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.