🏛️ Formation

BOI / FinCEN reporting

Lesson 7 of 9 · 6 min read

Since 2024, most US LLCs and Corps must file a Beneficial Ownership Information report with FinCEN. It identifies the people who actually own and control the entity.

Who must file: almost everyone except large operating companies and certain regulated entities.

When: within 30 days of formation; updates within 30 days of changes.

Penalty for missing: up to $500/day. File. It's free.

Compliance calendarsMulti-state operations