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Who Must Comply with BOI Reporting Requirements?
The following entities are required to file Beneficial Ownership Information (BOI) reports:
- Corporations: All domestic corporations, except those exempt under specific criteria.
- Limited Liability Companies (LLCs): Domestic LLCs, including single-member LLCs, unless exempt.
- Other Entities Created by State Filing: Any domestic entity formed by filing with a state or tribal authority.
- Foreign Entities: Foreign companies registered to do business in the U.S. through state or tribal filings.
Exemptions Include:
- Publicly traded companies.
- Banks, credit unions, and other regulated financial institutions.
- Tax-exempt organizations.
- Large operating companies with over 20 employees, $5 million in revenue, and a physical presence in the U.S.
Ensure your business is compliant with federal BOI reporting laws to avoid penalties.
Learn more at: www.fincen.gov/boi
About the Utah Microloan Fund:
Our mission is to support small business owners across the state by providing business training and funding to those who don’t qualify for traditional financing. How are we different from other financial institutions?
The UMLF helps people who:
- Are just starting out and don’t have an operating history
- Don’t have enough collateral for a conventional loan
- Have had life events that have had a negative impact on credit scores
We are designed to support business owners by offering small business microloans. Our application and loan process is simple and can provide funds for equipment, inventory, or working capital. Learn more at www.umlf.org