Beneficial Ownership Information (BOI) Reporting Requirements

 

• Starting January 1, 2024, most companies created in or registered to do business in the U.S. are required to report information on their Beneficial Owners to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). 

• The rule identifies domestic and foreign as the two types of reporting companies that must file a report.

• A domestic reporting company is a Corporation, Limited Liability Company (LLC), or any entity created by the filing of a document with a secretary of state or any similar office under the law of a state or Indian tribe.

• A foreign reporting company is a Corporation, LLC, or other entity formed under the law of a foreign country that is registered to do business in any state or tribal jurisdiction by the filing of a document with a secretary of state or any similar office. Under the rule, and in keeping with the CTA, twenty-three types of entities are exempt from the definition of “reporting company.”

• FinCEN expects that these definitions will also include Limited Liability Partnerships, Limited Liability Limited Partnerships, Business Trusts, and most limited Partnerships, because such entities are generally created by a filing with a secretary of state or similar office.