Guide
BOI Filing Requirements Guide
BOI filing is required for most LLCs and corporations. 23 exemption categories exist for large companies. Learn who must file, what to report, and how your EIN connects to FinCEN.
BOI filing is required for most LLCs and corporations created by filing with a US state. A reporting company files its Beneficial Ownership Information report free with FinCEN at fincen.gov/boi. 23 exemption categories cover large operating companies with 20+ employees and $5M+ in revenue. Most small businesses and foreign-owned US LLCs must file. Your EIN is the company tax ID you enter on the report, so secure it first.
The Corporate Transparency Act created the Beneficial Ownership Information (BOI) report to identify the people who own and control US companies. The report is filed with FinCEN, the Financial Crimes Enforcement Network, not with the IRS or a state. Most new LLCs and corporations qualify as reporting companies. Foreign-owned single-member LLCs are squarely covered. This page explains who must file, who is exempt under the 23 categories, what each beneficial owner reports, the filing deadlines, and how your EIN connects the company to the BOI report. ein.so files Form SS-4 to get your EIN; you file the free BOI report afterward.
| Factor | EIN (IRS) | BOI Report (FinCEN) |
|---|---|---|
| Agency | Internal Revenue Service | FinCEN |
| Purpose | Federal tax identification | Ownership disclosure |
| Form | Form SS-4 | BOI report (online) |
| Government fee | $0 | $0 |
| ein.so service fee | $49 Standard / $97 Express | Not filed by ein.so |
| Where | IRS fax 855-215-1627 | fincen.gov/boi |
| Who is identified | Responsible party | Each 25%+ owner and controller |
Who Files
Who Must File a BOI Report?
Most LLCs and corporations created by a state filing must file a BOI report. A reporting company is any entity formed by submitting a document to a US secretary of state. Single-member LLCs, multi-member LLCs, C-corps, S-corps, LPs, and LLPs all qualify unless one of 23 exemptions applies.
Reporting Companies (Required to File)
- LLCs, both single-member and multi-member
- Corporations, both C-corp and S-corp
- Limited partnerships (LPs)
- Limited liability partnerships (LLPs)
- Any entity created by filing with a US state secretary of state
- Foreign companies registered to do business in a US state
A foreign-owned US LLC is a reporting company. The state created the entity, so the federal disclosure attaches to it. The non-resident owner becomes the beneficial owner on the report. See BOI for an LLC for the LLC-specific walkthrough.
Exempt Entities (23 Categories)
The largest exemption covers a "large operating company" that meets ALL three tests:
- 20 or more full-time employees in the US
- More than $5,000,000 in gross receipts or sales on the prior US tax return
- A physical operating office inside the US
Other exempt categories include banks, credit unions, insurance companies, SEC-reporting public companies, registered investment advisers, public utilities, and tax-exempt nonprofits. Most non-resident founders building a small US LLC meet none of these exemptions and must file. Review the full list through FinCEN BOI filing.
What to Report
What Information Does a BOI Report Require?
A BOI report requires company details plus identifying data for every beneficial owner. The company reports its legal name and tax ID. Each beneficial owner reports four personal data points and one ID image. Companies formed on or after January 1, 2024 also report their company applicants.
| Field | Company | Beneficial Owner |
|---|---|---|
| Legal name | Required | Required |
| Tax ID (EIN) | Required | — |
| Date of birth | — | Required |
| Residential address | Required | Required |
| ID document | — | Required (passport for non-residents) |
| ID document image | — | Required |
Who Is a Beneficial Owner?
- Any individual who owns 25% or more of the company
- Any individual with substantial control: CEO, CFO, general counsel, managing member
- Anyone who directs, determines, or has decisive influence over important decisions
- Owners holding their stake indirectly through another entity
A non-resident who forms and owns a single-member US LLC reports one beneficial owner: themselves. The passport number that you used on Form SS-4 Line 7b also identifies you here, and the passport image satisfies the ID requirement. See beneficial ownership report for the field-by-field detail.
Deadlines
When Is a BOI Report Due?
