BOI Reporting 101 for Small Businesses (LLCs & Corps)
Many LLCs and corporations must file Beneficial Ownership Information (BOI) with FinCEN. If your company was formed by filing with a state (LLC, corporation, many LLPs), you’re probably a reporting company—unless you qualify for a narrow exemption (e.g., certain large operating companies).
Who counts as a “beneficial owner”?
- Anyone who owns or controls ≥25%, and/or
- Anyone who exercises substantial control (CEOs, key managers, decision-makers).
What you’ll need
- Legal name, DBA, EIN
- Business address, jurisdiction, formation details
- For each owner/controller: full name, DOB, address, ID number + image (passport/driver’s license)
Why it matters
BOI is designed to curb fraud and shell companies. Non-filing or bad data can trigger penalties. Create a simple owner-info checklist now so updates are easy when owners change.
Fast action plan
- Identify if you’re a reporting company and list owners/controllers.
- Collect IDs and confirm addresses now—don’t wait until renewal/changes.
- Document a process: who updates BOI when ownership or addresses change?
How Black Inc can help
We’ll determine if you must file, assemble the owner packet, and prepare/submit BOI alongside your entity compliance so you stay penalty-free.