Who needs to file a BOI Report?
How to know if you have to file a Beneficial Owner Information Report
Let me help break down who needs to file a Beneficial Ownership Information Report (BOI) in a clear, visual way.
The Simple Answer
If you own or operate a small business in the US, you likely need to file. Let's break it down.
Key Points to Remember
Basic Rule: If you have a registered business entity in the US, you likely need to file unless exempt. How to determine if you are exempt.
Common Business Types That Must File:
- LLCs
- Corporations
- Other registered business entities
Don't Miss The Key Deadline- File Now For Free
- Existing companies (before 2024): File by January 1, 2025
- New companies in 2024: 90 days after formation
- New companies in 2025 and after: 30 days after formation
Main Exemptions
- Large operating companies (>20 employees and >$5M in revenue)
- Banks and credit unions
- Public companies
- Tax-exempt organizations
- Insurance companies
- Registered investment companies
Let's Get Started Today
Palm can assist with BOI reporting compliance by:
- Automatically tracking filing deadlines
- Helping gather required information
- Maintaining records of beneficial ownership
- Sending reminders for updates and renewals
- Ensuring accurate and timely submissions
Need more help? Email, chat or text Palm! Hello@getpalm.com
Remember: Failing to file when required can result in civil and criminal penalties. When in doubt, consult with a legal professional or use Palm to ensure compliance.
For more detailed information, visit FinCEN's official BOI resource page at www.fincen.gov/boi.