> ## Documentation Index
> Fetch the complete documentation index at: https://docs.pluvel.com/llms.txt
> Use this file to discover all available pages before exploring further.
# Beneficial Ownership Information (BOI)
> File your Beneficial Ownership Information Report with FinCEN.
Starting in 2024, the federal government wants to know who actually owns and controls American businesses. It's called a BOI Report, and the penalties for not filing are harsh — up to \$500 per day in fines, plus potential criminal penalties.
Most small businesses need to file. Here's what you need to know.
## Who must file
Most LLCs and corporations must file a BOI Report if they were:
* Formed by filing with a Secretary of State (or similar office)
* A foreign company registered to do business in the US
### Exemptions
23 types of entities are exempt, including:
| Exempt entity type | Why exempt |
| ------------------------- | ------------------------------------------------------------------------------ |
| Large operating companies | 20+ full-time US employees, \$5M+ revenue, physical US office |
| SEC reporting companies | Already disclose ownership publicly |
| Banks and credit unions | Already heavily regulated |
| Insurance companies | Already regulated |
| Public utilities | Already regulated |
| Tax-exempt organizations | Already file with IRS |
| Inactive entities | Existed before 2020, no assets, no ownership changes, no payments in 12 months |
Most small businesses don't qualify for exemptions and must file. When in doubt, file — there's no penalty for filing when you're exempt.
## What you report
A BOI Report includes information about:
**The company:**
* Legal name and any trade names (DBAs)
* Business address
* State/jurisdiction of formation
* EIN or tax ID
**Each beneficial owner:**
* Full legal name
* Date of birth
* Current residential address
* Identifying document (driver's license, passport, or state ID) — the number and a photo
**Company applicant (for companies formed after January 1, 2024):**
* The person who filed the formation documents
* The person who directed the filing
## Who is a beneficial owner?
A beneficial owner is anyone who:
1. **Directly or indirectly owns 25% or more** of the company, OR
2. **Exercises substantial control** over the company
### Substantial control includes:
* Senior officers (CEO, CFO, COO, general counsel)
* Anyone with authority to appoint/remove senior officers or board members
* Anyone who directs or substantially influences important decisions
Even if you own less than 25%, you may still be a beneficial owner if you exercise substantial control over the company.
## Filing deadlines
| When company was formed | Filing deadline |
| ------------------------ | ---------------------- |
| Before January 1, 2024 | January 1, 2025 |
| During 2024 | 90 days from formation |
| January 1, 2025 or later | 30 days from formation |
### Updates
You must file an updated report within 30 days if:
* Ownership changes (new owners, percentages shift)
* Owner information changes (name, address, ID)
* Company information changes (name, address)
## How Pluvel handles BOI
Before your deadline, you'll see a reminder in your dashboard and receive an email.
For each beneficial owner, provide their name, date of birth, address, and upload their government ID.
We submit your BOI Report electronically and store confirmation in your documents.
If owner information changes, we prompt you to file an update.
## FinCEN Identifier
Each beneficial owner can get a FinCEN Identifier — a unique number that can be used instead of providing full personal information on future BOI reports.
**Why get one:**
* Privacy — your personal details aren't shared with every company you own
* Convenience — use one number instead of re-entering everything
* Updates — change your information in one place, applies everywhere
If you own multiple companies, get a FinCEN Identifier. Update once, and it applies to all your BOI filings.
## Penalties for non-compliance
BOI reporting violations are serious:
| Violation | Penalty |
| ----------------------- | ------------------------------------ |
| Failure to file | $500/day, up to $10,000 |
| Willful failure to file | Up to \$10,000 and/or 2 years prison |
| False information | Up to \$10,000 and/or 2 years prison |
Both the company and the individual responsible can be penalized. Don't ignore this requirement.
## Common questions
No. BOI information is stored in a secure, non-public database. Only authorized government agencies can access it — law enforcement, national security, financial regulators. Financial institutions may access it with your consent for certain purposes.
No. BOI is not an annual filing. File once, then update within 30 days if anything changes. If nothing changes, no action needed until something does.
US driver's license, US passport, state-issued ID, or foreign passport. The document must be current (not expired).
Each company files its own BOI Report. If you're a beneficial owner of multiple companies, your information appears on each (or use a FinCEN Identifier to simplify).
If a trust owns part of your company, report the trustee (who has authority over trust assets) and any beneficiaries with 25%+ ownership or substantial control.
## File your BOI in Pluvel
1. Go to **Dashboard** and look for the BOI compliance card
2. Or go to **Company → Compliance → BOI Report**
3. Click **File BOI Report** and follow the steps
Step-by-step guide to filing your BOI Report.