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Mandatory E-Filing to FinCEN starts as early as 1/1/2024
Civil penalty: $500 per day with no maximum ceiling
Criminal penalty: $10,000 and/or imprisonment for up to 2 years
FinCEN estimates that over 32 million existing entities must comply with the new requirements.
FinCEN estimates that the reporting, in average, takes 1.5 hours for simple beneficial ownership structure, to 10 hours 50 minutes for companies with complex beneficial ownership structure.
REPORTING REQUIREMENT:
Certain businesses are required to report information to the Financial Crimes Enforcement Network (FinCEN). This information pertains to individuals with "substantial control" over the business or those owning 25% or more of the equity in the business.
BENEFICIAL OWNERSHIP INFORMATION (BOI)
Reporting companies must provide details about beneficial owners. Beneficial owners include individuals who, directly or indirectly, either
Control at least 25% of the equity in the company
Exercise substantial control over the business
WHO NEEDS TO FILE?
Domestic reporting company formed in any US state or territory.
Foreign reporting company formed under the law of a foreign country AND registered to do business any US state or territory.
Exemptions: Sole proprietorships not a single-member LLC, securities issuers, domestic government authorities, and banks are exempt.
IMPACT ON SMALL BUSINESSES
The requirements place a significant burden on small businesses required to collect beneficial ownership information.
WHO ARE "BENEFICIAL OWNERS"?
May not be the same as owner on record.
May not be the owner as well.
A person directly or indirectly excises control over the reporting company.
A person directly or indirectly own or control at least 25% of the reporting company.
Joint ownership of an undivided interest in the reporting company.
Through control owned by another individual acting as nominee, intermediary, custodian, or agent (e.g., parent/guardian of minor child or disabled person)
Updated: November 13, 2023