BOIR Report

Beneficial Ownership Information Report (BOIR)

A BOIR (Beneficial Ownership Information Report) filing in California refers to the submission of information about a company’s beneficial owners to the Financial Crimes Enforcement Network (FinCEN) under the federal Corporate Transparency Act (CTA). A beneficial owner is an individual who either controls 25% or more of a business or has substantial control over it. This report helps to combat illicit activities by preventing anonymous shell companies from hiding criminal assets.

What is the purpose of the BOIR filing?

• To combat money laundering, terrorism financing, and other illicit activities.
• To prevent anonymous shell companies from hiding criminal assets.
• To provide FinCEN with critical information to identify the true owners of businesses.

Who is required to file?

• Certain U.S. and foreign entities, such as limited liability companies (LLCs) and corporations, are required to file.
• Sole proprietorships and general partnerships are generally not required to file.
• There are also exemptions available for certain types of businesses, such as large operating companies.