FOR OUR MEMBERS THAT ARE BUSINESS OWNERS
A new federal law took effect on January 1, 2024, requiring the filing of a Beneficial Ownership Information Report (BOI) with the Financial Crimes Enforcement Network (FinCEN).
This requirement applies to both new and existing business entities registered across the United States, including LLCs, Corporations, LLPs, PCs, and PLLCs. Entities formed on or after January 1, 2024 must submit this report within 90 days of their formation, while entities formed before 2024 must submit this report by the end of 2024.
The reporting requirement applies to:
• A domestic reporting company: includes corporations, limited liability companies, or any entity filed with a state or Indian tribe office.
• A foreign reporting company: includes a business formed in a foreign country and registered in the U.S. or Tribal jurisdiction with a state or Indian tribe office.
• 23 types of entities are exempt from the beneficial ownership information reporting requirements. These entities include publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies.
1. Securities reporting issuer
2. Governmental authority
3. Bank
4. Credit union
5. Depository institution holding company
6. Money services business
7. Broker or dealer in securities
8. Securities exchange or clearing agency
9. Other Exchange Act registered entity
10. Investment company or investment adviser
11. Venture capital fund adviser
12. Insurance company
13. State-licensed insurance producer
14. Commodity Exchange Act registered entity
15. Accounting firm
16. Public utility
17. Financial market utility
18. Pooled investment vehicle
19. Tax-exempt entity
20. Entity assisting a tax-exempt entity
21. Large operating company
22. Subsidiary of certain exempt entities
23. Inactive entity
Please note that tax exempt entities, including NYSSPE (and local chapters), PIE and FEE are exempt from the reporting requirement.
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LEARN MORE ABOUT HOW TO REPORT AT
www.fincen.gov/boi
Frequently Asked Questions: Click Here