Effortlessly Verify Your Filing Requirements

Nearly all U.S. companies, corporations, LLCs, trusts, and similar entities are considered reporting companies and must file beneficial ownership information reports with FinCEN to avoid penalties. A reporting company is any company formed or registered in a U.S. state or tribal jurisdiction without an exemption from BOI reporting. If you have an ownership interest in a small U.S. company, you likely own a reporting company.

Although there are 23 exemptions from filing BOI reports, they rarely apply. The most common exemption is for “large operating companies” that meet three specific conditions: (1) over $5,000,000 in gross receipts or sales, (2) more than 20 full-time employees, and (3) an operating presence at a U.S. office location. All conditions must be met for this exemption.

The remaining 22 exemptions apply to highly-regulated industries, including U.S. banks, domestic credit unions, securities issuers, registered money-transmitting businesses, state-regulated insurance companies, public accounting firms, financial market utility companies, tax-exempt entities and their subsidiaries or entities assisting them, and inactive entities.
These exemptions exist because the relevant agencies already possess their beneficial ownership information.

Don’t risk non-compliance and costly penalties; use our user-friendly online tool now to quickly determine if your business needs to file a beneficial ownership report with FinCEN.