what is a boi report

The term "BOI report" stands for Beneficial Ownership Information report. It is a report that provides transparency about who owns and benefits from a company, such as an LLC or Corporation. The report includes information about the company's legal name, any "doing business as" (DBA) names, principal U.S. business address, formation jurisdiction, and IRS taxpayer ID number. It also identifies the company's beneficial owners and company applicants, including their full legal names and dates of birth. Reporting companies are required to file an initial BOI report and submit updated or corrected reports as needed. The report is filed electronically through FinCEN's secure filing system, and there is no cost to submit it. The reporting requirement is part of the Corporate Transparency Act and is intended to enhance national security and protect financial systems from criminal activities