Corporate Transparency Act
Starting January 1, 2024, millions of companies will be required to file a Beneficial Ownership Information (BOI) Report as determined in the Corporate Transparency Act. Compliance is mandatory and companies that don’t comply face potential fines of $500 for every day they are not in compliance and even jail time.This short quiz will quickly tell you if your business is subject to this reporting requirement – no strings attached. Just answer the questions and you will get your result.*
* Please note that this resource is offered as general guidance and is not intended to be a substitute for legal advice or consultation.
An inactive entity is a business that existed on or before January 1, 2020, and isn’t engaged in active business
Financial, Securities and Investments
· Bank
· Domestic credit union
· Depository institution holding company
· Money transmitting business
· Securities issuer
· Securities broker-dealer
· Securities exchange or clearing services
· Other Securities Exchange Act of 1934 entity
· Registered investment company or advisor
· Venture capital fund advisor
· Commodity Exchange Act registered entity
· Financial market utility
· Pooled investment vehicle
Insurance
· Insurance company
· State licensed insurance producer
Other
· Domestic governmental authority
· Accounting firm
· Public utility
· Tax exempt entity
· Entity assisting tax exempt entity
· Subsidiaries of certain exempt entities
Your company may be required to file a beneficial ownership information report under the Beneficial Ownership Information Reporting Rule going into effect January 1, 2024.*
Your company may not be required to file a beneficial ownership information report under the Beneficial Ownership Information Reporting Rule going into effect January 1, 2024.*