Corporations and limited liability companies (LLC) who qualify as reporting companies will be required to file a BOIR. This means reporting identifying information about the individuals who own or control a business with the U.S. government. Failure to comply could mean serious civil and criminal penalties. This new requirement applies to most business entities, known as reporting companies, unless an exception applies.
You will need to provide personal details about the company's beneficial owners, including their name, address, date of birth, and an identifying number from a government-issued document like a passport or driver's license.
No, BOI report information is not public. It is submitted to FinCEN and will only be shared with authorized government agencies for law enforcement purposes.
One report is required for each business entity that has formed with the Secretary of State. The report provides identifying information about the individuals who own or control a business with the federal government, satisfying legal requirements.
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