Here, we discuss who needs to file a BOI report? All US companies must file a BOI report unless exempt from filing. Also, all foreign companies registered to do business in the United States must file a BOI report unless exempt.

Companies required to file BOI report

To determine if your company needs to file a BOI report, you need first to check if your company is the type of company that is required to report. A key factor in determining this is whether you had to file a document with your state’s secretary of state or a similar office to create your company. For foreign companies, a key factor is whether you had to file a document with your state’s secretary of state or a similar office to register the foreign company to do business in the United States.

Generally, companies that are required to file a BOI report are:

• Corporations
• Limited liability companies (LLCs)
• Limited partnerships (LP)
• Limited liability limited partnerships (LLLP)
• Trusts
• Other legal entity that is created or registered to do business in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe

Company formation is governed by state or Tribal law. The law of the state or Tribe where the company is formed or registered to do business, determines if the filing of a document with a secretary of state or similar office is required to create a specific type of company or to register a foreign company to do business.  

Corporations, limited liability companies, and limited partnerships are generally created by filing a document with a secretary of state or similar office. In such cases, the corporation, limited liability company, or limited partnership needs to file a BOI report.  

Companies not required to file BOI report

Sole proprietorships, certain types of trusts, and general partnerships are not usually created by filing a document with the secretary of state or a similar office. Generally, these types of legal entities do not need to file a BOI report.

For example, under Florida law, you are not required to file any document with the state to form a general partnership in Florida. As a result, your Florida general partnership does not need to file a BOI report because no filing is required to create a Florida general partnership. However, this can be different under a different state’s law.

Generally, these types of entities do not need to file a BOI report:

• Sole proprietorships
• Certain types of trusts
• General partnerships

Conclusion

If your company is the type of company required to file a BOI report, then you need to determine if your company falls under one of the 23 exceptions from reporting. Visit “Who is exempt from filing a BOI report to learn more”

If your company is exempt, you do not need to file a BOI report. However, if your company stops being exempt at any time, you need to file an initial BOI report within 30 days of the date your company ceases to be an exempt company.

Best Practice: It is best practice to regularly check if your company is still exempt from filing a BOI report and to file a report if it is no longer exempt. If you are unsure if your company needs to file a BOI report, take our assessment “Do I need to file a BOI report” If based on your answers to the questions the answer is yes, then you need to file an initial BOI report for your company. If the answer is no, you do not need to file a BOI report and can move on.

Are you wondering if you need to file a BOI Report? Contact us and we’ll clarify all aspects regarding BOI Report related to your company profile!