BOIR Filing Process: A Step-by-Step Guide for 2025

For business owners, understanding the Beneficial Ownership Information Report (BOIR) filing process is essential for compliance with federal regulations. This requirement, aimed at increasing corporate transparency, mandates businesses to disclose key ownership details. In this guide, we’ll walk through who must file, what information is required, and how to submit your BOIR report to ensure compliance in 2025.

For specific filing deadlines, check out our guide on [BOI Reporting Deadlines: Key Dates for Compliance]. 

The Beneficial Ownership Information Report (BOIR) is a federally mandated filing that requires businesses to disclose details about individuals who own or control the company. This requirement was established under the Corporate Transparency Act (CTA) as part of a broader effort to combat financial crimes such as money laundering and tax evasion.

For many entities, including LLCs and corporations, filing a BOIR is mandatory, and non-compliance can result in penalties. If you want to understand the potential consequences of failing to file, see our [BOI Reporting Violations: Fines and Penalties] guide.

Entities required to file a BOIR include:

• Domestic Corporations and LLCs – Any entity registered under U.S. state or tribal jurisdiction.


• Foreign Entities – Businesses registered to operate in the U.S. but incorporated in another country.

Certain businesses are exempt from filing a BOIR, including:

✅ Publicly traded companies
✅ Large operating businesses that meet the following criteria:

• At least 20 full-time employees
• Over $5 million in annual gross receipts
• A physical U.S. office
  ✅ Financial institutions such as banks, credit unions, and investment firms
  ✅ Nonprofit organizations and charities

Not sure if you need to file? Check our [What is a Beneficial Owner? Understanding BOIR Filing and Requirements] for more details.

To comply with BOIR regulations, businesses must submit specific details about the company and its beneficial owners, including:

• Legal name of the entity
• Principal business address
• State of formation or registration
• Employer Identification Number (EIN), if applicable

• Full legal name
• Date of birth
• Current residential address
• Government-issued identification number (passport, driver’s license, etc.)

The purpose of this reporting is to prevent the misuse of anonymous companies in fraudulent activities.

Filing a BOIR involves several steps:

Ensure you have the necessary details for each owner, including identification documents, addresses, and ownership percentage.

Each beneficial owner must provide proof of identity, such as a passport or driver’s license.

Carefully fill out the BOIR submission form, ensuring that the information provided matches official identification records.

Use the FinCEN online portal to submit your BOIR. Businesses must create an account, enter the necessary details, and upload the required documents

If you operate an LLC, the BOIR filing process follows the same general steps but with some additional considerations:

• Identify Beneficial Owners – Any individual who owns 25% or more of the LLC or has substantial control over business operations must be reported.
• List Managing Members – Even if a managing member does not hold an ownership stake, they may still need to be included in the report.
• Submit on Time – LLCs, like corporations, must comply with the BOIR filing deadlines to avoid penalties.

If your LLC was formed after January 1, 2024, it must file its BOIR within 90 days. Starting January 1, 2025, newly registered LLCs must submit the report within 30 days.

Ensuring that your BOIR is accurate is not just about regulatory compliance—it’s crucial for avoiding fines and protecting your business's reputation. Inaccurate filings can result in penalties, and repeated errors may escalate to more severe consequences.

✅ Regularly update your BOI details whenever there are ownership changes.
✅ Ensure all information matches government-issued documents to prevent discrepancies.
✅ Retain copies of your filings for future reference.

Failing to submit your BOIR on time can lead to financial and legal consequences, including:

💸 Late Filing Fines – Businesses may face $500 per day in penalties for failing to submit their report.
🚫 Business Restrictions – In cases of extreme non-compliance, companies may face legal action or suspension of business operations.

To avoid missing deadlines, set reminders or use a compliance service that provides deadline notifications.

A: You’ll need identification for each beneficial owner, including a government-issued ID, ownership details, and proof of business registration.

A: Yes, the BOIR must be submitted through FinCEN’s official online portal.

A: Any individual who owns 25% or more of the business or has significant control over its decisions.

A: Missing the deadline can result in fines and legal action, depending on the severity of non-compliance.

Navigating the BOIR filing process can be overwhelming, but understanding the steps and requirements ensures compliance. From collecting owner details to submitting the final report, staying proactive will help your business avoid penalties and regulatory issues.

For 2025, make sure to:
✔ Gather all required documents ahead of time.
✔ Stay updated on deadlines to prevent last-minute issues.
✔ Seek professional guidance if you need help with compliance.

By following these guidelines, your business will remain compliant, transparent, and well-positioned for long-term success.

The information provided in this article is for general informational purposes only and should not be considered legal or financial advice. BOIR regulations may change, and businesses should consult with a compliance expert or legal professional for specific guidance.