Surprisingly, most U.S. businesses are required to a Beneficial Ownership Information report unless they meet some very specific exemptions. Let's dive into those and see if your business qualifies.

A LLC, Corporation or entity that has filed a document with a secretary of state or similar office to be formed must file a BOI report.

If you have more than 20 full time employees or have reported more than $5M in gross receipts or sales in the last year, you qualify for the large operating company exemption under the Corporate Transparency Act (CTA) and are not required to file.

In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to detect financial crimes within companies.

Certain types of companies are exemption from filing regardless of the above qualifications. Read more here

• Accounting firm
• Bank
• Broker or dealer in securities
• Commodity Exchange Act registered entity
• Credit union
• Depository institution holding company
• Entity assisting a tax-exempt entity
• Financial market utility
• Governmental authority
• Inactive entity
• Insurance company
• Investment company or investment adviser
• Large operating company
• Money services business
• Other Exchange Act registered entity
• Pooled investment vehicle
• Public utility
• Securities exchange or clearing agency
• Securities reporting issuer
• State-licensed insurance producer
• Subsidiary of certain exempt entities
• Tax-exempt entity
• Venture capital fund adviser