The requirement to file a Beneficial Ownership Information (BOI) report applies to companies that have filed documents with a U.S. state, territory, or federally-recognized Indian tribe to create or register their business. This includes corporations, LLCs, domestic limited partnerships, and certain foreign companies. Sole proprietorships and general partnerships typically don't need to file. The reporting obligation excludes filings for business licenses or trade names. Additionally, there are exemptions, such as for heavily regulated entities like banks and nonprofits, as well as businesses with over 20 full-time U.S. employees and over $5 million in U.S.-based gross receipts or sales annually. Despite exemptions, most registered small businesses will still need to file a BOI report. If you have questions regarding filing the BOI, please contact our office.
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