Reporting would be required for anyone who exercises substantial control of the entity or owns/controls more than 25% of the ownership interests.

You need to file for all your limited liability companies (LLCs) and corporations. Thus, if you have five rental properties all owned in separate LLCs, you have to file five BOI reports.

Company A would be required to file a BOI report, and the beneficial owner would be the individual who owns Companies B and C. Beneficial owners are individuals unless the entity is solely owned by an exempt entity.

Married spouses are considered separate beneficial owners for BOI reporting, so both would need to be included.

No, only the actual person controlling the business operations would be listed on the report.

The initial BOI report should be the most current information. If the information changes before the report is filed, the old information doesn’t need to be reported. If the information changes after filing the report, an amended report can be filed.

If a Public Benefit Corporation has tax-exempt approval under Section 501(c) of the Internal Revenue Code of 1986, they are not required to file a BOI report.

Yes. In this case, they would be required to file a BOI report.

No, a company that completely dissolved before January 1, 2024, doesn’t need to report its beneficial ownership information to FinCEN. The reporting requirement only applies to companies that were still legal entities on or after that date.
Here’s a breakdown:
• Dissolved Before January 1, 2024: A company is not required to report its beneficial ownership information to FinCEN if it ceased to exist as a legal entity before January 1, 2024, meaning that it entirely completed the process of formally and irrevocably dissolving.
  • Dissolved After January 1, 2024: If a reporting company continued to exist as a legal entity for any period of time on or after January 1, 2024 (i.e., did not entirely complete the process of formally and irrevocably dissolving before January 1, 2024), then it is required to report its beneficial ownership information to FinCEN, even if the company had wound up its affairs and ceased conducting business before January 1, 2024.
• Created After January 1, 2024: If a reporting company was created or registered on or after January 1, 2024, and subsequently ceased to exist, then it is required to report its beneficial ownership information to FinCEN—even if it ceased to exist before its initial beneficial ownership information report was due.

All domestic entities and any foreign entity registered to do business in the United States. Entities subject to BOI reporting include a corporation, limited liability company, or any other entity created by the filing of a document with the secretary of state or similar office in the United States.

No, not all non-profits have to file a Beneficial Ownership Information (BOI) report:

• Tax-exempt non-profits: Non-profits that are tax-exempt under Section 501(c) of the Internal Revenue Code and exempt from tax under Section 501(a) are exempt from filing a BOI report.
• Non-profits that recently lost tax-exempt status: Non-profits previously tax-exempt under Section 501(c) but lost their status within the last 180 days are also exempt.
• Political organizations: Political organizations exempt from tax under Section 527(a) of the Code are exempt from filing a BOI report.
• Charitable trusts: Charitable trusts or split-interest trusts described in Section 4947(a)(1) or (2) of the Code are exempt from filing a BOI report.

However, suppose the non-profit is an LLC, corporation, or other entity that was created by filing a document with a secretary of state or equivalent office or was created under the laws of a foreign country and registered to do business in the United States by filing a document with a secretary of state or equivalent office. In that case, it has to file a BOI report unless it qualifies for one of the CTA’s 23 exemptions.

A BOI report must be filed for a nonexempt reporting company that ceases to exist. In short, FinCEN stated that any nonexempt reporting company that ceases to exist on or after January 1, 2024, must file a beneficial ownership report with FinCEN, regardless of whether it ceases to exist prior to the filing deadline for its initial beneficial ownership report.
FinCEN described the following scenarios, each of which would require a beneficial ownership report for the applicable company:

1. A nonexempt reporting company began winding up its affairs and dissolving in 2023 but did not complete the process of “formally and irrevocably” dissolving until 2024.
2. A nonexempt reporting company is created or registered in 2024 and ceases to exist as a legal entity within 90 days of receiving actual or public notice of creation or registration.
3. A nonexempt reporting company is created or registered in 2025 and ceases to exist as a legal entity within 30 days of receiving actual or public notice of creation or registration.

In each of these three scenarios, the reporting company would be required to submit a BOI report to FinCEN, even though the entity has wound up its affairs and dissolved by the applicable BOI filing deadline.