Guide
BOI Filing for LLC Guide
Most LLCs must file a BOI report with FinCEN unless exempt. Report beneficial owners with 25%+ ownership. File free at fincen.gov/boi. ein.so files your EIN for $49.
Most LLCs must file a Beneficial Ownership Information (BOI) report with FinCEN unless the LLC qualifies for one of 23 exemptions. Filing is free at fincen.gov/boi. You report every individual who owns 25% or more of the LLC or exercises substantial control. List the LLC's EIN, name, address, and state of formation. Save the confirmation receipt.
The Corporate Transparency Act requires limited liability companies to disclose who ultimately owns and controls them. FinCEN, the Financial Crimes Enforcement Network, collects this data in a secure, non-public database to combat shell-company misuse. Most small LLCs do not qualify for an exemption, because the 23 exemptions target large operating companies, regulated banks, and public companies. This guide explains who files, what you report, the step-by-step process at fincen.gov/boi, how foreign-owned LLCs file, and how BOI differs from your IRS obligations. ein.so does not file BOI reports and does not provide legal advice; ein.so files your Form SS-4 EIN application for $49.
| Factor | Detail |
|---|---|
| Filing agency | FinCEN (Financial Crimes Enforcement Network) |
| Government fee | $0 (free) |
| Filing portal | fincen.gov/boi |
| Reporting threshold | 25%+ ownership or substantial control |
| ID required per owner | Passport or driver's license (number + image) |
| Willful non-filing penalty | $500/day, up to $10,000, up to 2 years prison |
| EIN cost (IRS) | $0 (ein.so files SS-4 for $49) |
Who Files
Which LLCs Must File a BOI Report?
Every LLC formed by filing with a US state must file a BOI report unless it meets one of the 23 exemption categories. Most single-member and small multi-member LLCs do not qualify for any exemption. Exemptions target large operating companies, regulated entities, and inactive companies.
The exemptions exist for entities already supervised by other regulators or large enough to be transparent through other reporting. Below are the most relevant exemption categories for LLC owners to check before deciding they must file.
Large Operating Company
Regulated Entities
Inactive Entity
Subsidiary of an Exempt Entity
Confirm your exemption status with a US attorney before skipping a filing. A wrong exemption call exposes you to $500-per-day penalties. See the BOI filing requirements for the full list.
Beneficial Owners
Who Counts as a Beneficial Owner of an LLC?
A beneficial owner is any individual who owns 25% or more of the LLC or who exercises substantial control over it. One LLC can have several beneficial owners. You report each one individually with full identifying details.
Ownership and control are two separate tests. A person can be a beneficial owner under either test. A non-owner manager who directs major decisions still reports as a beneficial owner under the control test.
| Beneficial owner type | Test met | Example |
|---|---|---|
| Equity holder | 25%+ ownership | Member owning 30% of the LLC |
| Senior officer | Substantial control | CEO, CFO, COO, general counsel |
| Managing member | Substantial control | Member who runs daily operations |
| Important decision-maker | Substantial control | Person who approves major contracts or financing |
What You Report for Each Beneficial Owner
- Full legal name
- Date of birth
- Residential address (not a business address)
- ID document type (passport or driver's license)
- ID document number
- An uploaded image of the ID document
A foreign beneficial owner uses a foreign passport as the ID document and a foreign residential address. See EIN for non-residents for how the same passport supports your EIN application.
Step-by-Step
How Do You File a BOI Report for an LLC?
You file a BOI report for an LLC at fincen.gov/boi by selecting "File BOIR," entering your company details and EIN, adding each beneficial owner with their ID, and submitting. FinCEN charges $0. You receive a confirmation receipt immediately after submission.
Get Your EIN First
Go to fincen.gov/boi
Enter Company Information
Add Each Beneficial Owner
Add Company Applicant (If Applicable)
Review and Submit
What You Need Before Filing
| Item | Details |
|---|---|
| LLC name and EIN | As registered with the state and the IRS |
| State of formation | Where the LLC was filed |
| Each owner's passport or license | Document number plus an uploaded image |
| Each owner's DOB and address | Residential address, not a business address |
Get the EIN before you start. See the EIN application process and the SS-4 form guide.
For Foreign LLCs
How Do Foreign-Owned LLCs File a BOI Report?
Foreign-owned LLCs file the same BOI report as US-owned LLCs. A non-US beneficial owner reports a foreign passport as the ID document, a foreign residential address, full name, and date of birth. The reporting threshold of 25% ownership or substantial control is identical.
Many non-resident founders form a US LLC in Wyoming, Delaware, or New Mexico, then need three separate filings: the EIN from the IRS, the BOI report to FinCEN, and the annual Form 5472. Each goes to a different system and serves a different purpose.
EIN From the IRS
BOI Report to FinCEN
Form 5472 to the IRS
Foreign-Country Reporting
BOI filing is separate from your IRS filings. Filing one does not satisfy the others. Foreign applicants needing an EIN should review EIN for non-residents before starting the BOI report.
Penalties
What Are the Penalties for an LLC That Fails to File BOI?
An LLC that willfully fails to file a BOI report faces a civil penalty of $500 per day, a criminal fine up to $10,000, and up to 2 years imprisonment. The same penalties apply to filing false beneficial ownership information. Penalties accrue until the LLC files a correct report.
| Violation | Penalty |
|---|---|
| Willful failure to file | $500 per day |
| Maximum criminal fine | $10,000 |
| Imprisonment (willful) | Up to 2 years |
| Filing false information | Same civil and criminal penalties |
Avoid these BOI mistakes
- Skipping the filing because you assumed an exemption applied without confirming with an attorney.
