Due to the Corporate Transparency Act (“CTA”), your business may be required to report beneficial ownership information. We are reaching out to make you aware of new federal reporting requirements that may require your business to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury.
FinCEN is now accepting beneficial ownership information reports through their BOI E-Filing System. You can report here: boiefiling.fincen.gov/
Do I Need to Report?
Most businesses in Minnesota are small businesses that may need to file. Your company may need to report information about its beneficial owners if it is:
- A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
- A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
There are 23 types of entities that are exempt from the beneficial ownership information reporting requirements. FinCEN’s Small Entity Compliance Guide includes checklists for each of the 23 exemptions that may help determine whether your company qualifies for an exemption.
How Do I Report?
Reporting companies can report beneficial ownership information electronically through FinCEN’s BOI E-Filing System: boiefiling.fincen.gov/
When Do I Report?
BOI reporting is now available. Reports began being accepted on January 1, 2024.
- If your company was created or registered before January 1, 2024, you will have until January 1, 2025, to report BOI.
- If your company is created or registered on or after January 1, 2024, you must report BOI within 90 days of notice of creation or registration. Beginning in 2025, that reporting window is 30 days.
- Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.
For more information, visit FinCEN’s website, view FinCEN’s Frequently Asked Questions (FAQs), or contact FinCEN. You can also contact one of these Hellmuth & Johnson attorneys. David Hellmuth, Pedro Herrera, Darbie Tamsett, or Blake Nelson.