The BOI deadline depends on when the company was created. An LLC formed on or after January 1, 2025 files within 30 days of formation. An entity formed during 2024 had 90 days. An entity that existed before January 1, 2024 had until January 1, 2025.
| When Created | Filing Deadline |
|---|---|
| Before Jan 1, 2024 | By Jan 1, 2025 |
| Jan 1 - Dec 31, 2024 | Within 90 days of formation |
| On or after Jan 1, 2025 | Within 30 days of formation |
| Any change to reported info | Within 30 days of the change |
Updated reports are due within 30 days when ownership, an address, or a name changes. A new passport, a new beneficial owner, or a move triggers an update. The Corporate Transparency Act has faced litigation, so confirm the current enforcement status and deadlines with a CPA before relying on a date. See BOI filing deadline for tracking.
EIN First
How Does Your EIN Connect to the BOI Report?
Your EIN is the company tax identification number you enter on the BOI report. FinCEN asks for a US tax ID to match the company to federal records. A US-formed LLC uses its EIN. Securing the EIN first means banking, tax filing, and BOI all reference one identifier.
Form Your US LLC
Get Your EIN by Form SS-4
File the Free BOI Report
File Form 5472 Annually
The EIN and the BOI report are two separate federal steps with different agencies. ein.so handles the EIN through Form SS-4. You file the BOI report free afterward. See how to get an EIN and EIN for non-residents for the full process, and EIN cost for pricing.
Compare
What Are the Common BOI Filing Mistakes?
The most common BOI mistakes are missing the 30-day deadline, paying a third party for a free filing, and failing to file an update after a change. Each mistake exposes the owner to penalties or wasted money. The table below maps each mistake to its fix.
| Mistake | Why It Hurts | Fix |
|---|---|---|
| Missing the 30-day deadline | $500/day willful penalty risk | File within 30 days of formation |
| Paying for a "free" BOI filing | FinCEN charges $0 directly | File yourself at fincen.gov/boi |
| Confusing BOI with the EIN | Different agency, different form | File SS-4 with IRS, BOI with FinCEN |
| Skipping the update report | Stale data violates the rule | Update within 30 days of any change |
| Assuming a foreign LLC is exempt | Foreign-owned LLCs still report | File unless a 23-category exemption applies |
| Reporting the wrong owner | Misidentifies the controller | Report each 25%+ owner and controller |
BOI is free, but the EIN process is technical
- FinCEN charges $0 for the BOI report at fincen.gov/boi.
- The EIN is a separate IRS process that requires a correctly filed Form SS-4.
- Non-residents must use the fax method because the IRS online tool requires an SSN.
- ein.so files Form SS-4 for $49 and delivers your EIN by email.
Use Cases
Who Among Non-Residents Must File BOI?
Non-resident founders who form a US LLC almost always must file a BOI report. The state formation that lets them get an EIN and a bank account is the same act that creates the reporting company. Below are the most common non-resident profiles that file.
Single-Member LLC Owners
Amazon and E-commerce Sellers
SaaS and Tech Founders
Freelancers and Consultants
Every one of these profiles needs an EIN before banking and tax filing, and each LLC carries a BOI duty. The two filings sit side by side. ein.so files the EIN; the owner files the free BOI report at fincen.gov/boi. See EIN processing time to plan around the 30-day BOI window.
Exemptions
Which Companies Are Exempt from BOI?
23 categories of companies are exempt from BOI filing, and most cover large or already-regulated entities. The headline exemption is the large operating company test, which requires 20+ US employees, $5M+ in receipts, and a US physical office at the same time. Small foreign-owned LLCs rarely qualify.
Common BOI exemption categories
- Large operating companies: 20+ US employees AND $5M+ gross receipts AND a US office
- Banks, credit unions, and bank holding companies
- Insurance companies and state-licensed insurance producers
- SEC-reporting public companies and registered broker-dealers
- Registered investment companies and investment advisers
- Public utilities and accounting firms registered under Sarbanes-Oxley
- Tax-exempt nonprofit organizations under section 501(c)
- Inactive entities that existed before Jan 1, 2020 and hold no assets
A startup with one non-resident owner, no employees, and under $5M in revenue meets none of these. It is a reporting company and must file. Confirm your exemption status with a CPA before skipping the report, because each missed filing risks a $500/day willful penalty. ein.so does not provide tax or legal advice and files only the EIN through Form SS-4.
