Starting in 2024, FinCEN’s new beneficial ownership reporting requirements will take effect. While most corporations, LLCs, and limited partnerships will likely need to file a BOI report, some business structures are exempt.
Determining if your business qualifies as a “reporting company” can be confusing. FileForms has compiled some information that provides an overview of the types of entities and industries that will likely need to report – and the key exemptions that apply.
Our goal is that you’ll walk away with a better idea of if and how your business may need to comply with these new transparency requirements.
The rule defines “reporting companies” that must submit BOI reports. Reporting companies include:
Domestic Reporting Companies
This means many types of entities formed under state law will likely qualify, like:
Foreign Reporting Companies
This includes any foreign-formed entity that registers to do business in the U.S. by filing documents with a secretary of state, including:
Twenty-three types of entities are exempt from being considered reporting companies. Some examples of these include:
FinCEN can also exempt other types of companies it determines do not need to report.
Most newly formed or registered companies in the following industries will likely qualify as reporting companies:
Your work keeps you busy enough. You don’t have time to waste learning new regulations, and mistakes in filing can cost you time and resources. If your business needs to file a BOI report, it’s critical that the job gets done right.
There is an easy solution that doesn’t require hiring an expensive specialist. FileForms is here to help you.
By offering a streamlined procedure for assembling entity ownership information and supporting documentation, our BOI filing platform establishes the standard for the industry. With our easy-to-use platform, you can file BOI reports more quickly and with less effort. For simple and effective filing that saves you time and money, select FileForms.