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.

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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.

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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

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Need more help? Email, chat or text Palm! Hello@getpalm.com

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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.

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