Registration must be completed by 01/2025. Here’s what you need to know:
Why is a report needed?
Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Filing is simple, secure, and free of charge. Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.
Do I need to report?
Your company may need to report information about its beneficial owners if it is:
A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
When Do I Report?
FinCEN began accepting reports on January 1, 2024.
- If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025 to report BOI.
- If your company is created or registered in 2024, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
- If your company is created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.
How do I report?
Register your business right now by visiting https://boiefiling.fincen.gov/
All of the information in this article, as well as additional FAQs and details regarding this new requirement can be found here: https://www.fincen.gov/boi. If you wish to speak with your Bank of Bozeman Financial Services Representative, give us a call at 406-587-5626, and we will be happy to discuss your questions and concerns with you!