 What you need to know
As of January 1, 2024, many corporations, limited liability companies (LLCs), and other similar businesses in the United States must report details about their "beneficial owners" to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Beneficial owners are the people who ultimately own or control the company.
This new rule is part of the Federal Corporate Transparency Act. It was created to make the financial system safer by stopping criminals from using fake companies to hide money or commit crimes
Helpful resources
FinCEN’s Beneficial Ownership Information (BOI) webpage offers tools to help you comply with the rules, including:
A Video Demonstration to file beneficial ownership information
What is BIOR?
BOIR stands for Beneficial Ownership Information Report. It’s a required filing under the Corporate Transparency Act. The goal of the report is to make business ownership more transparent by having companies share details about their owners with FinCEN. This helps stop illegal activities like money laundering, tax evasion, and financing terrorism.
Who needs to file for BIOR?
If your company is a corporation, LLC, or similar business registered in the U.S., you probably need to file.
- Businesses registered before January 1, 2024 must file by January 1, 2025.
- Businesses registered on or after January 1, 2024 must file within 30 days of registration.
Some companies don’t have to file, such as publicly traded companies and large businesses meeting certain criteria.
Why is BIOR important?
The BOIR helps:
- Prevent criminals from abusing companies
- Enforce financial rules
- Protect the U.S. financial system from illegal activity
Do I need to report?
Most small businesses in Minnesota, as well as many foreign businesses operating in the U.S., will need to file. However, there are exceptions. To see if your business qualifies, visit the Minnesota Secretary of State’s BOI webpage.
Next steps
File your BOIR online: File Here.
To learn more, visit FinCEN’s BOI webpage and sign up for updates to ensure your business meets these important federal requirements.
Questions?
Financial Crimes Enforcement Network
www.fincen.gov/contact
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