DUE JANUARY 13, 2025

BENEFICIAL
OWNERSHIP
INFORMATION



Take the First Step

WHAT IS BOI?

Effective January 1, 2024

The Corporate Transparency Act (CTA) requires privately held businesses to report their Beneficial Ownership Information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

By identifying who owns or controls trucking companies, federal agencies can more effectively enforce regulations, address safety concerns, and reduce crimes associated with anonymous business ownership.



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Who Must File?

— 01

COMPANIES NEEDS
TO FILE
BOI

  • Corporations (e.g.,C-Corps, S-Corps)
  • Limited Liability Companies (LLCs), Limited Partnerships
  • Foreign reporting companies (formed under the law of a foreign country and registered to do business in the United States)



— 02

CONSEQUENCES OF
NON-COMPLIANCE

Failure to file. The consequences of non-compliance include:

  • Fines: A civil penalty of up to $500 per day for each day the violation continues.
  • Criminal Penalties: Willfully providing false or fraudulent information, or willfully failing to report BOI, can lead to criminal penalties, including fines of up to $10,000 and potential imprisonment for up to 2 years.





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Exemptions

Large operating companies are exempt from reporting their Beneficial Ownership Information to FinCEN.

5/5

Depository institution holding company
Public utility
Insurance company
5/5
Commodity Exchange Act registered entity
Governmental authority
5/5
Large operating
companies
Pooled investment vehicle

Important Deadlines for New Businesses


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March 12, 2021

If registered in 2024, the company must file the report within 90 calendar days

If registered after January 13, 2025, the company must file the report within 30 days

All update and changes must be reported within 30 days



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