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Beneficial Ownership Information Report must be filed with FinCen.gov (Financial Crimes Enforcement
Network) under the Corporate Transparency Act.:
- Company created or registered to do business before January 1, 2024, will have until January 1, 2025,
to file its initial BOI report.
- Company created or registered in 2024 will have 90 calendar days to file after receiving actual or
public notice that its creation or registration is effective.
EXEMPTION:
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.
The following table summarizes the 23 exemptions:
| Exemption No. |
Exemption Short Title |
| 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 |
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