BOI filing for founders dividing ownership equally

Important Update: BOI Filing for Equally Owned Companies The Corporate Transparency Act (CTA) requires many U.S. businesses to report Beneficial Ownership Information (BOI) to FinCEN. This is critical for founders, especially those who share ownership equally. Who is a Beneficial Owner? An individual is a beneficial owner if they directly or indirectly: 1. Exercise substantial control over the company (e.g., senior officers, key decision-makers). 2. Own or control at least 25% of the company's ownership interests. What About Equal Ownership? Two Founders, 50% Each: Both founders must be reported as beneficial owners, as 50% exceeds the 25% threshold. Multiple Founders, Less Than 25% Each: While ownership alone might not trigger reporting, individuals exercising substantial control (like senior officers) must still be identified and reported. Don't Forget the Company Applicant! Information about the individual(s) who filed your company's formation documents (the "company applicant") is also required. Your Action Steps: Collect full legal names, dates of birth, residential addresses, and ID details (with images) for all beneficial owners and company applicants. File your BOI report through the FinCEN BOI reporting portal. Keep internal records of your ownership and control determinations. Update your report if any information changes. Penalties for non-compliance can be severe. Always refer to the latest FinCEN guidance for accurate and up-to-date information.