BOI, what?

Starting January 1, 2024, basically all businesses (with a few exceptions, of course) are required to do this new filing. It came about from the Corporate Transparency Act passed in 2021. If you have a business, you need to do this filing within the next year. I suggest doing it when you renew your llc or inc this year, so you know all of those types of things are taken care of. There is no cost to file it yourself.

For any new businesses, you have 90 days to register while we're in 2024. After 2024, you have only 30 days from creation of the business to register. I've already done mine, and it took about 15 minutes. You do need a picture of your driver's license or passport to upload.

The purpose is to make it more clear who are the actual beneficial owners of a company or corporation. We all know there are strategies to obscure who the true owners or benefactors are of an organization. This is an attempt to make it more transparent to thwart bad actors. More information can be found here: https://www.fincen.gov/sites/default/files/shared/BOI%20Informational%20Brochure%20508C.pdf and the filing can be done here: https://www.fincen.gov/boi.