I own a single-member LLC registered in the U.S., but it hasn’t generated any income yet. Am I required to file a BOI (Beneficial Ownership Information) report even if there’s no active business activity?
Answer by: Abdullah Al Naim
7 months ago
Yes, you are still required to file a Beneficial Ownership Information (BOI) report for a single-member LLC, even if the LLC has no active income. Under the Corporate Transparency Act (CTA), most U.S. LLCs, including single-member entities, must report their beneficial ownership details to FinCEN.
Why Filing is Mandatory
1. Compliance with the Corporate Transparency Act
The CTA mandates BOI reporting for nearly all U.S. LLCs to enhance transparency and prevent financial crimes, regardless of the company’s income activity.
2. Avoiding Penalties
Failing to file a BOI report can result in penalties, including $591 daily fines for late submissions and potential criminal charges.
Filing Deadlines and Requirements:
- Ensure you verify your specific filing deadline to remain compliant.
- Gather the necessary information, such as the beneficial owner’s name, address, and identification details, along with the company’s incorporation information.
Need Help with BOI Filing?
Filing a BOI report can be complex, especially for single-member LLCs with limited activity. Business Globalizer simplifies the process, ensuring accurate and timely filing.
Learn more:
- FinCEN BOI Reporting: An Unavoidable Legal Compliance
- How to File BOI Report with FinCEN
- BOI Penalty 101: FinCEN BOI Penalty for Not Reporting
Get your BOI filing done today:
With Business Globalizer, you can meet your compliance obligations and protect your business from costly penalties.
