If you own an LLC, the Corporate Transparency Act has your name on it. Since January 1, 2024, most limited liability companies operating in the United States are required to file a Beneficial Ownership Information (BOI) report with FinCEN. Miss the deadline and you face $500 per day in civil penalties, up to $10,000, plus potential criminal exposure of up to two years.
Does Your LLC Have to File a BOI Report?
The short answer is almost certainly yes. The CTA applies to any LLC created by filing a document with a state or tribal authority. That covers single-member LLCs, multi-member LLCs, series LLCs, and most foreign LLCs registered to do business in the United States. The exemptions apply to large operating companies (20+ employees, $5M+ revenue, physical U.S. office) or heavily regulated businesses like banks and credit unions. If your LLC is a standard operating company, holding company, or real estate LLC, assume you must file.
What Are the Filing Deadlines for LLCs?
- LLCs formed before January 1, 2024: Deadline was January 1, 2025. If you have not yet filed, you are already out of compliance.
- LLCs formed in 2024: 90 days from the date of formation.
- LLCs formed on or after January 1, 2025: 30 days from the date your formation documents are filed with the state.
The Fastest Way for LLC Owners to Stay Compliant
BOIR Submission Center handles the entire process for $99 flat. Murat Akcay, CFO, reviews every filing for accuracy before submission. The process takes about two minutes of your time. If your LLC has not yet filed, every day of delay adds to your exposure. File your BOI report today at BOIR Submission Center for $99 and put the compliance question behind you for good.
BOIR Submission Center is not affiliated with FinCEN and does not provide legal, tax, or financial advice. This article is for informational purposes only.
