Ten40 Solutions

Many business owners are questioning if BOI reporting is mandatory and the answer is YES!

We have a listed the details below:

✅ What it is BOI? BOI is information about the people who directly or indirectly own or control a business. This includes their names, addresses, dates of birth, and a unique identifier from an acceptable ID document.

✅ Who must report? Businesses formed on or after January 1, 2024 must report BOI.

✅Are there penalties if the BOI report isn’t filed by January 1, 2025? Yes, failure to file can result in penalties of up to $500 per day.

A person who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000.

✅ Where to report? BOI reports are filed online.

Click here to file before January 1, 2025: https://secure.boi-efile.com/form/ten40solutions

✅ How it's used? BOI is stored in a secure database and can be used by law enforcement, government agencies, and financial institutions. It's not available to the public.

✅ Why it's important? BOI helps to establish trust with businesses, understand risk exposure, and identify when a relationship should be ended.