Next Steps
After You Confirm Your BOI Requirement
- Get your EIN — ein.so files Form SS-4 by fax for $49 Standard or $97 Express
- File your BOI report — free at fincen.gov/boi, within 30 days of LLC formation
- Open a US bank account — Mercury and Relay accept non-resident LLC owners with an EIN and passport
- File Form 5472 — annually for foreign-owned LLCs, $25,000 penalty for non-filing
- Review the basics — EIN without SSN, EIN for non-residents, EIN cost, EIN processing time
Related BOI pages: BOI filing | BOI for LLC | BOI filing deadline | beneficial ownership report | FinCEN BOI filing
Frequently Asked Questions
Is BOI filing required for my LLC?
Yes, for most LLCs. A reporting company is any entity created by filing with a US state secretary of state. Single-member and multi-member LLCs both qualify. Foreign-owned US LLCs are included. Only the 23 exemption categories, mostly large operating companies with 20+ employees and $5M+ revenue, are excused. File at fincen.gov/boi.
Is BOI filing free?
Yes. Filing the Beneficial Ownership Information report directly with FinCEN at fincen.gov/boi costs $0. No government fee exists. Third-party services may charge to prepare the report, but the official FinCEN BOI E-Filing System never charges. ein.so files Form SS-4 for your EIN at $49, a separate federal process from BOI.
What is the penalty for not filing a BOI report?
Willful failure to file a BOI report carries a $500 per day civil penalty, up to a $10,000 fine, and up to 2 years imprisonment. The penalty applies to the individual who causes the violation and to the senior officers of the reporting company. Confirm current enforcement status with a CPA or attorney.
Who counts as a beneficial owner?
A beneficial owner is any individual who owns 25% or more of the company or who exercises substantial control. Substantial control includes the CEO, CFO, general counsel, and managing members who direct important decisions. Indirect ownership through other entities counts. Most small foreign-owned LLCs report one or two beneficial owners.
Where do I file my BOI report?
File at fincen.gov/boi, the FinCEN BOI E-Filing System. This is the only authorized platform. BOI is a federal filing with FinCEN, not a state filing with your secretary of state. The report is filed online, takes about 20 minutes for a simple LLC, and returns a confirmation immediately.
Do I need an EIN before I file my BOI report?
An EIN helps but is not always mandatory for the BOI report itself. FinCEN asks for a company tax identification number. A US-formed LLC with an EIN enters that EIN. Get your EIN first so banking, tax filing, and BOI all use one identifier. ein.so files Form SS-4 for non-residents at $49.
Does a foreign-owned single-member LLC have to file BOI?
Yes. A foreign-owned single-member US LLC is a reporting company because a US state created it through a formation filing. The non-resident owner is the beneficial owner and reports their passport as the ID document. This BOI duty is separate from the annual Form 5472 plus pro-forma Form 1120 filing that carries a $25,000 penalty.
What information does a BOI report require?
A BOI report requires the company name and EIN, plus each beneficial owner's full legal name, date of birth, residential address, and an image of one identifying document. Non-residents use a passport. Companies formed after January 1, 2024 also report company applicants. The report is filed once and updated when details change.
Is BOI filing the same as getting an EIN?
No. An EIN is a federal tax ID issued by the IRS through Form SS-4. A BOI report is an ownership disclosure filed with FinCEN. They are two separate federal steps. ein.so files Form SS-4 for your EIN at $49 Standard or $97 Express; the BOI report is filed free by you at fincen.gov/boi afterward.
When is my BOI report due?
An LLC formed after January 1, 2025 must file within 30 days of formation. An entity formed during 2024 had 90 days. An entity that existed before January 1, 2024 had until January 1, 2025. Updated reports are due within 30 days of any change. Confirm current deadlines with a CPA.
Need an EIN? We Handle Everything.
Non-US resident? We file Form SS-4 with the IRS and deliver your EIN by email. Just $49.
Get My EIN for $49