IMPORTANT NEW Federal Requirement

Effective January 1, 2024

Beneficial Ownership Information Reporting (BOIR)

Beneficial ownership information (BOIR)

What is the new law for LLCs in 2024?

A new rule requires small businesses and limited liability companies to report ownership information. As of January 1, 2024, most companies will be required to report BOIRs to the Financial Crimes Enforcement Network (FinCEN) to identify those who directly or indirectly

own or control the company

Who is the beneficial owner of a company?

A beneficial owner is defined as any individual who, directly or indirectly, exercises substantial control over a reporting company or owns or controls at least 25 percent of the reporting company’s equity interests.

When do I have to file a BOI – BENEFICIARY OWNER INFORMATION?

Existing companies

– Reporting companies created or registered to operate before January 1, 2024 must file their initial BOI report by January 1, 2025.

New companies
– Any reporting company created or registered on or after January 1, 2024 must file its initial BOI report within 90 days of incorporation.

With ITC’s support you can:

• Submit your BOIR
• Ensure compliance.
• Help avoid costly penalties (up to $500 per day)
• Comply with regulations with automatic reminders.

The BOIR form
form is
included in the BOIR
Creation Package
Package.