Skip Navigation

NC SOS





Beneficial Ownership Information ReportingReporting Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network

Beginning January 1, 2024, certain types of limited liability companies, corporations, and other similar entities must report information about their beneficial owners—the persons who ultimately own or control the company—to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Additional information about these federal reporting requirements, including answers to questions such as “is my company required to report beneficial ownership information to FinCEN,” “who is a beneficial owner,” and “when do I need to report my company’s beneficial ownership information" is available on FinCEN’s beneficial ownership information webpage, FinCEN.gov/BOI. You can also subscribe to FinCEN Updates for future guidance documents.

Alert: There have been recently reported fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act.

The fraudulent correspondence may be titled "Important Compliance Notice" and asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests. Please do not respond to these fraudulent messages, or click on any links or scan any QR codes within them.

The North Carolina Secretary of State does not administer or have any control over beneficial ownership filings. Congress enacted the Corporate Transparency Act (“CTA”) on January 1, 2021 in an effort to combat money laundering, terrorist financing, corruption, and tax fraud. Beneficial ownership reports must be filed with the FinCEN, a bureau within the U.S. Department of Treasury, within the time period established by FinCEN.

North Carolina business entities that do not fall within the scope of the federal reporting requirements include sole proprietorships, general partnerships, unincorporated associations, and wealth planning trusts. Tax-exempt entities are also exempt from the CTA filing requirements. These entities include any organization that is described in section 501(c) of the Internal Revenue Code and exempt from tax under section 501(a).

When does the CTA take effect?

Generally, businesses formed on or after January 1, 2024 will have to provide beneficial ownership information shortly after the time of formation. Business entities formed prior to such date will have until January 1, 2025, to comply with the CTA’s reporting requirements. Check with the FinCen webpage FinCEN.gov/BOI for up-to-date, accurate information about when this federal requirement will apply to your business.

The North Carolina Secretary of State does not administer or have any control over these federally required filings.

Who is required to report beneficial ownership information (“BOI”)?

Certain businesses, referred to by FinCEN as “reporting companies,” are required to report beneficial ownership information to FinCEN. Reporting companies include domestic and foreign businesses formed outside the US. A reporting company is required to file the federally required BOI report with FinCEN unless an exemption applies.

North Carolina business entities that do not fall within the scope of the reporting requirements include sole proprietorships, general partnerships, funincorporated associations, and wealth planning trusts. Tax-exempt entities are also exempt from the CTA filing requirements. These entities include any organization that is described in section 501(c) of the Internal Revenue Code and exempt from tax under section 501(a).

The North Carolina Secretary of State does not administer or have any control over these federally required filings. Check with the FinCen webpage FinCEN.gov/BOI for up-to-date, accurate information about how this federal requirement may apply to your business and how to file the required information with FinCEN.

Who is exempt from reporting requirements?

The CTA lists 23 categories of entities that are exempt from reporting. View the list of exemptions here.

Many of the exempt categories are already subject to similar regulation such as banks, credit unions, tax- exempt entities, public utilities, and large operating companies.

The North Carolina Secretary of State does not administer or have any control over these federally required filings.

What happens if a reporting company fails to report beneficial ownership information?

The CTA provides that willfully reporting or attempting to report false or fraudulent beneficial ownership, or willfully failing to report or make updates to the reported data is a federal offense that shall be punished with a civil penalty of up to $500 for each day that the violation continues, or criminal penalties, including imprisonment for up to two years and/or a fine of up to $10,000.

The North Carolina Secretary of State does not administer and has no responsibility for enforcing the CTA or the beneficial ownership information reporting program. Check with the FinCen webpage FinCEN.gov/BOI for up-to-date, accurate information about this federal program and how it may apply in your case.

Where can I get more information on this topic?

Information is available on FinCEN’s website: www.fincen.gov/boi

The North Carolina Secretary of State does not administer and has no responsibility for enforcing the CTA or the beneficial ownership information reporting program.

Who do I contact if I have additional questions?

Contact FinCEN if you have additional questions:

Email: FRC@fincen.gov
Phone number: 1-800-767-2825
Website: https://www.fincen.gov/contact

The North Carolina Secretary of State does not administer and has no responsibility for enforcing the CTA or the beneficial ownership information reporting program. If you need additional assistance understanding FinCEN reporting requirements for your entity, contact a qualified attorney.
How can we make this page better for you?

Request Support

Request support or submit a suggestion, we will get back to you via email or phone.
 

Get Started
Back to top