What is a BOI Report for LLC?
A BOI Report for LLC is a required filing that discloses the beneficial owners of a limited liability company (LLC). Under the Corporate Transparency Act (CTA), LLCs must report key information about individuals who directly or indirectly own or control at least 25% of the company, or who exercise significant control over its operations.
The BOI Report includes the following details about each beneficial owner:
- Name of the beneficial owner.
- Address (residential or business) of the beneficial owner.
- Date of birth.
- Ownership percentage or level of control over the LLC.
The report must be submitted to the Financial Crimes Enforcement Network (FinCEN) to comply with regulatory obligations. The purpose of this requirement is to prevent financial crimes by ensuring that the real individuals behind an LLC are transparent to regulators.
