Beneficial Ownership Information

In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance.  This law requires many companies doing business in the U.S. to report information about who ultimately owns or controls them to the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN). 
Who has to report? 
Your company may need to report information about its Beneficial Owners if it is: 
  1. a corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
  2. a foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing. 
There are 23 types of entities that are exempt from beneficial ownership reporting requirements, including publicly traded companies, nonprofits, and certain large operating companies.  FinCEN's Small Entity Compliance Guide will help you determine whether your company is exempt from reporting.
How do I report?  
Reporting companies report Beneficial Ownership Information electronically through FinCEN's website:  The system provides a confirmation of receipt once a completed report is filed with FinCEN.  
When do I report? 
FinCEN began accepting reports on January 1, 2024.  
  • If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025 to report Beneficial Ownership Information. 
  • If your company is created or registered in 2024, you must report Beneficial Ownership Information within 90 calendar days after receiving actual or public notice that your company's creation or registration is effective, whichever is earlier.  
  • If your company is created or registered on or after January 1, 2025, you must file Beneficial Ownership Information within 30 calendar days after receiving actual or public notice that its creation or registration is effective.  
  • Any updates or corrections to Beneficial Ownership Information that you previously filed with FinCEN must be submitted within 30 days.
Where can I learn more?