If you own a US LLC, there's a new federal requirement you cannot ignore: Beneficial Ownership Information (BOI) reporting. Failure to comply can result in penalties of up to $500 per day. Here's what you need to know.
What is BOI Reporting?
The Corporate Transparency Act (CTA) requires most US companies to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This is a federal anti-money laundering measure designed to prevent anonymous shell companies.
What Gets Reported:
- Full legal name of each beneficial owner
- Date of birth
- Current residential address
- Identification document number (passport, driver's license)
- Image of the identification document
Who is a "Beneficial Owner"?
You're a beneficial owner if you:
- Own or control at least 25% of the company, OR
- Exercise substantial control over the company
For most single-member LLCs (common for Indian founders), you are the beneficial owner.
Who Must File?
Most LLCs and corporations formed in the US must file, including:
- Wyoming LLCs
- Delaware LLCs and C-Corps
- Any state-formed LLC or corporation
- Foreign-owned US entities
Exemptions (You Probably Don't Qualify):
Large companies with 20+ employees, $5M+ revenue, and physical US presence are exempt. Most Indian-owned LLCs don't meet these thresholds.
Filing Deadlines
The deadlines depend on when your company was formed:
Companies Formed Before January 1, 2024:
- Deadline: January 1, 2025
Companies Formed in 2024:
- Deadline: 90 days from formation date
Companies Formed in 2025 and Beyond:
- Deadline: 30 days from formation date
The Penalties Are Severe
FinCEN is not taking this lightly. Penalties for non-compliance include:
- Civil penalties: Up to $500 per day of violation
- Criminal penalties: Up to $10,000 fine and 2 years imprisonment
This isn't a "we'll remind you later" situation. The government is serious about enforcement.
What You Need to File
Gather these documents before filing:
- Your Passport
- Clear photo of the data page
- Must be current (not expired)
- Personal Information
- Full legal name (as on passport)
- Date of birth
- Current residential address (your India address)
- Company Information
- Legal name of LLC
- State of formation
- EIN (if obtained)
- Principal business address
How to File
BOI reports are filed directly with FinCEN through their online portal:
USBizGuru can handle this for you.
Our Complete package includes LLC formation, EIN filing, and compliance guidance.
See pricing- Go to boiefiling.fincen.gov
- Create an account or file as guest
- Select "File BOIR" (Beneficial Ownership Information Report)
- Enter company information
- Enter beneficial owner information
- Upload identification document
- Review and submit
Cost: FREE - Filing directly with FinCEN is free.
Important Considerations for Indian Founders
Your Indian Address is Required
You must provide your actual residential address - not your Registered Agent's address. FinCEN wants to know where the real owner lives.
Privacy Concerns
Your information is stored in FinCEN's secure database. It's not publicly available (unlike some state LLC registries), but it can be accessed by:
- Law enforcement agencies
- Financial institutions (with your consent)
- Federal agencies with authorization
Updates Required
If any reported information changes (new address, new passport, ownership changes), you must file an updated report within 30 days.
Common Questions
Q: I just formed my LLC. When do I file?
A: Within 30 days of formation (for LLCs formed in 2025+) or 90 days (for LLCs formed in 2024).
Q: My LLC has no income yet. Do I still need to file?
A: Yes. BOI reporting is required regardless of income or activity.
Q: Can I use my Registered Agent's address?
A: No. You must use your actual residential address.
Q: What if I have multiple LLCs?
A: Each LLC requires a separate BOI report.
USBizGuru BOI Filing Support
Our Complete package includes BOI Filing Guidance to ensure this is done correctly:
- Step-by-step filing assistance
- Document preparation checklist
- Deadline reminders
- Update filing guidance
Don't risk $500/day penalties. Start your LLC with USBizGuru and we'll ensure you're compliant from day one.
