The Corporate Transparency Act requires most Florida LLCs to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). This federal requirement helps combat money laundering and illicit finance by identifying who actually owns and controls US businesses.
This guide explains who must file, what information is required, and how to submit your BOI report.
Quick Overview
| Requirement | Details |
|---|---|
| Who must file | Most LLCs formed or registered in Florida |
| Where to file | FinCEN (federal, not state) |
| Filing fee | Free |
| Deadline (existing LLCs) | January 1, 2025 |
| Deadline (new LLCs) | 90 days from formation (2024) / 30 days (2025+) |
| Penalty for non-compliance | Up to $500/day, criminal penalties possible |
Who Must File a BOI Report
Required to File
Most business entities registered with a state secretary of state or similar office must file, including:
- LLCs
- Corporations
- Limited partnerships
- Limited liability partnerships
- Other entities created by state filing
If your Florida LLC was formed by filing with the Division of Corporations, you likely need to file a BOI report.
Exempt Entities
Some entities are exempt from BOI reporting:
| Exemption | Criteria |
|---|---|
| Large operating companies | 20+ employees, $5M+ revenue, physical US office |
| Publicly traded companies | SEC reporting companies |
| Banks and credit unions | Regulated financial institutions |
| Insurance companies | Licensed insurance carriers |
| Tax-exempt nonprofits | 501(c) organizations |
| Accounting firms | CPA firms |
| Investment advisers | SEC-registered |
| Inactive entities | No assets, no transactions, no ownership changes, existed before 2020 |
Most small Florida LLCs are NOT exempt and must file.
What Information Is Required
Company Information
| Field | Details |
|---|---|
| Legal name | Official LLC name |
| Trade names/DBAs | Any fictitious names |
| Current US address | Principal place of business |
| State of formation | Florida |
| EIN or TIN | Tax ID number |
Beneficial Owner Information
For EACH beneficial owner, you must report:
| Field | Details |
|---|---|
| Full legal name | As on government ID |
| Date of birth | Month, day, year |
| Residential address | Current home address (not business) |
| Identifying document | Driver’s license, passport, or state ID |
| Document number | ID number |
| Document image | Upload of ID |
Who Is a Beneficial Owner?
A beneficial owner is any individual who:
1. Owns or controls 25% or more of the company’s ownership interests
OR
2. Exercises substantial control over the company, including:
- Senior officers (CEO, CFO, COO, etc.)
- Anyone with authority to appoint/remove senior officers
- Anyone who directs important decisions
- Anyone with similar significant authority
For most small LLCs: All members with 25%+ ownership AND anyone who manages the LLC.
Company Applicant Information
For LLCs formed on or after January 1, 2024, you must also report:
Company applicant: The individual who files formation documents or directs the filing.
| Field | Details |
|---|---|
| Full legal name | As on government ID |
| Date of birth | Month, day, year |
| Business address | (Can be business address for professional filers) |
| Identifying document | ID information and image |
For LLCs formed before 2024: Company applicant information is NOT required.
Filing Deadlines
Existing LLCs (formed before January 1, 2024)
Deadline: January 1, 2025
You have until this date to file your initial BOI report.
New LLCs Formed in 2024
Deadline: 90 days from formation
If your LLC was formed between January 1, 2024 and December 31, 2024, you have 90 days from the formation date to file.
New LLCs Formed in 2025 and Beyond
Deadline: 30 days from formation
Starting January 1, 2025, new LLCs must file within 30 days of formation.
Updates and Corrections
| Change Type | Deadline |
|---|---|
| Changes to reported information | 30 days from change |
| Corrections to errors | 30 days from discovery |
Changes requiring update:
- New beneficial owner
- Owner’s address change
- Ownership percentage changes
- Owner’s name change
- New or expired ID
How to File Your BOI Report
Step 1: Gather Required Information
For each beneficial owner:
- Full legal name
- Date of birth
- Home address
- Government-issued ID (unexpired)
- Digital image of ID (clear, readable)
For the company:
- Legal name
- DBAs (if any)
- Business address
- EIN
- State of formation
Step 2: Access the Filing System
Go to: https://boiefiling.fincen.gov
This is FinCEN’s official BOI E-Filing system.
