What is the Beneficial Ownership Information Report?

Last modified 3/6/2024 5:59:53 AM EST

Under the Corporate Transparency Act (CTA), certain foreign businesses in the United States file the BOI report. This regulation was enacted to prevent unauthorized activities within companies, such as money laundering, financial terrorism, and tax fraud.

The Beneficial Ownership Information (BOI) Report is a legal document that details a business's ownership structure and highlights the individuals or entities with significant control over a reporting company. The BOI report includes details about the reporting company, beneficial owners, and company applicants.