Starting January 1, 2024, the Corporate Transparency Act will require the vast majority of active entities in the United States to file Beneficial Ownership Information (BOI) with the U.S. Government to show who owns and controls each entity. CORPSMART™’s filing solutions offer a one-stop-shop to both form your entity and file required information with government agencies. Read more to learn if your entity qualifies for an exemption to BOI filing requirements.
The following summarizes the 23 types of companies that may qualify for exemption, according to FinCEN:
- Securities reporting issuer
- Governmental authority
- Bank
- Credit union
- Depository institution holding company
- Money services business
- Broker or dealer in securities
- Securities exchange or clearing agency
- Other Exchange Act registered entity
- Investment company or investment adviser
- Venture capital fund adviser
- Insurance company
- State-licensed insurance producer
- Commodity Exchange Act registered entity
- Accounting firm
- Public utility
- Financial market utility
- Pooled investment vehicle
- Tax-exempt entity
- Entity assisting a tax-exempt entity
- Large operating company
- Subsidiary of certain exempt entities
- Inactive entity
BOI reporting requirements will go into effect on January 1, 2024 and all active entities that do not qualify for exemption will be required to report. According to FinCEN, “If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025, to report BOI. If your company was created or registered on or after January 1, 2024, and before January 1, 2025, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier”. To discuss your filing further, obtain a quote or prepare for filing, please reach out to the CORPSMART team at support@corp-smart.com.
CORPSMART™ is a global corporate compliance and lien due diligence provider. For more information regarding this article, please reach out to support@corp-smart.com. If you would like to learn more about our services or discuss your unique needs, please reach out to the CORPSMART™ team at sales@corp-smart.com.