Beneficial Owner Information (BOI) BOI Notice for Members Beginning January 1, 2024, new businesses will be required to report their beneficial owner information (BOI) electronically to FinCEN, an agency within the US Treasury. Existing businesses that were registered in their home state prior to January 1, 2024, will have until January 1, 2025, to complete their BOI registration with FinCEN. The purpose of BOI reporting is to help FinCEN, and the government stop the formation of anonymous shell companies and prevent illicit crime. The BOI reporting rule requires certain small businesses to collect and report information such as owner names, dates of birth, address, and other details that help to identify those individuals with a significant stake in the business; meaning those individuals that have 25% or more ownership interest in the business. Businesses can register their company and its information with the Federal Government at BOI E-FILING (fincen.gov) . Updated 05/29/2024.
