Entities
BOI Reporting for Foreign Entities
FinCEN’s new reporting requirements can be difficult for American born and based business owners to navigate, so if you are a non-American business owner the situation could be even more confusing! This article will present some background information to help unpack the requirements for foreign entities as it relates to FinCEN’s Beneficial Ownership Information reporting…
Read MoreTypes of Entities
There are two categories of entities we care about, when considering Beneficial Ownership Information (BOI) reporting to FinCEN. The first category pertains to the “reporting company,” the term used by FinCEN to identify companies who are required to report their BOI, and how the type of entity of a reporting company influences how one determines…
Read MoreEntities as Beneficial Owners
A wide-variety of entities can own a company, and the type of entity can influence how you determine Beneficial Ownership. FinCEN Defines Four Types of Entities FinCEN groups entities into four categories: individuals, trusts, companies, and “other entities”. “Other entities” has received very little attention by FinCEN (at least in the version 1.1 December 2023…
Read MoreTax Status for Companies
There are typically five (5) different tax statuses for “reporting companies,” which is the term used for companies that are required to report their Beneficial Ownership Information (or BOI) to FinCEN. It’s very important to know what the tax status of the reporting companies is, because it can have an impact on how BOI’s are…
Read MoreTrusts as Beneficial Owners
Trusts, along with other types of entities such as individuals and companies, can own a company, such as a Corporation or Limited Liability Company (LLC). If a company is required to report Beneficial Ownership Information (or BOI) to FinCEN, it is referred to as a “reporting company”. A reporting company must report BOI, but BOI…
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