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Let’s Chat About Compliance
Have questions about BOI compliance? We're here to help! Contact Bridge To BOI for personalized support and clear guidance to keep your business on track.
Contact US
Let’s Chat About Compliance
Have questions about BOI compliance? We're here to help! Contact Bridge To BOI for personalized support and clear guidance to keep your business on track.
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Send us a Message
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Secure your spot—schedule a meeting at your convenience!
Frequently Asked Questions
Wondering About Something? Let’s Clear Things Up!
We’ve gathered all the important info right here. Explore our FAQs and find the answers you need.
Who is required to file a BOI report?
Any company that does not qualify for an exemption must file a Beneficial Ownership Information (BOI) Report. Most small businesses, LLCs, and corporations are required to file. Exemptions include large operating companies with 21 or more full-time employees, $5 million or more in annual sales, and a physical U.S. office.
What is the deadline for filing the initial BOI report?
Companies formed in 2023 or earlier must file by March 21, 2025.
Companies formed in 2024 also have until March 21, 2025, due to the temporary suspension of enforcement.
New businesses created in 2025 and beyond must file within 30 days of formation.
How do I file a BOI report?
Businesses can file directly with FinCEN or use a third-party service provider (such as accountants, attorneys, or compliance services). The FinCEN Fetch platform simplifies bulk filing for professional firms.
What updates require a new BOI filing?
A new report must be filed within 30 days if any of the following occurs:
A beneficial owner changes their address.
A business changes its address, name, or DBA.
A change in ownership or control (e.g., new owner, board member, or manager).
How often do updates occur?
40% of businesses have a reportable change each year.
97% of updates come from the three triggers above.
Homeowners Associations (HOAs) and startups have a higher frequency of changes.
Who is required to file a BOI report?
Any company that does not qualify for an exemption must file a Beneficial Ownership Information (BOI) Report. Most small businesses, LLCs, and corporations are required to file. Exemptions include large operating companies with 21 or more full-time employees, $5 million or more in annual sales, and a physical U.S. office.
What is the deadline for filing the initial BOI report?
Companies formed in 2023 or earlier must file by March 21, 2025.
Companies formed in 2024 also have until March 21, 2025, due to the temporary suspension of enforcement.
New businesses created in 2025 and beyond must file within 30 days of formation.
How do I file a BOI report?
Businesses can file directly with FinCEN or use a third-party service provider (such as accountants, attorneys, or compliance services). The FinCEN Fetch platform simplifies bulk filing for professional firms.
What updates require a new BOI filing?
A new report must be filed within 30 days if any of the following occurs:
A beneficial owner changes their address.
A business changes its address, name, or DBA.
A change in ownership or control (e.g., new owner, board member, or manager).
How often do updates occur?
40% of businesses have a reportable change each year.
97% of updates come from the three triggers above.
Homeowners Associations (HOAs) and startups have a higher frequency of changes.