Beneficial Ownership Information (BOI) Reporting

Brought to you by the Financial Crimes Enforcement Network (FinCEN)

Beginning on January 1, 2024, every business needs to report information about the individuals who own it to FinCen.
BOI Reporting is a result of the Corporate Transparency Act which was passed in 2021.
The Corporate Transparency Act makes it harder for bad actors to hide behind shell companies or other opaque ownership structures.
Federal, State, local, and Tribal officials can obtain beneficial ownership information for authorized activities related to national security, intelligence, and law enforcement. Financial institutions may get access in certain circumstances.

Up Next - Why Do I Care?

You're a business owner, right?
You could face civil and criminal penalties if you disregard your beneficial ownership information reporting obligations.
A person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. That person may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000.

Up Next - How can the Cloak help?

Back to What is BOI Reporting?

As your authorized representative, the Corporate Cloak will file your BOI for you based on information you provide to us!
This additional service is free of charge to you, the Cloaked Client!
All of our work is double-checked by licensed attorneys.

Back to What Do I Care?