Beneficial Ownership
Information Filing Service

The Corporate Transparency Act is a law that requires millions of the nation’s smallest business entities to report beneficial owner information (BOI) to the Financial Crimes Enforcement Network (FinCEN). (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.

The current suspension on enforcement of the Corporate Transparency Act is temporary. The Department of Justice is appealing the preliminary injunction. In the meantime, FinCEN is continuing to accept Beneficial Ownership filings.

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. 
• The individual has any other form of substantial control over the reporting company, as explained further in FinCEN’s Small Entity Compliance Guide.

Small businesses that match these criteria can 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.

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, but before January 1, 2025, will have 90 days after creation or registration to file their BOI reports. Beginning in January 2025, newly formed registered companies will have only 30 days to file a BOI report.

Filing your BOI report is currently optional. We’re here to help you file securely and accurately if you choose to file.

No. The BOI reports are made to the U.S. 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 BOI report.

When there’s a change to your business or beneficial ownership information, you’re required to update FinCEN within 30 days of the change. Examples of a change include:

• The business address changes
• A beneficial owner moves and changes their address
• A beneficial owner gets married and changes their name
• A beneficial owner’s passport or driver’s license needs to be renewed
• A beneficial owner was previously a minor and comes of age

Businesses that were created before January 1, 2024, have until January 1, 2025, to file. Businesses created during the 2024 calendar year need to file within 90 days of their formation. Finally, businesses that start on or after January 1, 2025, will have 30 days to file their BOI report. 

Filing your BOI report is currently optional. We’re here to help you file securely and accurately if you choose to file.

You can file the Beneficial Ownership Information (BOI) report through your ZenBusiness dashboard. Simply navigate to the compliance section and click “Order Now” to place the order.

The cost for filing the BOI report is $149 for the initial filing. There is an optional subscription that renews annually at $49 starting the next year for managing and filing updates. When your beneficial ownership information changes, you have 30 days to notify FinCEN, and the optional subscription is a low-cost way to help you stay compliant.

Yes, you can file the BOI report directly with the Financial Crimes Enforcement Network (FinCEN) on their website. However, ZenBusiness gives you peace of mind as our experts help ensure you complete the filing properly. You’ll also receive an official transcript for proof of acceptance for record keeping. Over 100,000 businesses have relied on ZenBusiness to complete this filing for them.

Yes, you can update the information in your BOI report if there are changes to the ownership structure or other details. ZenBusiness can assist with updating the information. FinCEN requires you to update your filing within 30 days of your beneficial ownership information changing.

Processing time for the BOI report varies. ZenBusiness typically takes 3-5 business days to file the BOI report with FinCEN after placing the order.

The BOI report filing is a one-time requirement unless there are changes to the ownership structure. However, you may need to file annual reports with the state separately.

Yes, you can cancel your BOI report order as long as it hasn’t been processed yet. Contact our customer support team to initiate the cancellation process.

A federal court temporarily paused enforcement of the Corporate Transparency Act which requires businesses to report their beneficial ownership information to FinCEN. Although not mandatory, FinCEN is still accepting beneficial ownership filings.

We know this can be a confusing time for business owners navigating compliance, so we’ve created a guide to help you understand and file the Beneficial Ownership Information (BOI) form: How to File the BOI Form.

At ZenBusiness, we’re staying on top of these developments to ensure small business owners have the resources they need to make informed decisions.

• FinCEN BOI FAQ: https://www.fincen.gov/boi-faqs
• FinCEN FAQ: https://www.fincen.gov/boi-faqs#M_3
• FinCEN Beneficial Ownership Guide link:
https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
• ZenBusiness Beneficial Ownership Resources:
  • How to fill out the BOI form
  • Navigating the Beneficial Ownership Report
  • About the Corporate Transparency Act (CTA)
  • Who’s exempt from the CTA?