Stay FinCEN-compliant — for $49.

What is a BOI report?

A Beneficial Ownership Information (BOI) report identifies the individuals who ultimately own or control a U.S. business entity. FinCEN — a bureau of the U.S. Treasury — collects these reports under the Corporate Transparency Act (CTA) to combat money laundering, tax evasion, and other illicit finance.

Who has to file?

Most domestic LLCs, Corporations, and similar entities formed in the U.S. (and many foreign entities registered to do business in the U.S.) must file. There are 23 statutory exemptions — including large operating companies (>$5M revenue + >20 employees + physical U.S. office), publicly traded companies, banks, registered investment advisers, and certain regulated entities. We screen for exemptions before filing.

When is the deadline?

Entities created or registered on or after January 1, 2025 must file within 30 days of formation. Entities created in 2024 had until January 13, 2025. Entities created before January 1, 2024 originally had until January 1, 2025. Any change to beneficial-ownership information (new owner, address change for a beneficial owner) must be reported within 30 days. Enforcement status has shifted multiple times — we keep our process current with the latest FinCEN guidance.

What information has to be reported?

For each beneficial owner (anyone owning ≥25% of the entity or exercising substantial control) and for each company applicant (only for entities formed on or after Jan 1, 2024): full legal name, date of birth, current residential address, and an identifying number from a non-expired U.S. driver license, state ID, or U.S./foreign passport — plus a clear image of that document.

How does LaunchForma handle BOI?

You upload IDs and ownership info inside an encrypted form. We prepare the FinCEN BOIR submission, route it through an internal compliance review, file it on your behalf, and store the submission acknowledgement in your dashboard. The fee is a flat $49 per filing, and you receive the FinCEN tracking ID and a downloadable copy of what was filed.

What are the penalties for not filing?

Failing to file or knowingly providing false information can carry civil penalties of $500/day (adjusted for inflation) and criminal penalties up to $10,000 and/or 2 years imprisonment under the CTA. We strongly recommend filing on time even if you believe you might be exempt — exemption status can change as your company grows.

Is my data secure?

Yes. PII (IDs, SSNs/ITINs when needed) is encrypted at rest with AES-256 via our internal encryption helper and in transit via TLS 1.2+. Access is role-restricted; only authorized compliance staff can decrypt submission data, and every decryption is audit-logged. We do not sell or share BOI data with third parties.

Can I file it myself?

Yes — FinCEN's BOIR portal accepts direct filings free of charge. We charge $49 because the process involves uploading IDs, classifying owners correctly, and tracking the 30-day update obligation indefinitely. If you'd rather DIY, fincen.gov/boi is the official portal.