BOI- Beneficial ownership Information

 Beneficial ownership information is information about the people who directly or indirectly own or control a company.

According to FinCEN, a beneficial owner is defined as:

•  An individual who directly or indirectly exercises "substantial control" over a reporting company
•  An individual who owns or controls at least 25% of the ownership interests of a reporting company

 The Corporate Transparency Act limits access to BOI information to certain authorized "requestors". These include: 

•  Federal law enforcement
• National security agencies
• State and local law enforcement agencies with a court order
• Treasury Department
• Financial institutions with the reporting company's consent

 Companies that fail to file a required beneficial ownership report or amendment by its filing deadline are subject to a fine of $500 per day, up to a maximum of $10,000. Willful failures or intentionally filing inaccurate information is a felony, punishable by up to two years in prison. 

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