Frequently Asked Questions

What companies are required to file a BOI report with FinCEN?

Domestic reporting companies created by the filing of a document with a secretary of state or any similar office in the United States.

Foreign reporting companies (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.

What companies are exempt from reporting?

Most exemptions fall into one of three categories. (1) A financial institution or related company. (2) Publicly Traded Companies (3) Non-Profits. See the following page for a complete list.

What is a Beneficial Owner?

A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over a reporting company , or (2) owns or controls at least 25 percent of a reporting company's ownership interests. 

What Beneficial Owners do I have to report?

Only individuals with 25% interest or ownership of a company, directly or indirectly. Any individual holding less does not have to be reported.

What if there are no individuals holding 25%?

An individual must be reported, so the individual with the most control over the company should be reported.

What is the purpose of the BOI reporting?

It is the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

What does FinCEN do with the information?

FinCEN permits Federal, State, local, and Tribal officials, as well as certain foreign officials who submit a request through a U.S. Federal government agency, to obtain beneficial ownership information for authorized activities related to national security, intelligence, and law enforcement.