Beneficial Ownership Information (BOI) Report

The Beneficial Ownership Report (BOI) Report is a required filing for non-US companies formed outside the US and registered to do business in the US as a foreign entity. The deadline for existing non-US foreign businesses to file the BOI Report is April 25, 2025. Businesses formed after March 21, 2025 have 30 days from their formation date to file their Reports. We’ll keep our pages up to date as court rulings play out, so you’re not left out of the know about this important business filing.

FinCEN will be collecting fines on non-US based reporting companies that may reflect their previous penalties of $591 per day up to $10,000 for failure to file.

Effective March 27th, 2025, businesses registered outside of the United States then registered as a US foreign entity transacting business within the US are required to file a BOI report.

As of March 21, 2025, most non-US LLCs/corpoations are required to file a Beneficial Ownership Information (BOI) Report with the Financial Crimes Enforcement Network (FinCEN). The deadline for filing your BOI Report depends on when your business was formed.

The deadline for existing reporting companies (defined by FinCEN as non-US companies registered within the US) to file the BOI Report is April 25, 2025. New businesses will have 30 days from their formation to file. We’ll keep our pages up to date as court rulings play out, so you’re not left out of the know about this important business filing.

Yes, you can still file your BOI Report. If you’ve already hired us to handle this, we’re continuing to file for our clients. Due to the high demand as the deadline approaches, we recommend you file as soon as possible.

If you prefer to file on your own, you’re welcome to do so through the official FinCEN BOI Filing Portal. However, if you’ve already hired us, rest assured that we’re actively working on your filing and will handle it as soon as possible.

No, the BOI report does not change the vehicle registration process.

No, the information you disclose on your BOI report is NOT public record. BOI reports are stored by the federal government in a secure online database that is not publicly available.

According to FinCEN, there are several exceptions, including:

• Companies originally formed within the United States or US tribal territory
• United States citizens who own foreign businesses registered outside the US
• Foreign business entities controlled entirely by United States citizens or permanent US residents
• Foreign pooled investment vehicles are no longer exempt and must report one individual that has the greatest authority

FinCEN will not be collecting any fines or penalties while the BOI Report is still under review. However, prior to pause, there was a fine of $591 per day up to 10k for failure to file.

No. If your business is considered a reporting company and was at any point in 2024, you must file.

Unless you have been exempt from filing, the BOI requires basic information about your company:

• Legal business name and any trade names or DBAs
• US business street address
• Formation jurisdiction
• Tax ID number (EIN)

The BOI report also requires basic information about beneficial owners and company applicants:

• Full legal name
• Date of birth
• Residential address
• Copy of non-expired ID (e.g., license or passport)

For LLCs, a beneficial owner is any individual who owns 25% or more of the company, exercises substantial control over the business (e.g., managers), or receives substantial economic benefits from the business assets.

For corporations, beneficial owners include individuals in positions such as CEO, CFO, General Counsel, or anyone with similar authority. This may include any “middle man” who acts as an owner, even if they don’t hold the majority control. Beneficial owners of a corporation also include any shareholder who owns or controls 25% or more of the corporations ownership interest.

FinCEN won’t accept all government issued IDs. The following options are acceptable:

• A non-expired U.S. driver’s license (including any driver’s licenses issued by a commonwealth, territory, or possession of the United States);
• A non-expired identification document issued by a U.S. state or local government, or Indian Tribe;
• A non-expired passport issued by the U.S. government; or
• A non-expired passport issued by a foreign government (only when an individual does not have one of the other three forms of identification listed above).

If you have an EIN you must use it. If you don’t have an EIN, you can use your SSN in its place.

FinCEN allows you to use our Registered Address on file in your state.

No, a FinCEN ID is not required. It’s recommended for clients concerned about privacy or those who have multiple companies and want to save time entering the same information repeatedly.

You can hire us to file your BOI Report by logging in to your online account. Once logged in, click the “Hire Us” tab, select your company, and follow the steps to have us take care of the rest! We currently charge a $25 filing fee for this service in Montana.