Companies will need to start submitting beneficial ownership information reports to FinCEN after January 1, 2024. FinCEN will not process any beneficial ownership information reports until January 1, 2024.

• Companies formed or registered for business before January 1, 2024, have until January 1, 2025, to submit their initial beneficial ownership information report.
• Companies established or registered between January 1, 2024, and January 1, 2025, must file their initial BOI report within 90 calendar days of receiving notice of their creation or registration. This 90-day period starts when the company is officially informed of its effective creation or registration or after a secretary of state or similar office first issues public notice, whichever comes first.
• Companies created or registered on or after January 1, 2025, are required to file their initial BOI reports with FinCEN within 30 calendar days from the actual or public notice of the company’s effective creation or registration.
• Companies also must file updated reports after the initial report if any information about the company or a beneficial owner changes. These reports are due within 30 days of any change.

Starting January 1, 2024, FinCEN will initiate the acceptance of beneficial ownership information reports.

Depending on what plan you choose it will cost between $129-$159 to file your BOI Report.

Just click the File My BOI Report Button Anywhere on the screen and answer the questions and we will take care of the rest!

Companies obligated to report are called “reporting companies.” Your company is a reporting company unless you have an exemption. This includes LLCs, Corporations, or any other entity created by filing a document with a U.S. State.

There are some exemptions. The most common is the Large Operating Company Exemption. This exemption requires your business to have BOTH 21 or more full-time employees and $5 million or more in sales on your last business tax return. The remaining exemptions are more rare and mostly include highly regulated companies.

 There are two categories of reporting companies:

Domestic Reporting Companies: These include corporations, limited liability companies, and other entities established by submitting documents to a secretary of state or a similar office within the United States. Nearly every small U.S. business is a reporting company.

Foreign Reporting Companies: These are entities, such as corporations and limited liability companies, created under the laws of a foreign country that have registered to conduct business in the United States by filing documents with a secretary of state or a similar office.

23 distinct types of entities are exempt from the reporting obligations for beneficial ownership information. This includes publicly traded companies that meet specific requirements, numerous nonprofits, and certain large operating companies.

The following list provides an overview of the 23 exemptions:

1. The most common is the Large Operating Company Exemption. This exemption requires your business to have BOTH 21 or more full-time employees and $5 million or more in sales on your last business tax return. 
2. Securities reporting issuer required to file supplementary and periodic information under section 15(d) of the Securities Exchange Act of 1934.
3. Company that exerts governmental authority on behalf of a State or Tribe.
4. Registered Bank.
5. Registered Credit union.
6. Registered depository institution holding company.
7. Registered money services business.
8. SEC-registered broker or dealer in securities.
9. SEC registered securities exchange or clearing agency.
10. Company registered under the Commodity Exchange Act.
11. SEC-registered investment company or investment adviser.
12. SEC-registered venture capital fund adviser.
13. Registered Insurance company.
14. State-licensed insurance producer.
15. Commodity Exchange Act registered entity.
16. Registered accounting firm.
17. Public utility company.
18. Financial market utility company designated by the Financial Stability Oversight Council.
19. Pooled investment vehicle operated by an SEC registered person.
20. Tax-exempt entity.
21. Entity that exclusively exists to provide financial assistance or governance to a tax-exempt entity.
22. Entity 100% owned by an exempt entity.
23. Inactive entity created before 1/1/2020 that holds no assets, is not engaged in any business, has no foreign owners, and has not sent or received money or changed ownership in the prior 12 months.

Before concluding that your company is exempt, carefully examine the criteria associated with each exemption.

The status depends on the entity type and the manner of its establishment:

A domestic entity, like a statutory trust, business trust, or foundation, qualifies as a reporting company only if its creation involves filing a document with a secretary of state or a similar office. Similarly, a foreign entity earns reporting status if it registers to conduct business in the United States by filing with a secretary of state or an equivalent office.

Variations exist in state laws regarding whether specific entity types, such as trusts, necessitate filing with the secretary of state or a similar office for creation or registration. For instance:

• If a trust is formed in a U.S. jurisdiction mandating such filing, it becomes a reporting company unless exempted.
• Notably, not all states require foreign entities to register by filing a document with a secretary of state or a similar office for conducting business in the state.
• However, if a foreign entity is obligated to file such a document to register for business in a state and complies, it attains reporting company status unless an exemption applies.

