Comply with the Corporate Transparency Act and Beneficial Ownership requirements

ZenBusiness Beneficial Ownership Filing service is an easy way to meet new federal rules

beneficial ownership act

Be confident you’re meeting new mandatory federal rules on time with the ZenBusiness Beneficial Ownership Filing service.

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New regulations mandate the reporting of beneficial ownership information for approximately 30 million existing businesses and 5 million new companies formed annually over the next decade.

Most businesses have two options: 

DIY

DIY

Learn how to submit a valid Beneficial Ownership Information Report at Fincen.gov

expert help

Get expert help

Let us guide you through the Beneficial Ownership Filing process

Our Beneficial Ownership Filing service includes:

Compliance Pros

Leave the stress of FinCEN reporting behind. Our experts ensure timely and accurate filings for peace of mind.

Beneficial Ownership Experts
Everything in one place

The ZenBusiness dashboard serves as a centralized hub for all your key business data and documents, easily accessible and up-to-date.

Secure Filing

Rest assured knowing your data is protected. We Securely collect and file your information to the Financial Crimes Enforcement Network (FinCEN).

Proof of FinCEN acceptance

We make record-keeping easy with an official receipt when ‌FinCEN accepts your information.

Don’t miss a deadline

We ensure that you get your information filed in time so that you don’t incur fines and criminal penalties.

Compliance Pros

Leave the stress of FinCEN reporting behind. Our experts ensure timely and accurate filings for peace of mind.

Beneficial Ownership Experts

How it works

Beneficial Ownership Filing Service

upload required documents

Fill out our easy to understand questionnaire and upload required documents

send to fincen.gov

We’ll make sure nothing is missing, and then securely send to FINCEN.gov

notify of acceptance

We’ll notify you if more info is needed or when your filing has been accepted

Corporate Transparency Act & Beneficial Ownership FAQ

  • The Corporate Transparency Act is a law that’ll require millions of the nation’s smallest business entities to report beneficial owner information (BOI) to the Financial Crimes Enforcement Network (FinCEN) starting in 2024. (FinCEN is a bureau of the U.S. Department of the Treasury.)

The law was enacted because “illicit actors” often set up small LLCs and corporations as shell companies, or fronts, to hide the identities of owners who are engaged in money laundering, financing terrorism, and other illegal activities.

  • According to FinCEN, the term beneficial owner includes any individual who, directly or indirectly, either

    • Exercises substantial control over a reporting company (meaning they can make important decisions for the company)

    or

    • owns or controls at least 25 percent of the ownership interests
  • According to FinCEN, an individual can exercise substantial control over a reporting company in four different ways. If the individual falls into any of the categories below, the individual is exercising substantial control:

    • The individual is a senior officer (the company’s president, chief financial officer, general counsel, chief executive officer, chief operating officer, or any other officer who performs a similar function).
    • The individual has authority to appoint or remove certain officers or a majority of directors (or similar body) of the reporting company.
    • The individual is an important decision-maker for the reporting company. See Question D.3 for more information.
    • The individual has any other form of substantial control over the reporting company, as explained further in FinCEN’s Small Entity Compliance Guide (see Chapter 2.1, “What is substantial control?”).
  • Small businesses that match these criteria will be required to file BOI reports:

    • Have 20 or fewer full-time employees and less than $5 million in sales

    and

    • Are LLCs, limited liability partnerships, corporations, business trusts, or other entities created by filing with a Secretary of State, tribal jurisdiction, or similar office
    • Foreign LLCs and corporations that are registered to do business in any state or tribal jurisdiction

    Organizations with more than 20 full-time employees and over $5 million in annual gross receipts are excluded from reporting requirements.

  • The regulations went into effect on January 1, 2024. Companies that were created or registered before January 1, 2024, will have one year (until January 1, 2025) to file their initial reports. Companies created or registered after January 1, 2024, will have 90 days after creation or registration to file their initial reports.

    If there’s a change in beneficial owner information after the initial report is filed, a company will have to file an update within 30 days of the change.

  • No. The BOI reports are made to the US federal government through FinCEN in an effort to fight financial crimes. Information reported that is not already public will not become public by completing the mandatory BOI report.

Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional. Terms of Service for the Beneficial Ownership Filing service can be found here