Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.
 
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
 
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.
 
A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report.