All corporations, LLC’s and legal entities that are formed by submitting a document under law of a US State or Native American (Indian) jurisdiction.
This includes foreign entities that are registered to do business in any US State or Native American (Indian) jurisdiction.
Some entities are exempt from reporting requirements. Such entities include publicly traded companies, many nonprofits, certain large operating companies, and companies that are already required to register with the FTC, FCC, SEC or FinCEN, such as banks and insurance companies.
Large companies are excluded from reporting, which are defined as entities employing more than 20 FTE’s in the US, have an operating presence with a physical office in the US, and filed a US federal tax form demonstrating $5M or more in gross receipts or sales, derived from US-based sources (income derived from sources outside the US are not to be counted).
Finally, wholly owned subsidiaries of most (not all) excluded entities. Nonprofits and large companies are included in the list of entities, whose wholly owned subsidiaries do not need to report.
If you want more help determining whether your company may be excluded from reporting, consider a 30-minute BOI Attorney Consult or use our FREE EXPERT SYSTEM to help you determine whether your Company must file a beneficial ownership interest report, and who are its beneficial interest owners.