BENEFICIAL OWNERSHIP INFORMATION
Block Advisors can help you file your Beneficial Ownership Information Report
32 million+ businesses are subject to the Corporate Transparency Act
Answer a few simple questions to determine if your business is one of them.
Does this apply to my business?
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All domestic businesses created by registering with a state are subject to the Corporate Transparency Act. This includes corporations, LLCs, limited partnerships, and limited liability partnerships (LLPs) to name a few. Foreign businesses that are registered to do business in any state are also subject to the CTA.
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Most business entities are not exempt from the Corporate Transparency Act. Exemptions generally include:
- Businesses that are already federally regulated, such as financial institutions, publicly traded companies, and insurance companies.
- Large businesses with at least 20 full-time employees, over $5 million in gross receipts, and a substantial U.S. presence.
FAQs
On March 26, 2025, FinCEN announced that all entities created in the United States — including those previously known as “reporting companies” — and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN. Existing foreign companies that must report their beneficial ownership information have at least an additional 30 days from March 26, 2025 — until April 25, 2025, for most companies — to do so.
The BOI Report provides information about the individuals who ultimately own or substantially control the business entity.
Beneficial ownership refers to the individuals who own or control the entity directly or indirectly, regardless of whether their names appear on official documentation. This includes those individuals who exercise significant control over the company’s operations, decision making and financial matters, even if they don’t have an ownership interest. According to FinCEN, reporting beneficial ownership information is important to promote transparency, prevent financial crimes, and ensure accountability within businesses.
The Financial Crimes Enforcement Network (FinCEN) is a bureau within the U.S. Treasury Department. Its role is to safeguard the U.S. financial system by identifying and providing information about financial crimes, including money laundering and financial terrorism, to the government bodies that prosecute these crimes.
You may want to file an updated report within 30 days when there are changes or corrections to any information provided in the BOI Report or changes to exemption eligibility.
A BOI Report typically requires disclosing the names, addresses, birthdates, and ownership percentages of individuals who directly or indirectly own or control the business. Owners are also required to report an identification number, such as a driver’s license or passport number, along with a picture of the document. A social security number cannot be used for a BOI Report.
Yes, you can file your own BOI Report directly with FinCEN. However, using a service, like Block Advisors, provides an easy-to-use platform and resources to help you navigate the information gathering and filing process, saving you time and reducing the risk of harsh penalties.