The BOIR Filing Process: A Complete Guide for 2025

Breaking news—BOI reporting is back, and the deadline is fast approaching!

As of February 19, 2025, FinCEN has officially reinstated the Beneficial Ownership Information (BOI) report requirement for nearly all U.S. LLCs and corporations.

If you haven’t filed yet, you now have 30 days—until March 21, 2025—to comply or risk penalties of over $500 per day for non-compliance.

We know some business owners were hoping the Supreme Court would strike down the BOI reporting requirement, but as of today, there are no more legal challenges preventing FinCEN from enforcing it.

That means if you own or manage a U.S. LLC or corporation, you are required to file this report—even if your business is inactive or you previously thought you were exempt.

BOIR Filing Process: A Complete Guide for 2025

For business owners, understanding and complying with the Beneficial Ownership Information Report (BOIR) filing process is crucial in 2025. This regulatory requirement enhances transparency by collecting essential ownership details. This guide will walk you through how to file a BOIR report, the filing requirements, the necessary steps, and other key compliance topics to ensure proper adherence to the latest BOI regulations.

For a detailed breakdown of important compliance dates, visit our BOI Reporting Deadlines: Key Dates for Compliance.  

What is the Beneficial Ownership Information Report (BOIR)?

The Beneficial Ownership Information Report (BOIR) mandates companies to disclose information about individuals who hold significant control or ownership in a business. The primary objective is to prevent illegal activities like money laundering and tax evasion by increasing corporate transparency.

Filing a BOIR is mandatory for various entities, including LLCs and corporations. Failure to comply may result in penalties. For an overview of fines and legal consequences, see our article on BOI Reporting Violations: Fines and Penalties.

BOIR Filing Requirements

The BOIR filing requirements for 2025 mandate that each reporting company submit key details regarding its beneficial owners, including:

• Identifying Information: Full name, date of birth, and residential address.
• Ownership Details: Explanation of the owner’s control or percentage of ownership within the company.
• Verification Documents: A government-issued ID (such as a passport or driver’s license) for verification purposes.

Entities required to comply include LLCs, corporations, and other legal entities operating within certain jurisdictions. Certain organizations, such as charities or publicly traded company subsidiaries, may be exempt. To better understand these distinctions, visit our article on What is a Beneficial Owner? Understanding BOIR Filing and Requirements.

How to File a BOIR Report

Filing a BOIR report involves the following steps:

1. Gather Beneficial Owner Details: Collect accurate information, including name, date of birth, address, and ownership percentage.
2. Verify Documentation: Each beneficial owner must provide proof of identity using a government-issued ID.
3. Complete the BOIR Form: Accurately fill out the required fields in the official BOIR submission document.
4. Submit the BOIR Report: Utilize an online portal for electronic filing to ensure timely submission.

Filing a BOI Report for an LLC

For LLCs, the process includes specific nuances:

• Identify Beneficial Owners: Individuals owning at least 25% or those with significant control must be reported.
• List Managing Members: If an LLC has non-owner managing members who exert substantial control, they must also be listed.
• Meet Filing Deadlines: Ensure timely submission to avoid penalties.

Newly formed LLCs may have different deadlines compared to existing ones, so it is essential to check compliance requirements based on formation status.

The Importance of Accurate BOI Filing

Accuracy in BOI filings is essential to avoid penalties and maintain compliance. Any misinformation or failure to update changes in ownership or management could result in:

• Fines for Non-Compliance
• Reputational Damage
• Potential Business Restrictions

Regularly updating your BOI information ensures regulatory compliance and good standing with enforcement agencies.

Penalties for Missing the BOI Filing Deadline

Failing to meet BOIR deadlines can lead to significant consequences, such as:

• Late Filing Fines: Some jurisdictions impose daily fines for delayed submissions.
• Business Restrictions: Non-compliance may result in operational restrictions or business suspensions.

To avoid these risks, businesses should implement a compliance calendar or work with a professional filing service to track deadlines.

FAQs on the BOI Filing Process

Q: What documents do I need for BOI filing?
A: Identification for each beneficial owner (government-issued ID) and ownership details.

Q: Can I file my BOI report online?
A: Yes, most jurisdictions offer online filing portals for ease and efficiency.

Q: Who qualifies as a beneficial owner?
A: Any individual owning 25% or more of the business or exerting significant control.

Q: What happens if I miss the BOI report deadline?
A: Missing deadlines can lead to fines, penalties, or even business restrictions.

Ready to Start Your BOIR Filing?

Begin your BOIR filing process today through our BOIR E-File System to ensure compliance with the latest requirements.

Conclusion

The BOIR filing process in 2025 requires diligence and accuracy to ensure compliance. By understanding the requirements, gathering necessary documentation, and submitting reports on time, businesses can maintain transparency and avoid penalties.

For expert guidance, professional filing assistance, or deadline alerts, reach out today to ensure your business remains compliant with the latest BOI regulations.

This information is brought to you by the RJ Fichera Law Firm , where our mission is to provide trusted, professional legal services and strategic advice to assist our clients in their personal and business matters. Our firm is committed to delivering efficient and cost-effective legal services focusing on communication, responsiveness, and attention to detail. For more information about our services, contact us today!

Content in this material is for general information only and is not intended to provide specific advice or recommendations for any individual.

Protect your rights with trusted legal expertise – visit the RJ Fichera Law Firm today to consult with a dedicated attorney committed to your best outcome. 

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal, financial, or compliance advice. BOIRegistration makes every effort to ensure the accuracy of the information presented, but we do not guarantee its completeness or applicability to every situation. The Corporate Transparency Act (CTA) and FinCEN regulations are currently subject to ongoing legal proceedings and may change. If you are uncertain about your obligations, consult a qualified professional or seek official FinCEN guidance.