Important Update: As per usual the government has a right hand, left hand problem and are battling it out in court about this issue. On December 3rd, this required BOI filing was ruled unconstitutional by a U.S. District Court in Texas. You can choose to voluntarily disclose so you can be done with it or wait for the results once the legal battle is over.

If you own a business in the U.S. that was established before January 1, 2024, there’s an important deadline approaching: you need to file your BOI (Beneficial Ownership Information) with FinCEN by December 31, 2024. This requirement, introduced as part of the Corporate Transparency Act, is crucial for business owners to comply with—and here’s the good news: filing is completely free and takes just a few minutes.

Despite the simple and streamlined filing process, some services are charging $300 or more per business to handle the process. Before you pay someone else to file your BOI, here’s everything you need to know to file it yourself for free.

What is the BOI and Why Do You Need to File?

The Beneficial Ownership Information (BOI) filing is a new reporting requirement introduced under the Corporate Transparency Act to combat money laundering, fraud, and other illicit activities. It requires businesses to disclose certain information about their beneficial owners—individuals who own or control at least 25% of the company or have significant influence over its operations. This transparency measure ensures that the U.S. government has accurate records of who is behind each business entity, making it harder for bad actors to hide behind shell companies.

This filing applies to many businesses, including LLCs, corporations, and similar entities. If you’re a small business owner, you might think this doesn’t apply to you, but it likely does. Even single-member LLCs must file, as there are no exemptions for the size or type of ownership. Filing is essential because it helps the government ensure compliance and accountability, and in turn, contributes to a fairer business environment. While this might seem like just another administrative task, it’s an important one—non-compliance can lead to significant fines, even for inadvertent mistakes.

By filing your BOI, you’re not only adhering to federal regulations but also protecting your business from penalties that could disrupt your operations. Whether you’re the sole proprietor of a small business or part of a larger organization, filing your BOI ensures that you remain in good standing with the law.

Who Needs to File BOI?

• Businesses formed before January 1, 2024: You must file your BOI with FinCEN by December 31, 2024, separately for each business entity you own.
• Businesses formed after January 1, 2024: Filing is still required, but the process is different. Check the BOI FAQs for details specific to newer businesses.

Failing to file your BOI isn’t just an oversight—it can be a costly mistake. The penalties include high fines. Businesses that miss the deadline face steep daily penalties until compliance is met.

This is why it’s critical to ensure you file on time and accurately.

How to File Your BOI for Free

1. Visit the official FinCEN website: Head over to FinCEN’s BOI Filing Page.
2. Gather your information: The form requires basic details about your business, including ownership information.
3. Follow the instructions: The process is straightforward, and FinCEN provides clear guidance.

The entire filing can take as little as one minute. You don’t need to hire anyone to do this for you.

How to Avoid Scams

The simplicity of BOI filing hasn’t stopped scammers and opportunists from charging hundreds of dollars for a service you can handle on your own. Many misleading websites mimic the official process. Always use the official .gov site (FinCEN.gov).

Pro Tips for Smooth Filing

• Be patient with the website: The FinCEN site might experience heavy traffic, so if the page is slow or doesn’t load, try again during off-peak hours.
• Bookmark reliable resources: FinCEN’s FAQs answer common questions if you’re unsure about any step.

Bottom Line

Taking a few minutes out to file your BOI is a necessary step for business compliance in 2024, but it doesn’t need to cost you hundreds of dollars—or hours of frustration. By filing directly through FinCEN’s official website, you can ensure your business stays compliant without spending a dime.

Don’t wait until the last minute. Save yourself from unnecessary penalties and stress by filing your BOI today.