Companies primarily required to report Beneficial Ownership Information (BOI) are domestic reporting companies—entities created by filing a document with a secretary of state or a similar office within the United States.
Understanding the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) is crucial for many businesses. The Financial Crimes Enforcement Network (FinCEN) collects this information to combat illicit financial activities.
Identifying Reporting Companies
There are two primary categories of companies that generally need to report BOI. Based on current guidance, a significant focus is on:
- Domestic Reporting Companies: These are entities that are formed by submitting a filing to a secretary of state or any equivalent office in the U.S. This broad category includes, but is not limited to:
- Limited Liability Companies (LLCs)
- Corporations (such as C-Corps and S-Corps)
- Other entities created through a similar formal registration process at the state level (e.g., partnerships that file formation documents).
Essentially, if your business was officially brought into existence by filing paperwork with a U.S. state authority, it likely falls under the scope of a domestic reporting company. These filings typically involve articles of incorporation, articles of organization, or similar foundational documents that legally establish the entity.
For the most accurate and up-to-date information, businesses should consult official FinCEN guidance directly on the FinCEN website.
