What is the BOI filing?

What is the BOI report?

The short of it is: if you are a US company that employs fewer than 20 US-based FTEs, you now have a new compliance requirement: to submit this BOI form by the end of the year. (It's a little more complicated but that's the tldr.)

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Why do I have to do it?

BOI stands for “Beneficial Ownership Information”, and it’s a report that essentially says “This is the list of all of the people that own my company". Congress passed a law called the Corporate Transparency Act that requires the Treasury Department to collect this, in an effort to crack down on money laundering, fraud, etc.

Specifically, this is done by a group called the Financial Crimes Enforcement Network, or FinCEN.

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How can I get it done?

If you use Carta, Pulley, AngelList, or Clerky, they all have free BOI filing functionality, and you should just use that. (It's faster than the alternative, because they already know some of your company ownership information.)

If you don't, you can follow our comprehensive DIY guide here, or, we can do it for you here.

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