File Your BOI Blog | Understanding Beneficial Ownership Information Reports

Steps to Prepare Your BOI Report

Determine if you need to file

First, confirm if your company is required to file a BOI report.

Most corporations and limited liability companies (LLCs) must file a Beneficial Ownership Information Report.
Identify your company's beneficial owners

Beneficial owners are individuals who have substantial control over your company or own/control 25% or more of the ownership interests.
Gather required information for each beneficial owner

You'll need to collect the following information for each beneficial owner:

If the owner is a minor, you will need collect this information for the parent/guardian of the minor child.
- Full legal name
- Date of birth
- Current residential address
- Ownership percentage
- U.S. Passport, Driver's License, State ID or Foreign Passport
Gather company information

You will need the following information about your company:
- Legal name
- Any trade names or "DBA" names
- Tax ID (EIN, SSN/ITIN, or Foreign ID)
- U.S. Business address (this must be a physical address)
Submit your completed report

You can use our easy filing system to submit your report to FinCEN. We have simplified the process to save you time and allow you to send unlimited revisions when your company information or beneficial owners change.

Tips to make the process easier

Start early to give yourself ample time to gather all necessary information about your company and beneficial owners.
Keep detailed records of all your beneficial owners. (We can help)
Keep this information in an easy to update place. Starting in 2025, every business will be required to file any updates within 30 days.
Use FileYourBOI.com to keep track of your companies, add beneficial owners and automatically file your reports when any of your information changes.

Conclusion

Filing your first Beneficial Ownership Information report may seem daunting and confusing, but it all starts with keeping track of the required information about your company. This will simplify the process and make revisions simple. We've built FileYourBOI.com from the ground up to make it SIMPLE. We understand that you're a busy business owner and the last thing you need is another thing to keep track of.