Beneficial Ownership Information Report

Beneficial Ownership Information

Beneficial Ownership Information pertains to identifying details about individuals who have direct or indirect ownership or control over a company. All businesses must complete a BOI report.

When Do You Need To File Report?

Reports will commence acceptance from January 1, 2024. Reporting entities established or registered for operations before January 1, 2024, will be granted an extended period—until January 1, 2025—to submit their initial BOI reports. Entities established or registered between January 1, 2024, and January 1, 2025, have 90 calendar days from the receipt of official or public notice of their establishment or registration's effectiveness to file their initial BOI reports. Specifically, this 90-calendar day window begins upon the entity's receipt of official notice of its establishment or registration's effectiveness or upon the initial public notice of its creation or registration by the secretary of state or a similar office, whichever comes first. Entities established or registered on or after January 1, 2025, will have 30 calendar days from the receipt of official or public notice of their establishment or registration's effectiveness to submit their initial BOI reports.

Filing Deadlines and Penalties

Individuals who knowingly breach the BOI reporting obligations may face civil penalties of up to $500 per day for each ongoing violation. Moreover, individuals who intentionally contravene the BOI reporting requirements could be liable to criminal penalties, including up to two years of imprisonment and fines of up to $10,000.

Questions or Concerns?

For any questions or need help on filing your BOIR, please feel free to call us at (925) 786-3424. We’re here to assist you!