Entities must also evaluate whether any exemptions to reporting requirements are applicable. For instance, a foundation may not be obliged to report beneficial ownership information to FinCEN if it qualifies for the tax-exempt entity exemption.

No, the act of registering a trust with a court of law to establish the court’s jurisdiction over potential disputes related to the trust does not confer reporting company status upon the trust. If the trust is registered with a Secretary of State, however, it is likely a reporting company.

Companies obligated to report are called “reporting companies.” Your company is a reporting company unless you have an exemption. This includes LLCs, Corporations, or any other entity created by filing a document with a U.S. State.

There are some exemptions. The most common is the Large Operating Company Exemption. This exemption requires your business to have BOTH 21 or more full-time employees and $5 million or more in sales on your last business tax return. The remaining exemptions are more rare and mostly include highly regulated companies.

 There are two categories of reporting companies:

Domestic Reporting Companies: These include corporations, limited liability companies, and other entities established by submitting documents to a secretary of state or a similar office within the United States. Nearly every small U.S. business is a reporting company.

Foreign Reporting Companies: These are entities, such as corporations and limited liability companies, created under the laws of a foreign country that have registered to conduct business in the United States by filing documents with a secretary of state or a similar office.

23 distinct types of entities are exempt from the reporting obligations for beneficial ownership information. This includes publicly traded companies that meet specific requirements, numerous nonprofits, and certain large operating companies.

The following list provides an overview of the 23 exemptions:

1. The most common is the Large Operating Company Exemption. This exemption requires your business to have BOTH 21 or more full-time employees and $5 million or more in sales on your last business tax return. 
2. Securities reporting issuer required to file supplementary and periodic information under section 15(d) of the Securities Exchange Act of 1934.
3. Company that exerts governmental authority on behalf of a State or Tribe.
4. Registered Bank.
5. Registered Credit union.
6. Registered depository institution holding company.
7. Registered money services business.
8. SEC-registered broker or dealer in securities.
9. SEC registered securities exchange or clearing agency.
10. Company registered under the Commodity Exchange Act.
11. SEC-registered investment company or investment adviser.
12. SEC-registered venture capital fund adviser.
13. Registered Insurance company.
14. State-licensed insurance producer.
15. Commodity Exchange Act registered entity.
16. Registered accounting firm.
17. Public utility company.
18. Financial market utility company designated by the Financial Stability Oversight Council.
19. Pooled investment vehicle operated by an SEC registered person.
20. Tax-exempt entity.
21. Entity that exclusively exists to provide financial assistance or governance to a tax-exempt entity.
22. Entity 100% owned by an exempt entity.
23. Inactive entity created before 1/1/2020 that holds no assets, is not engaged in any business, has no foreign owners, and has not sent or received money or changed ownership in the prior 12 months.

Before concluding that your company is exempt, carefully examine the criteria associated with each exemption.

The status depends on the entity type and the manner of its establishment:

A domestic entity, like a statutory trust, business trust, or foundation, qualifies as a reporting company only if its creation involves filing a document with a secretary of state or a similar office. Similarly, a foreign entity earns reporting status if it registers to conduct business in the United States by filing with a secretary of state or an equivalent office.

Variations exist in state laws regarding whether specific entity types, such as trusts, necessitate filing with the secretary of state or a similar office for creation or registration. For instance:

• If a trust is formed in a U.S. jurisdiction mandating such filing, it becomes a reporting company unless exempted.
• Notably, not all states require foreign entities to register by filing a document with a secretary of state or a similar office for conducting business in the state.
• However, if a foreign entity is obligated to file such a document to register for business in a state and complies, it attains reporting company status unless an exemption applies.

Entities must also evaluate whether any exemptions to reporting requirements are applicable. For instance, a foundation may not be obliged to report beneficial ownership information to FinCEN if it qualifies for the tax-exempt entity exemption.

No, the act of registering a trust with a court of law to establish the court’s jurisdiction over potential disputes related to the trust does not confer reporting company status upon the trust. If the trust is registered with a Secretary of State, however, it is likely a reporting company.