Compliance Pros
Leave the stress of FinCEN reporting behind. Our experts ensure timely and accurate filings for peace of mind.
ZenBusiness Beneficial Ownership Filing service is an easy way to meet new federal rules
Be confident you’re meeting new mandatory federal rules on time with the ZenBusiness Beneficial Ownership Filing service.
New regulations mandate the reporting of beneficial ownership information for approximately 30 million existing businesses and 5 million new companies formed annually over the next decade.
Let us guide you through the Beneficial Ownership Filing process
Leave the stress of FinCEN reporting behind. Our experts ensure timely and accurate filings for peace of mind.
How it works
Beneficial Ownership Filing Service
Fill out our easy to understand questionnaire and upload required documents
We’ll make sure nothing is missing, and then securely send to FINCEN.gov
We’ll notify you if more info is needed or when your filing has been accepted
The Corporate Transparency Act is a law that’ll require millions of the nation’s smallest business entities to report beneficial owner information (BOI) to the Financial Crimes Enforcement Network (FinCEN) starting in 2024. (FinCEN is a bureau of the U.S. Department of the Treasury.) The law was enacted because “illicit actors” often set up small LLCs and corporations as shell companies, or fronts, to hide the identities of owners who are engaged in money laundering, financing terrorism, and other illegal activities.
According to FinCEN, the term beneficial owner includes any individual who, directly or indirectly, either
or
According to FinCEN, an individual can exercise substantial control over a reporting company in four different ways. If the individual falls into any of the categories below, the individual is exercising substantial control:
Small businesses that match these criteria will be required to file BOI reports:
and
Organizations with more than 20 full-time employees and over $5 million in annual gross receipts are excluded from reporting requirements.
The regulations went into effect on January 1, 2024. Companies that were created or registered before January 1, 2024, will have one year (until January 1, 2025) to file their initial reports. Companies created or registered after January 1, 2024, will have 90 days after creation or registration to file their initial reports.
If there’s a change in beneficial owner information after the initial report is filed, a company will have to file an update within 30 days of the change.
No. The BOI reports are made to the US federal government through FinCEN in an effort to fight financial crimes. Information reported that is not already public will not become public by completing the mandatory BOI report.
Additional Resources:
FinCEN BOI FAQ: https://www.fincen.gov/boi-faqs
Compliance Guide: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide_FINAL_Sept_508C.pdf
FinCEN FAQ: https://www.fincen.gov/boi-faqs#M_3
FinCEN Beneficial Ownership Guide link: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional. Terms of Service for the Beneficial Ownership Filing service can be found here
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