On December 23, 2024, the BOI filing requirement for LLCs and corporations was reinstated by the Fifth Circuit Court of Appeals. The Appeals Court overturned the federal district court ruling earlier this month, which struck the BOI filing requirement down as unconstitutional. The plaintiffs in the case, the National Federation of Independent Businesses, plan to appeal the ruling, but the appeals process will likely take months and may, in the end, result in a review and decision by the U.S. Supreme Court.

FinCEN, the federal government agency collecting BOIs, has extended the filing deadline for LLCs and corporations set up before 2024 from Jan 1, 2025, to Jan 13, 2025. Entities set up in 2024 have 90 days after their entity is established with the state to file their BOI. Entities set up in 2025 will have 30 days to file their BOI after their entity is established with the state.

Common FAQs

Who is required to file? All LLCs and corporations doing business in the U.S.

Are there any exceptions? There are 23 exceptions to filing, but most involve being federally licensed. The most common ones we see used by business owners and investors are the large company exception or the inactive entity exception. The large company exception applies if you have $5M or more in annual revenue and 20 employees or more. The inactive entity exception applies to entities established before 2020 that do not conduct business or hold assets.

Where do I file the BOI? The BOI can be filed at fincen.gov.

What information is included in the BOI?
The BOI report includes the name of the entity, EIN/Tax ID, address, and disclosure of anyone who owns 25% or more of the company or anyone who has substantial control of the company (e.g., President of a corporation, Manager of an LLC). Anyone who owns 25% or more or who has substantial control must have their information provided, including name, address, and a government-issued photo ID (e.g., passport or driver’s license).

Can someone file it for me?
Yes, our company Main Street Business Services handles BOI filings for its clients as part of its Company Compliance Service. You can learn more at MainStreetBusiness.com.

Where can I learn more?
Check out this video by Mat explaining the ruling and what to do here – YouTube – Fifth Circuit Court Reinstates BOI For LLCs and Corps!!