FinCEN BOI

The Corporate Transparency Act Is mandated by The Financial Crimes Enforcement Network (FinCEN), which is a bureau of the U.S. Department of the Treasury.

What is the FinCEN Corporate Transparency Act? (finCEN.gov/BOI)

The new FinCEN Corporate Transparency Act requires qualifying companies to file a federal report to identify its beneficial owners. By identifying beneficial owners, FinCEN will be able to weed out shell companies used for money laundering.

A beneficial owner is “any individual who, directly or indirectly, either exercises substantial control over such reporting company or owns or controls at least 25 percent of the ownership interests of such reporting company.” Meaning, anyone who owns or controls the company must be listed.

During This Workshop, The State of Ohio representative will guide you through completing this urgent registration.

Companies created or registered prior to January 1, 2024 Have until January 1, 2025, to report BOI.

Companies created or registered in 2024 Must report BOI within 90 calendar days after receiving actual or public notice registration is effective, whichever is earlier.

Companies created or registered on or after January 1, 2025, must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective. Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.

Violators 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 up to $10,000.00 fine.

Go to www.finCEN.gov/BOI for more detailed information.