You must file your BOIR by January 13th

All small businesses are now required to file a Beneficial Ownership Information Report annually or you could get fined up to $500/day or even jail time.

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What is the BOIR?

A new law went into effect January 1, 2024 requiring small businesses to report who their owners are through the Beneficial Owner Information Report (“BOIR”), due January 13, 2025. This helps the US Financial Crimes Bureau protect businesses from money laundering, corruption, and fraud.

You are required to submit a BOIR if you:

‍1. Own an LLC or LLP
2. Have under $5M in revenue
3. Have under 21 employees

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Palm is the safe and easy way to stay compliant.

See every detail of your business in one place.

Automate your state and local filings.

Get notified of due dates, liens, and fraud.

Autofill forms for easy partner onboarding.

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Formation With Palm is Easy, Secure, & Safe

Step 1

Add your information

Legal Business Name & Trade Names or DBAs
Business Address & State of Formation or Registration
Federal Tax ID Number (EIN)
Owner(s) ID, Date of Birth & Address

Step 2

Expert personal review

Palm’s expert FINCEN team will manually review each submission & alert you with any changes or concerns

Step 3

Save For The Future

Palm submits directly to FINCEN through Palm’s Secure Integration and will send you your transcript and newly created FINCEN ID, saving your profile to file in future years.

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FAQs

What happens if you don't file?

Businesses who have not filed by January 13, 2025 will be charged a civil penalty of $591.00 per day and may be subject to additional criminal prosecution with fines starting at $10,000.00 and imprisonment of up to 2 years. Read more here

In addition, non-compliant businesses will likely face additional scrutiny from finance partners and banking vendors.

Filing is free and takes less than 3 minutes.

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Learn more about the BOIR

BOI Report

The BOI Update: What You Need to Know Now

BOI is now required for all small business owners with enforcement starting January 13,2024. The injunction has been lifted and businesses are required to file.

BOI Report

The Complete Guide to BOI Exemptions: Does Your Business Qualify?

How to tell if you are exempt from filing a Beneficial Owner Report

BOI Report

The BOI Ripple Effect: How This Filing Could Impact Your Business's Future (Beyond the Obvious)

In the post-BOI world, early compliance isn't just about meeting a deadline – it's about securing your business's future.

See all BOIR resources