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Beneficial Ownership Information (BOI) Reporting Requirements

No Report Required for Dissolved Reporting Company

If a reporting company ceases to exist as a legal entity before its initial BOI report is due, it may not be necessary to file an additional report. According to FinCEN’s Small Entity Compliance Guide:

“If a reporting company files an initial beneficial ownership information report and then ceases to exist, then there is no requirement for the reporting company to file an additional report with FinCEN noting that the company has ceased to exist.”

Reporting Companies Created or Registered in 2024 or Later

Reporting companies created or registered in 2024 or later must submit their initial BOI reports within 90 days of receiving actual or public notice of creation or registration, even if they cease to exist before their initial report is due.

Definition and Exceptions for Beneficial Owner

A beneficial owner is an individual who either directly or indirectly exercises substantial control over a reporting company or owns or controls at least 25 percent of a reporting company’s ownership interests. However, there are five instances in which an individual who would otherwise be a beneficial owner qualifies for an exception:

Five Exceptions to the Beneficial Owner Definition

• An individual with less than 25% interest (or equivalent) and no substantial control.
• A senior executive officer (e.g., CEO, CFO, President).
• An employee of the reporting company who is not an executive officer.
• A director or other person in a similar position at another entity that has a majority interest in the reporting company.
• Certain government officials.

If you have any further questions or concerns, feel free to ask!