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:

• BOI Filing Services

With Business Globalizer, you can meet your compliance obligations and protect your business from costly penalties.