BOI for an LLC stands for Beneficial Ownership Information. It is a regulatory requirement under the U.S. Corporate Transparency Act (CTA) that mandates certain businesses, including LLCs, to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury

. Key points about BOI for LLCs:

• Purpose: The BOI report aims to increase transparency to prevent financial crimes such as money laundering, tax evasion, and financing of terrorism by identifying individuals who own or control the company

• Who must report: LLCs formed or registered in the U.S. that meet the definition of a "reporting company" must submit BOI reports unless exempted. This includes LLCs formed on or after January 1, 2024, and those formed earlier but still subject to reporting requirements

• Beneficial owners: Individuals who directly or indirectly own 25% or more of the LLC or have substantial control over it must be reported. Information required includes their full legal name, date of birth, residential or business address, and a unique identifying number from an acceptable document like a driver’s license or passport

• Filing deadlines: LLCs formed on or after January 1, 2024, must file their initial BOI report within 30 to 90 days of formation. LLCs formed on or after January 1, 2025, must file within 30 days of formation. Updates must be filed within 30 days of any changes to beneficial ownership

• Where to file: Reports are submitted to FinCEN. The information is stored securely and is accessible only to authorized government agencies and law enforcement, not the general public

In summary, BOI for an LLC is the disclosure of key ownership and control information to FinCEN to promote corporate transparency and combat illicit activities