, or other legal entities are not considered beneficial owners.

Who is required to file?

·         Domestic Reporting Companies (essentially, any company that was formed by registering with the Secretary of State, or an equivalent organization).

·         Except, a general partnership or sole proprietorship that has NOT registered with the Secretary of State (ie LLC registration) is exempt from filing.

Failure to file can result in significant penalties (currently $591 per day up to $10,000)

 Information required:

·         Personal data such as names, residential addresses (no Post Office Boxes), date of birth and government issued ID (passport, driver’s license, etc).