Stay Compliant with BOI Filing Requirements
Understand what’s required and file on time to avoid penalties
Staff Writer
Arorix Editorial Team
Updated: June 14, 2025
New BOI Filing Rule Now in Effect
As of January 1, 2024, most small businesses must file a Beneficial Ownership Information (BOI) report with FinCEN—a new requirement under the Corporate Transparency Act (CTA).
This federal rule aims to crack down on fraud and money laundering by identifying who really owns and controls U.S. businesses.
⚠️ Miss the deadline?
You could face steep penalties—even if you’re a small or single-member business.
What Is BOI (Beneficial Ownership Information)?
BOI refers to details about the individuals who own or control a company. Under the new FinCEN rules, most businesses must report:
Full legal name
Date of birth
Residential address
A copy of a government-issued ID
This information helps the government track who’s behind U.S. businesses to prevent fraud, tax evasion, and money laundering.
Who Must File a BOI Report?
Most LLCs, Corporations, and similar entities formed in the U.S. must file—unless exempt
Foreign companies registered to do business in the U.S. must also file
You’ll report details on the company’s owners and key decision-makers
Exemptions apply to certain regulated entities (like banks, large companies, nonprofits)
Deadline if formed before Jan 1, 2024: File by January 1, 2025
Formed in 2024? You have 90 days from formation
Forming after Jan 1, 2025? You get 30 days to file
Bottom line: If you had to file paperwork with the state to start your business, you probably need to file BOI.
When Is the BOI Filing Deadline?
When Is the Deadline to File?
Formed before January 1, 2024: You must file your BOI report by January 1, 2025
Formed between January 1 and December 31, 2024: You have 90 days from the date your business is officially registered
Formed on or after January 1, 2025: You have 30 days to file after receiving state approval
Miss a deadline? You could face fines of up to $500 per day—so don’t wait.
Penalties for Noncompliance
Daily Fines: Up to $500 per day for failing to file, filing late, or not updating your BOI
Criminal Charges: Willful violations can lead to up to $10,000 in fines and up to 2 years in prison
Personal Liability: Business owners, senior officers, and anyone who files false info can be held personally responsible
No Grace for Ignorance: “I didn’t know” doesn’t protect you—FinCEN expects timely and accurate reports
Bottom line: Don’t risk fines or legal trouble. File on time, keep your info updated, and take BOI seriously.
How to File Your BOI Report
✅ Step 1: Prepare Your Information
Gather business details: legal name, DBAs, address, formation jurisdiction, EIN.
Collect information for beneficial owners and company applicants: full name, date of birth, residential address, ID number (e.g., driver’s license), and a clear copy of an acceptable ID.
📲 Step 2: Access the BOI E‑Filing System
Go online to FinCEN’s BOI portal.
Choose between filing online or downloading the PDF form to fill out offline.
📝 Step 3: Complete the Report
Fill in four main sections: Filing Information, Reporting Company, Company Applicant(s), and Beneficial Owner(s).
Attach ID images for each person (JPG/PNG/PDF, no larger than 4 MB).
Validate your form—make sure all required fields are filled.
📤 Step 4: Submit Your Report
If using the PDF: validate, finalize, save, then upload back into the portal.
If filing online: just complete and submit within the system.
📧 Step 5: Confirmation & Prints
After submission, download or screenshot the confirmation page; save/email confirmation.
A confirmation email will be sent once your filing is accepted (or rejected with error details).
⏰ Step 6: Meet the Deadline
Pre‑2024 entities: file by January 1, 2025
Registered in 2024: file within 90 days
Registered in 2025 or later: file within 30 days
In Summary:
Prepare your info, file online or via PDF through FinCEN’s portal, submit within the deadline, and save your confirmation. Done—no middleman, no fees.
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Looking for a Complete All-in-One Solution?
Best Overall Business Launch Solution
- EIN, docs, & custom branding included
- Access to Arorix OS™ business dashboard
- Website, CRM, and automation tools built-in
Stay Compliant with Federal BOI Rules – Simple, Secure Beneficial Ownership Filing
Do sole proprietors need to file BOI?
Only if they’re registered with the state (e.g., filed a DBA or other formal registration).
Can I file the BOI report myself?
Yes. Filing is free through FinCEN’s online portal, but accuracy is critical. Many business owners use a service to avoid mistakes.
Does BOI filing replace my state filings?
No. BOI is a federal requirement. You must still meet your state’s registration, reporting, and renewal obligations.
Do I need to refile every year?
No. But you must file an update within 30 days if ownership, control, or business information changes.
What happens if I miss the filing deadline?
You could face civil fines of up to $500 per day and potential criminal penalties, including up to 2 years in prison.