Substantial Control

Substantial Control

“Reporting companies” are those companies that must report the Beneficial Ownership Information (BOI) of individuals who are Beneficial Owners. Who are such individuals?  FinCEN says Beneficial Owners are defined in one of two ways:  whether the total of their direct and indirect ownership interest is 25% or more (which goes to evaluate Voting Power), as…

Read More

Companies as Beneficial Owners

Companies as Beneficial Owners

FinCEN identifies four types of entities that can own companies (called “reporting companies” if they are required to report their Beneficial Ownership Information (or BOI) to FinCEN), and they are individuals, trusts, companies, and other types of entities. Technically, Beneficial Owners can only be individuals.  Therefore, if a company has an ownership interest in a…

Read More