Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). Collecting beneficial owner information (BOI) will help provide transparency in the ownership of businesses, making it harder for criminals and other bad actors to hide from the law.

Companies required to report information about their beneficial owners include those that are:

  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.

Businesses created or registered prior to January 1, 2024, will have until January 1, 2025, to report BOI. A new company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of its creation or registration to file its initial BOI report. There are 23 entity types that are exempt from reporting. Learn more about the entities and how to report BOI here:

Questions? Please call us at 1-800-872-6358. Thank you for being a Town & Country Credit Union member.