> ## 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.

# File your BOI report

> Submit your Beneficial Ownership Information report to FinCEN.

There's a new federal requirement that catches a lot of business owners off guard. Starting in 2024, most LLCs and corporations have to tell the government who actually owns them. It's called a BOI Report (Beneficial Ownership Information), and the penalties for not filing are brutal — up to \$500 per day.

The good news: if you've got your documents ready, filing takes about 15 minutes.

## Who needs to file

**Required to file:**

* LLCs
* Corporations
* Limited partnerships
* Any entity created by filing with a state

**Exempt (lucky you):**

* Large companies (20+ full-time employees AND \$5M+ revenue AND US physical office)
* Banks and credit unions
* Tax-exempt nonprofits (501(c) organizations)
* Publicly traded companies
* Insurance companies
* Some inactive entities

Most small businesses don't qualify for exemptions. If you're reading this, you probably need to file.

## Deadlines you can't miss

| When your 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 |

<Warning>
  Penalties for not filing: Up to $500/day in civil fines and up to $10,000 in criminal penalties. The government isn't joking around with this one.
</Warning>

## What you'll report

For each beneficial owner, you need:

* Full legal name
* Date of birth
* Current residential address (not a P.O. Box)
* Government-issued ID (driver's license or passport) with the number and a photo of the document

**Who counts as a beneficial owner?**

* Anyone who owns 25% or more of the company
* Anyone who exercises "substantial control" (senior officers, major decision-makers)

For most small businesses, this means the founders and any significant investors.

## File through Pluvel

<Steps>
  <Step title="Go to Compliance">
    From your dashboard, click **Compliance** in the sidebar.
  </Step>

  <Step title="Find BOI Report">
    Click **BOI Report** or find it in your compliance calendar if you have an upcoming deadline.
  </Step>

  <Step title="Enter company information">
    * Legal name (exactly as registered with the state)
    * Any trade names or DBAs
    * Business address
    * State of formation
    * EIN or Tax ID
  </Step>

  <Step title="Add beneficial owners">
    For each person who qualifies:

    * Full legal name
    * Date of birth
    * Residential address
    * Upload a photo of their government ID (driver's license, passport, or state ID)
  </Step>

  <Step title="Add company applicants">
    If your company was formed after January 1, 2024, also report:

    * The person who directly filed the formation documents (you or your attorney)
    * The person who directed the filing (if different)
  </Step>

  <Step title="Review and submit">
    Double-check everything, then click **Submit to FinCEN**. We file electronically and you'll get confirmation within minutes.
  </Step>
</Steps>

## After filing

* **Confirmation** — You'll receive a FinCEN ID for your company. Save this.
* **Updates required** — If any information changes (new address, ownership change, etc.), file an updated report within 30 days
* **Corrections** — Made an error? File a corrected report within 30 days of discovering it

## File directly with FinCEN (alternative)

You can also file at [fincen.gov/boi](https://www.fincen.gov/boi) for free. You'll need:

* Company formation documents
* EIN confirmation letter
* ID images for each beneficial owner

The FinCEN portal works, but you'll enter everything manually.

## Common questions

<AccordionGroup>
  <Accordion title="What if I'm the only owner?">
    You still need to file. Report yourself as the beneficial owner — you own 100% and have substantial control over the business.
  </Accordion>

  <Accordion title="What counts as 'substantial control'?">
    FinCEN defines this as:

    * Senior officers (CEO, CFO, President)
    * Authority to appoint or remove officers or directors
    * Important decision-making authority
    * Any other form of substantial control

    When in doubt, include the person. There's no penalty for over-reporting.
  </Accordion>

  <Accordion title="Do I need to report investors?">
    Only investors who own 25% or more. Smaller investors don't need to be reported unless they have substantial control over how the business operates.
  </Accordion>

  <Accordion title="What if an owner is a company (not a person)?">
    Keep tracing. If ABC Holdings owns 30% of your company, report the individuals who ultimately own or control ABC Holdings. You're looking for real people at the end of the chain.
  </Accordion>

  <Accordion title="Is this information public?">
    No. The BOI database is not publicly searchable. Only authorized government agencies can access it — law enforcement, national security, financial regulators. Your information isn't going to show up in a Google search.
  </Accordion>

  <Accordion title="What if something changes after I file?">
    File an updated report within 30 days. This applies to:

    * Company name or address changes
    * Beneficial owner information changes
    * New beneficial owners added
    * Beneficial owners who no longer qualify
  </Accordion>

  <Accordion title="Is this an annual filing?">
    No. File once when you form (or by the deadline if you formed earlier), then only file updates when something changes. If nothing changes, you don't need to do anything until it does.
  </Accordion>
</AccordionGroup>

## Related

<CardGroup cols={2}>
  <Card title="Compliance calendar" icon="calendar" href="/features/compliance/calendar">
    Track all your filing deadlines in one place.
  </Card>

  <Card title="Get your EIN" icon="hashtag" href="/guides/formation/get-ein">
    You'll need your EIN for the BOI report.
  </Card>
</CardGroup>