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Quickly find out if your business is exempt.
Take our 4 Question Exemption Quiz to determine your BOI filing responsibilities.
To get started, please enter your company name below:Question 1
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How do I determine if my company has to report?
Can your entity be described as any of the following?The Reporting Rule exempts the following twenty-three types of entities from the Beneficial Ownership Information (BOI) reporting requirements:
- 1. Securities reporting issuer
- 2. Governmental authority
- 3. Bank
- 4. Credit union
- 5. Depository institution holding company
- 6. Money services business
- 7. Broker or dealer in securities
- 8. Securities exchange or clearing agency
- 9. Other Exchange Act registered entity
- 10. Investment company or investment adviser
- 11. Venture capital fund adviser
- 12. Insurance company
- 13. State-licensed insurance producer
- 14. Commodity Exchange Act registered entity
- 15. Accounting firm
- 16. Public utility
- 17. Financial market utility
- 18. Pooled investment vehicle
- 19. Tax-exempt entity
- 20. Entity assisting a tax-exempt entity
- 21. Large operating company
- 22. Subsidiary of certain exempt entities
- 23. Inactive entity
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What is a large operating company?
To qualify as a "large operating company" and be exempt from the Beneficial Ownership Information (BOI) reporting requirements, an entity must meet all of the following three criteria:
Does your entity employ more than 20 full-time employees in the United States?Question 1
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Does your entity have an operating presence at a physical office within the United States, which is a location that the entity owns or leases and is distinct from any other unaffiliated entity?
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Did your entity file a federal income tax or information return in the United States for the previous year showing more than $5,000,000 in gross receipts or sales?
This amount should be net of returns and allowances. If the entity is part of an affiliated group of corporations, the consolidated return for the group applies.
Based on your responses, your business may NOT have to file a BOI Report as of January 1, 2024.
This conclusion is based on your responses compared to FinCENs definition of a Regulated Entity.
Should your responses be inaccurate or otherwise not meet the statutory definition, or should your status as a “large” or “regulated” company change, you may have a BOI filing obligation. If you want to speak with an expert, review with your legal team, or use FinCEN Shield Premier Compliance Plan which includes access to our government legal and financial advisory team!
Based on the answers you selected and the definition of a Reporting Company under FinCEN, you are required to file a BOI Report to comply with the CTA (Corporate Transparency Act).
Disclaimer: FinCEN Shield is not a law firm and does not provide legal advice. All information shared by the user is self-reported and compared to FinCEN’s definition of a Reporting Company.
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