ENTITY EXEMPTION QUIZ AND INFORMATION
ENTITY EXEMPTION QUIZ:
Take this short quiz to understand if your business is subject to BOI Reporting requirements. While most small business owners will have to report, if you answer "YES" to any of the following questions you may NOT have to report the Beneficial Owners of your company.
1. Was your company formed outside of the United States and not registered to do business in the U.S.?
2. Does your Company employ 21 or more full-time employees?
3. Did your company report over $5 million in gross sales on your last year's business tax return?
4. Are you (or your company) registered as a member of the National Small Business Association as of March 1, 2024?
5. Was your company formed before January 1, 2020, but not engaged in active business?
6. Does your company fall in any of the following exemption categories:
- Bank
- Domestic Credit Union
- Depository Institution Holding Company
- Money Transmitting Business
- Securities Issuer
- Securities Broker-Dealer
- Securities Exchange or Clearing Services
- Other Securities Exchange Act of 1934 Entity
- Registered Investment Company or Advisor
- Venture Capital Fund Advisor
- Commodity Exchange Act Registered Entity
- Financial Market Utility
- Pooled Investment Vehicle
- Insurance Company
- State Licensed Insurance Producer
- Domestic Governmental Authority
- Public Accounting Firm
- Public Utility
- Tax Exempt Entity
- Entity assisting Tax Exempt Entity
- Subsidiaries of certain Exempt Entities
If you answered NO to all of the questions, click here to get started.
**BOI non-compliance can result in daily fines up to $591 per day and prison time. **
This information is a resource that is offered as general guidance and not intended to be a substitute for legal advice or consultation with an attorney.
BENEFICIAL OWNERSHIP INFORMATION IN A NUTSHELL:
Generally, Beneficial Owners of a non-exempt Reporting Company are those that own at least 25% and/or have substantial control. In some cases, both would be reported. If you are unsure of who you should report, please check out our FAQs page.
DUE DATES:
If your company was registered with the state prior to January 1, 2024, you must report by January 1, 2025.
If your company was registered with the state after January 1, 2024, you must report within ninety (90) days after the company was registered with the state (date of formation).
**BOI non-compliance can result in daily fines up to $591 per day and prison time.**
While FinCEN BOI reporting is a one-time filing requirement, all changes to a Reporting Company must be reported within thirty (30) days of the changes.
This information is a resource that is offered as general guidance and not intended to be a substitute for legal advice or consultation with an attorney.