New Federal Law: BOI Reporting for All Businesses, Including Notarial

KEY TAKEAWAYS: 

• FinCEN exempted U.S.-formed businesses, including notaries, from BOI reporting through an interim final rule effective March 26, 2025.
• The Corporate Transparency Act remains federal law, and the exemption could shift if FinCEN finalizes a different rule.
• FileForms helps notary business owners stay filing-ready in case requirements return or change.

The Beneficial Ownership Information (BOI) reporting landscape has shifted dramatically since this post was first published. FinCEN now exempts U.S.-formed businesses from filing BOI reports.

Here's what changed, what still applies, and how NotaryLive and FileForms can help your notary business stay prepared.

1. Understanding the BOI Requirement

The BOI rule originally aimed to enhance transparency and combat financial crimes by requiring businesses to disclose ownership details.

What is BOI? 

BOI stands for Beneficial Ownership Information, meaning the real people who own or control a registered business. Congress passed the Corporate Transparency Act (CTA) in 2021 to create a federal registry of this information.

Who needs to file in 2026?

FinCEN's interim final rule, published March 26, 2025, narrowed who must report. The rule now applies only to:

• Foreign-formed entities registered to do business in a U.S. state or tribal jurisdiction
• Entities that do not qualify for one of the 23 listed exemptions

U.S.-formed businesses are now exempt from BOI reporting. This includes most notary businesses operating as LLCs, corporations, or partnerships under state law.

2. The Impact on Businesses

The original rule required businesses to submit specific details, including:

• Names of beneficial owners
• Addresses
• Birthdates
• Identification numbers of beneficial owners and company applicants

How this affects your business

U.S. domestic companies do not need to file an initial BOI report. They also do not need to update or correct previously filed reports. FinCEN has stated it will not enforce penalties against U.S. citizens or domestic reporting companies under the current rule.

The CTA statute itself remains intact, though, and the exemption rests on an administrative rule. 

FinCEN had planned to issue a final rule by the end of 2025, the agency in a court filing announced that its progress has been delayed by various factors, including a lapse in appropriations.

A future final rule could narrow or reverse the exemption, so staying informed protects your business.

3. The Unique Impact on Notaries 

What this means for notary businesses 

Most notary businesses operate as LLCs, sole proprietorships, or small corporations formed under U.S. state law. Under the current rule, these entities are exempt from federal BOI reporting.

If you run a notary business formed outside the U.S. and registered in a U.S. state, the foreign reporting company rules may still apply. 

State-level transparency laws operate independently of the federal rule. For example, New York's LLC Transparency Act took effect January 1, 2026, and currently applies to non-U.S. LLCs authorized to do business in New York.

4. Introducing FileForms: Your Solution to Regulatory Compliance

Who is FileForms? 

FileForms is a platform designed to simplify regulatory compliance. 

Notaries can file their BOI reports efficiently, saving hours that would be otherwise spent navigating extensive regulations.

Benefits of using FileForms 

Quick Filing: File your BOI report in just 10 minutes, significantly reducing the time spent on compliance.

Automated Processes: FileForms automate much of the data entry and document preparation, saving you from the tedious task of going through 98 pages of regulations.

*Expert Guidance: Receive support from compliance experts who can help you understand and meet all regulatory requirements.

Secure Data Privacy: Collect and store data securely with a SOCII-compliant technology and security. 

Monitoring and Alerts: Stay updated with necessary compliance deadlines and avoid penalties through proactive monitoring and alerts provided by FileForms.

Intuitive Platform: The easy-to-use platform ensures you don’t need to be a compliance expert to file your BOI report accurately.

Step-by-Step Assistance: The platform guides you through each step of the filing process, ensuring all required information is correctly submitted.

Direct Integration with FinCEN: Ensure quick and secure submission directly to the federal government and receive confirmation. 

5. Why Choose NotaryLive and FileForms?

Streamlined process 

At NotaryLive, we understand the importance of staying compliant with federal regulations while maintaining the efficiency of your notary services. 

Our partnership with FileForms ensures that notaries can focus on their core responsibilities without getting delayed by regulatory difficulties. 

24/7 Support

NotaryLive offers round-the-clock remote online notarization, ensuring that you can handle notarization tasks anytime, anywhere. (A plus, if you have  your own notary business!)

End-to-end solutions 

Together with FileForms, we offer a complete compliance solution. The partnership respects confidentiality and adapts as the rules evolve.

6. Staying Ready Through 2026

The BOI rule remains fluid. FinCEN is expected to issue a final rule in 2026, and the outcome could expand or narrow current requirements.

To stay ahead:

• Confirm your business formation type and state of registration
• Monitor FinCEN updates for any final rule changes
• Review state-level transparency laws that may apply separately

Get started 

Visit our partner page to learn more about how NotaryLive and FileForms can help you stay compliant as the rules evolve.

Stay Compliant Now

An Additional Business Opportunity

Looking to make the most out of your downtime? If you are a certified Notary Public in a state where providing RON services is permitted, you can get paid to work with us and notarize documents at your convenience. The connections you build along the way can also turn into long-term business relationships.

For more info on working with NotaryLive as a notary, read: 

Why is NotaryLive the Best Online Notary Service for Notaries?

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Legal Disclaimer — NotaryLive is not a law firm and does not provide legal or tax advice. BOI and Corporate Transparency Act rules are evolving. Consult an attorney or qualified compliance professional for guidance specific to your business.

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