You have until January 1st to file your BOIR

All small businesses are now required to file a Beneficial Ownership Information Report annually or you could get fined up to $10,000 or even jail time.

File my BOIR for free

What is the BOIR?

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

File my BOIR for free

Do I need to file a BOIR?

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

File my BOIR for free

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.

Get Started Today

FAQs

What happens if you don't file?

The impact that not filing has on your business → it changes your Business Registration status from Good to Not Good which automatically declines you from key vendors, financing, services etc.

In addition it will limit your ability to operate your business in the state of California and will include fines of $250 dollars. In very severe cases, the State may forfeit your business will means you have no legal right to operate. Although seemingly innocuous, this like many forms drastically changes your ability to operate

File my BOIR for free