Reporting companies must identify beneficial owners in their BOI Reports.Beneficial owners are defined as individuals who directly or indirectly(1) exercise substantial control over a reporting company(2) own or control at least 25 percent of ownership interests of a reporting company.Ownership interests covered by the CTA may include profits interests, convertible instruments, options and contractual arrangements as well as equity securities. In addition, owners who hold their ownership interests jointly or through a trust, agent or other intermediary are also required to be identified – although minors are generally exempted from reporting obligations.Senior officers (typically, the president, CEO, CFO, COO and officers who perform similar functions); individuals with the ability to appoint senior officers or a majority of the board of directors or a similar body; and anyone else who directs, determines or has substantial input to other important decisions of a reporting company also need to be identified in BOI Reports as individuals exercising substantial control over reporting companies.Reporting companies created on or after January 1, 2024, also must identify “company applicants” in their BOI Reports. Company applicants are the individuals who filed the documents creating the reporting company and individuals primarily responsible for directing or controlling the filing of documents creating a reporting company.BOI Reports must contain the following information regarding the reporting company:
Any trade name or d/b/a name
Address of the company’s principal place of business in the United States
Jurisdiction of formation
Taxpayer Identification Number.
BOI Reports must contain the following information regarding each beneficial owner and company applicant:
Full legal name
Date of birth
Copy of a passport, driver’s license or other identification document.
Every person who files a BOI Report must certify the information contained is true, correct and complete.