Why the Beneficial Ownership Information Report (BOIR) Matters for Your Business

Written By Erin Doran

Transparency is becoming a cornerstone of business operations, and new federal regulations are reshaping how companies report ownership details. If you own a U.S. business, you’ve likely heard about the Beneficial Ownership Information Report (BOIR)—a critical requirement under the Corporate Transparency Act (CTA).

This new mandate isn’t just another bureaucratic hurdle; it’s a step toward combating financial crimes, improving corporate accountability, and aligning with global standards for transparency. But what exactly is the BOIR, and why is it so important to get it right? Let’s break it down so you can ensure your business stays compliant and avoids costly penalties.

What is the Beneficial Ownership Information Report (BOIR)?

The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) aimed at improving transparency in business ownership and combating financial crimes.

Key Points About the BOIR

  • Required by: Financial Crimes Enforcement Network (FinCEN)

  • Applies to: Most U.S. businesses

  • Filing Deadline: January 1, 2025

  • Penalties: Up to $500 per day for failing to file on time

What Information Must Be Reported?

Businesses are required to provide details about their beneficial owners, including:

  • Full legal name

  • Date of birth

  • Current residential or business address

  • Unique identifying number (e.g., passport or driver’s license number)

Why is the BOIR Important?

This new reporting requirement is critical for:

  • Preventing money laundering and other financial crimes

  • Improving corporate accountability

  • Assisting law enforcement with investigations

As the owner of Nine3One, I’ve already completed my BOIR filing to stay compliant and avoid penalties. If your business is required to file, don’t wait until the last minute! The process ensures transparency and safeguards your business from unnecessary fines.

Filing is easy and only took me 10-15 minutes to complete. Ready to get started? File here directly on the BOI website.

Erin Doran

Erin Doran is the owner of Doran Industries LLC, the parent company of Nine3One and The Century. A visionary entrepreneur, Erin is passionate about creating innovative solutions that support businesses and professionals in achieving their goals.

https://www.doranindustriesllc.com