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Beneficial Ownership Information Reporting Quiz

The Corporate Transparency Act, effective January 1, 2024, is a new law requiring millions of companies to file a Beneficial Ownership Information (BOI) Report. BOI non-compliance can result in daily fines up to $500 and jail time.

Take this short quiz to understand if your business is subject to this reporting requirements. We’ll provide your results* with no string attached.

Quiz
Was your company formed in the United States, or is registered to do business in the U.S.?
Is your company a corporation or a limited liability company?
Was a document filed with a U.S. state office (such as a secretary of state or Indian Tribal-level office) to form or register your company?

FinCEN suggests that the following entity types are subject to beneficial ownership reporting:

  • Limited liability partnerships (LLP)
  • Business trusts
  • Limited Liability Limited Partnership (LLLP)
  • Limited Partnership (LP)
Does your company fall under any of the above categories?
Does FinCEN classify your company as an inactive entity?
Was your company created after January 1, 2020?
Is your company engaged in active business?
Is your company owned by a foreign person, whether directly or indirectly, wholly or partially?
Does FinCEN classify your company as a large operating company?
Does your company have more than 20 full-time employees in the United States?

Financial, Securities and Investments

  • 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

  • Insurance company
  • State licensed insurance producer

Other

  • Domestic governmental authority
  • Public accounting firm
  • Public utility
  • Tax exempt entity
  • Entity assisting tax exempt entity
  • Subsidiaries of certain exempt entities
Does your company fall under any of the above categories?

Choose from BOI.Law Beneficial Ownership filing solutions depending on your needs.

Start your filing now and we will follow-up with you when FinCEN is accepting filings from 3rd party applications.

For small volume filers

File Now for 1-5 Entries

The Beneficial Ownership Secure Filer option offers:

  • A simple, easy to understand interface
  • An online form with data validation
  • Secure capture of sensitive personal information
  • Confirmation of successful filing with FinCEN

Result: Likely not required to file

Your company may not be required to file a beneficial ownership information report under the Beneficial Ownership Information Reporting Rule going into effect January 1, 2024.*

Please complete and submit your information below for updates to the Corporate Transparency Act and Beneficial Ownership Information reporting requirements along with other solutions.

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*Wolters Kluwer is not a law firm and cannot provide legal advice, including providing advice as to whether any specific entity will be required to file a report. Wolters Kluwer cannot provide its own interpretation of the statute or FinCEN’s final report ruling, however many of the questions can be answered by referring to the text of the final rule, sections of which have been provided where appropriate. You can also direct questions to FinCEN. The phone number of the FinCEN Regulatory Support Section is 1-800-767-2825 and you can email them at frc@fincen.gov

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