Records
Beneficial ownership reporting: current status for U.S. companies
Under current FinCEN guidance, companies created in the United States are exempt from BOI reporting.
FinCEN's current FAQs state that entities created in the United States are exempt from beneficial ownership information reporting. Companies formed under the law of a foreign country and registered to do business in a U.S. state may need further analysis.
A U.S. entity that registers in another state is not a foreign-country entity for this purpose. Because rules in this area have changed, check FinCEN's current FAQs before acting.
Checklist
- Confirm the country where the entity was formed
- Review FinCEN's current FAQs
- Keep a record of your review date
Common misconceptions
- Myth: Registering my Nevada LLC in California makes it a foreign company for BOI.
- Reality: It is a U.S.-created entity. 'Foreign' for current BOI purposes means formed under a foreign country's law.