- Using a business address instead of each owner's residential address.
- Failing to update the report within 30 days of an ownership change.
- Filing on an unofficial third-party site instead of fincen.gov/boi.
Update your BOI report within 30 days of any change to beneficial ownership, address, or ID document. See the BOI penalties detail page and confirm filing deadlines with a US attorney.
BOI vs IRS Filings
How Does BOI Filing Differ From an LLC's IRS Filings?
BOI filing is a one-time FinCEN report identifying owners, while IRS filings like Form 5472 and the EIN application are separate federal tax steps. BOI goes to FinCEN at $0. The EIN comes from the IRS at $0. Form 5472 is an annual IRS return with a $25,000 non-filing penalty.
Owners confuse these because all three are federal. They are not interchangeable. The table below separates them clearly.
| Filing | Agency | Frequency | Government fee | Non-filing penalty |
|---|---|---|---|---|
| BOI report | FinCEN | One-time (update on change) | $0 | $500/day, up to $10,000 |
| EIN (Form SS-4) | IRS | One-time | $0 | None (but blocks banking) |
| Form 5472 + 1120 | IRS | Annual | $0 | $25,000 |
The correct order for a new LLC
- Form the LLC with the state and get the formation documents.
- Apply for the EIN by faxing Form SS-4 to the IRS, or let ein.so file it for $49.
- File the BOI report at fincen.gov/boi using the new EIN.
- File Form 5472 with a pro-forma Form 1120 each year if the LLC is foreign-owned and single-member.
The EIN is the gateway to all of this. Without it you cannot open a US bank account or complete the BOI Tax Identification Number field. See EIN for a bank account and EIN processing time.
Next Steps
Complete Your LLC Compliance Checklist
- Apply for your EIN — required before the BOI Tax Identification Number field; $49 Standard or $97 Express
- File your BOI report — free at fincen.gov/boi, required for most LLCs unless one of 23 exemptions applies
- Open a US bank account — Mercury, Relay, and Wise accept non-resident LLC owners
- File Form 5472 — annually for foreign-owned single-member LLCs ($25,000 penalty for non-filing)
- Review the BOI filing requirements — confirm exemption status with a US attorney
Related guides: BOI filing | BOI penalties | EIN without an SSN | EIN for non-residents | How to get an EIN | SS-4 form guide | EIN cost.
ein.so files your Form SS-4 EIN application and does not provide legal or tax advice. Confirm BOI exemptions, deadlines, and tax specifics with a US attorney or CPA.
Frequently Asked Questions
Is BOI filing required for an LLC?
Yes, for most LLCs. The Corporate Transparency Act requires LLCs to report beneficial ownership to FinCEN unless one of 23 exemption categories applies. Most small LLCs do not qualify for an exemption because exemptions target large operating companies with 20+ employees and over $5 million in revenue. File free at fincen.gov/boi.
Is BOI filing free for an LLC?
Yes. Filing a BOI report directly with FinCEN at fincen.gov/boi costs $0. FinCEN charges no government fee. The federal EIN you list on the report also costs $0 from the IRS. ein.so charges $49 to file your Form SS-4 EIN application, but the BOI report itself carries no government fee.
What is the penalty for not filing a BOI report?
Willful failure to file a BOI report carries a civil penalty of $500 per day and a criminal fine up to $10,000. Willful violations can also result in up to 2 years imprisonment. The penalty applies to both non-filing and providing false beneficial ownership information. File at fincen.gov/boi to avoid penalties.
Who is a beneficial owner of an LLC?
A beneficial owner is any individual who owns or controls 25% or more of the LLC, or who exercises substantial control. Substantial control includes senior officers, managing members, and anyone who directs important company decisions. Each beneficial owner reports their name, date of birth, residential address, and a government ID number with an image.
Where do I file a BOI report for my LLC?
File your BOI report at fincen.gov/boi, the only authorized FinCEN filing platform. BOI is a federal filing, not a state filing. You select 'File BOIR,' enter your LLC details and EIN, add each beneficial owner, and submit. Save the confirmation receipt. No third-party platform is required, and FinCEN charges no fee.
Do foreign-owned LLCs file a BOI report?
Yes. A foreign-owned US LLC has the same BOI obligations as a US-owned LLC. Non-US beneficial owners report a foreign passport as the ID document, a foreign residential address, name, and date of birth. BOI filing is separate from the annual Form 5472 and pro-forma Form 1120 that foreign-owned single-member LLCs also file.
Do I need an EIN before filing a BOI report?
Yes, in most cases. The BOI report asks for a Tax Identification Number, and a US EIN satisfies this field for an LLC. Get your EIN first, then file BOI. Non-residents apply for an EIN by faxing Form SS-4 to the IRS with a passport number on Line 7b. ein.so files it for $49 Standard or $97 Express.
How is BOI filing different from Form 5472 for an LLC?
BOI is a one-time report to FinCEN identifying who owns and controls the LLC. Form 5472 is an annual IRS information return filed by foreign-owned single-member LLCs, attached to a pro-forma Form 1120, with a $25,000 penalty for non-filing. BOI goes to FinCEN; Form 5472 goes to the IRS. Both can apply to one LLC.
What happens to BOI information after I file?
FinCEN stores beneficial ownership information in a secure, non-public database. The data is not visible to the general public. FinCEN shares it only with authorized government agencies, and with financial institutions under specific conditions with your consent. You keep your confirmation receipt as proof of filing. Update the report within 30 days of any ownership change.
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