What kind of businesses need to file a BOI Report?

Starting in 2024, FinCEN’s new beneficial ownership reporting requirements will take effect. While most corporations, LLCs, and limited partnerships will likely need to file a BOI report, some business structures are exempt.

Determining if your business qualifies as a “reporting company” can be confusing. BOI Fi has compiled some information that provides an overview of the types of entities and industries that will likely need to report – and the key exemptions that apply.

Our goal is that you’ll walk away with a better idea of if and how your business may need to comply with these new transparency requirements.

Different Types of Reporting Entities

The rule defines “reporting companies” that must submit BOI reports. Reporting companies include:

Domestic Reporting Companies

Corporations
Limited Liability Companies (LLCs)
Any entities created by filing formation documents with a secretary of state

This means many types of entities formed under state law will likely qualify, like:

Limited liability partnerships
Limited partnerships
Limited liability limited partnerships
Business trusts

Foreign Reporting Companies

This includes any foreign-formed entity that registers to do business in the U.S. by filing documents with a secretary of state, including:

Foreign corporations
Foreign LLCs

Exempt Entities

Twenty-three types of entities are exempt from being considered reporting companies. Some examples of these include:

Publicly traded companies
Financial institutions like banks and credit unions
Insurance companies
Non-profits

FinCEN can also exempt other types of companies it determines do not need to report.

Industries that Will Likely Need to Report

Most newly formed or registered companies in the following industries will likely qualify as reporting companies:

Retail: Small and medium-sized retailers like boutiques, restaurants, or specialty stores formed as LLCs or corporations.
Professional Services: Law firms, accounting practices, consulting firms, and other service businesses organized as corporations or LLCs.
Real Estate: Most newly formed real estate development, management, and investment companies.
Construction: General contractors, subcontractors, and specialty trade contractors organized as limited partnerships or LLCs.
Technology: Early-stage startups and app developers formed as LLCs or C-corps.
Wholesale Trade: Distributors, importers, and exporters formed as limited partnerships, corporations, or LLCs.

Need Help Filing a BOI Report for Your Business?

Your demanding workload leaves little room for navigating through new regulations, and errors in filing can be both time-consuming and resource-draining. When it comes to filing a BOI report for your business, precision is paramount.

Fortunately, there’s a simple solution that doesn’t involve the expense of hiring a specialized professional. BOI FI is here to assist you.

Our BOI filing platform sets a new industry standard by providing a streamlined process for compiling entity ownership information and supporting documentation. With our user-friendly platform, you can file BOI reports more efficiently and effortlessly. Choose BOI FI for a straightforward and cost-effective filing solution that saves you both time and money.

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What kind of businesses need to file a BOI Report?