Step 3: Complete the Report
Create an account (optional but recommended for future updates)
Enter company information:
- Legal name and trade names
- Tax ID number
- US address
- Formation jurisdiction (Florida)
Enter beneficial owner information:
- Add each beneficial owner
- Upload ID images
- Verify information accuracy
Enter company applicant information (if formed 2024 or later):
- Professional filer or individual who submitted formation documents
Step 4: Submit
- Review all information
- Certify accuracy
- Submit electronically
- Save confirmation for records
Filing fee: None (BOI reports are free to file)
FinCEN Identifier Option
What Is a FinCEN Identifier?
A FinCEN identifier (FinCEN ID) is a unique number assigned to an individual who has submitted their information to FinCEN.
Benefits
- Report the FinCEN ID instead of full personal details
- Simplifies reporting for individuals involved in multiple entities
- Only need to update information in one place
How to Obtain
- Submit personal information to FinCEN
- Receive unique FinCEN ID
- Provide ID to reporting companies
When to use: Beneficial owners involved in multiple reporting companies.
Penalties for Non-Compliance
Civil Penalties
| Violation | Penalty |
|---|---|
| Failing to file | Up to $500 per day |
| Filing false information | Up to $500 per day |
| Maximum civil penalty | $10,000 |
Criminal Penalties
| Violation | Penalty |
|---|---|
| Willful failure to file | Up to 2 years imprisonment |
| Willfully filing false info | Up to 2 years imprisonment |
| Enhanced (other crimes) | Up to 5 years imprisonment |
Penalties can apply to:
- The company
- Beneficial owners who fail to provide information
- Individuals who submit false reports
Who Can Access BOI Information
BOI reports are NOT public records. Access is limited to:
| Authorized User | Purpose |
|---|---|
| Federal agencies | Law enforcement, national security |
| State/local law enforcement | With court authorization |
| Financial institutions | Customer due diligence (with company consent) |
| FinCEN | Oversight and compliance |
Privacy Protections
- Information stored securely by FinCEN
- Not available through public records requests
- Penalties for unauthorized access or disclosure
Common Situations
Single-Member LLC
Beneficial owner: The single member Company applicant: You (if filed yourself) or formation service (if used)
Multi-Member LLC
Beneficial owners: All members with 25%+ ownership AND managing members Example:
- 50/50 LLC: Both members are beneficial owners
- 80/20 LLC: Only the 80% owner is a beneficial owner based on ownership (but 20% owner may be BO if they manage)
LLC Owned by Another LLC
Look-through rule: Report the individuals who are the ultimate beneficial owners of the parent LLC.
If parent LLC is exempt: Report the parent LLC information instead.
LLC with Trust as Member
If revocable trust: Report the trustee and beneficiaries who can control/benefit If irrevocable trust: Complex—may report trustee, beneficiaries, or grantor depending on trust terms
Consult an attorney for complex trust situations.
Updating Your BOI Report
When to Update
File an updated report within 30 days if:
- Beneficial owner added or removed
- Beneficial owner’s address changes
- Beneficial owner’s name changes
- Ownership percentage changes affecting 25% threshold
- ID document expires (must provide new ID)
- Error discovered in previous report
How to Update
- Log into FinCEN BOI system
- Access your previous filing
- Submit updated report
- Only changed information needs new entry
Best Practices
Keep Records
Maintain documentation of:
- BOI report confirmation
- Copies of submitted information
- Dates of filings and updates
- Beneficial owner communications
Set Reminders
- Track when IDs expire (update required)
- Monitor ownership changes
- Calendar annual review
Secure ID Information
- Beneficial owner ID images contain sensitive data
- Store securely
- Limit access to authorized personnel
Frequently Asked Questions
Is this the same as the Florida annual report?
No. The BOI report is a federal requirement filed with FinCEN. The annual report is a state requirement filed with Florida Division of Corporations. You must file both.
Does my accountant file this for me?
Not automatically. You can authorize your accountant or another professional to file on your behalf, but you remain responsible for compliance.
What if I can’t get information from a beneficial owner?
You are required to report all beneficial owners. If an owner refuses to provide information, you may need to remove them from the LLC or face penalties.
Is my single-member LLC exempt?
Probably not. Most small LLCs must file unless they meet a specific exemption (like the large operating company exemption).
What if my LLC is dormant?
Unless it qualifies for the inactive entity exemption, a dormant LLC must still file. The inactive exemption has strict requirements.
How often do I need to file?
File once initially, then update within 30 days of any changes. No annual filing is required if nothing changes.
IncCraft BOI Filing Assistance
IncCraft can help you prepare and file your BOI report. We ensure your filing is accurate and complete, and we can assist with future updates.
Contact IncCraft for BOI filing assistance.