If you are a business owner with a social media account, odds are you have heard rumblings of a new federal government filing requirement called the Beneficial Ownership Information Reporting requirement or BOI for short. BOI refers to identifying information about the individuals who directly or indirectly own or control a company. This law creates a new information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
A Quick Guide to Beneficial Ownership Information Reporting Requirements
