• All Domestic Companies:  Includes corporations, LLCs, and other entities formed by filing with a state or tribal office.

• Foreign Companies:  Non-U.S. entities registered to do business in the U.S. or with any Native American tribe.

• Penalties for Noncompliance:  Willful failure to report can result in fines up to $10,000 and/or imprisonment for up to
              two years.

• Beneficial Owners: Any individual who directly or indirectly exercises substantial control over an entity or owns or controls             at least 25% of the entity’s ownership interests. Exclusions include minors (if information for a parent or guardian is
            provided), nominees, intermediaries, custodians, agents acting on behalf of another individual, employees (not senior               officers), individuals with only a future interest through inheritance, and creditors                                   

• Applicants: Individuals responsible for filing the documents to create or register the company.

Required Information:  

• For each beneficial owner and applicant: full legal name, date of birth, current address, identification number from an                    acceptable, unexpired identification document, and an image of the identification document
• For the reporting company: full name, any trade or doing-business name, business street address, jurisdiction of formation          or registration, and IRS taxpayer identification number

ID Card Requirements: 

• A Valid U.S. driver's license
• A Valid identification document issued by a U.S. state or local government, or Indian Tribe
• A Valid passport issued by the U.S. government

When to File:

• New entities must file within 14 days of formation or registration.
• Existing entities must file within one year of the effective date of the final regulations.
• Any changes in the information reported about the reporting company or its beneficial owners must be filed within                         30 days of change.

• Access to Information:  The information will be stored in a secure, nonpublic database maintained by FinCEN and will not             be available to the public. Only Authorized recipients include U.S. federal law
            enforcement agencies, state and local law enforcement with court authorization, financial institutions with the consent             of the reporting company, and specified federal regulatory agencies.

• Penalties for Unauthorized Disclosure or Use:  Unauthorized disclosure or use of beneficial ownership information can                   result in fines up to $250,000 and/or imprisonment for up to five years

Challenges and Criticisms:

• Definitional Uncertainty: There is a lack of clarity on terms such as "willfulness" and "substantial control," which has                        caused confusion and concern among small businesses and their advisers.

• Compliance Burden: Small businesses may face significant challenges in complying with the reporting requirements,                   leading to potential noncompliance and increased costs.

• Privacy Concerns: While the database is not public, there are concerns about the security and confidentiality of the
            information collected.

• The US Code Is It Legal:  The Corporate Transparency Act consists of §§ 6401-6403 of the NDAA. Section 6402 of the NDAA               sets forth Congress findings and objectives in passing the Corporate Transparency Act, and § 6403 contains its                           substantive provisions, primarily adding § 5336 to Title 31 of the United States Code.

• Free! Beneficial Owner Information filing is free to everyone at https://boiefiling.fincen.gov/
• If you need our assistance to file the BOI on your behalf our fee is $150 for the One-Time Service. 
• Our fee does not include any future filings to FinCen for any changes that may occur.