Month: November 2024

BOI Filing Requirements

16 Nov, 2024

In 2024, FinCEN introduced new Beneficial Ownership Information (BOI) filing requirements to enhance transparency and prevent financial crime. Most small to medium-sized businesses must comply, including LLCs owned by trusts holding real estate. The filing requires details like full legal names, addresses, and ID numbers of beneficial owners.

For entities formed after January 1, 2024, BOI must be reported within 30 days of registration. Failing to comply could lead to penalties of up to $500 per day.

At Avrio Solutions, we simplify the BOI filing process—reach out if you’d like our help to stay compliant.