# Boi filing prep
> Source: https://legalcode.md/skills/legalcode-boi-filing-prep | [HTML version](https://legalcode.md/skills/legalcode-boi-filing-prep)

Prepares and audits Beneficial Ownership Information (BOI) reports for FinCEN under the Corporate Transparency Act (CTA), 31 U.S.C. § 5336.

Prepares and audits Beneficial Ownership Information (BOI) reports for FinCEN under the Corporate Transparency Act (CTA), 31 U.S.C. § 5336. Covers reporting company identification and exemption screening (including the March 2025 interim final rule exempting domestic U.S. entities), beneficial owner determination using the 25% ownership threshold and substantial control four-category test, company applicant identification, FinCEN ID strategy, required information gathering and document checklist, filing deadlines and update obligations (30-day change window), correction safe harbor (90 days), civil and criminal penalty exposure, and ongoing compliance monitoring. Use this skill whenever a client asks whether they must file a BOI report, who qualifies as a beneficial owner, when a report is due, how to update or correct a prior filing, or what information FinCEN requires. Also triggers for "Corporate Transparency Act compliance," "CTA reporting," "FinCEN beneficial ownership," "BOIR filing," or any question about exemptions from BOI reporting obligations.

This skill prepares attorneys, compliance officers, and business owners to complete, update, and maintain Beneficial Ownership Information (BOI) reports submitted to FinCEN under the Corporate Transparency Act (CTA). It provides a structured workflow for determining: - Whether an entity is a "reporting company" subject to CTA obligations - Which individuals qualify as "beneficial owners" under the ownership and control tests - Which individuals qualify as "company applicants" - What information and documents must be gathered for each required person - When initial, updated, and corrected BOIRs are due - How to use the FinCEN Identifier (FinCEN ID) system to simplify reporting - What civil and criminal penalties apply and how to preserve safe harbor protection **Covers:** - Reporting company definition and all 23 exemption categories - Large operating company exemption (three-prong analysis) - Subsidiary exemption rules - 25% ownership threshold calculation (direct, indirect, through intermediaries) - Substantial control four-category test (senior officers, appointment authority, important decisions, catch-all) - Exempt beneficial owner categories (minors, nominees, employees, heirs, creditors) - Company applicant identification and address rules - Required information for each beneficial owner and company applicant - Acceptable identifying documents and FinCEN ID strategy - Initial filing deadlines (current and historical) - ...

## Jurisdictions

Global



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