FinCEN BOI Filing Requirement
The Federal government is requiring that small businesses that do less than $5,000,000 a year in revenue AND have less than 20 full-time employees register with FinCen and file a report.
The government is looking to see who owns each business – “Beneficial Ownership Interest” or (BOI) – in an attempt to prevent/track money laundering. Any company that is required to report must also quickly report any change in ownership.
If you own multiple businesses, this filing is required for each entity.