Understanding 23 BOI Exemptions

Does my business qualify for a BOI Report exemption?

It's unlikely. There are 23 exceptions - that's it. 

We can group them into eight (8) industries. Here are the Top 3:

1. Large Operating Entity: >20 employees + > %5MM revenue + US presence
2. Inactive Entity: existed before 2020 + no assets + dormant
3. Publicly-traded company

If you are in this next group, look at the table below:

1. Public Utility: telecom, electrical, etc.
2. Financial Services: banks, investment brokers, insurance companies, investment companies registered with the SEC
3. Tax-exempt Entities: 501(c)
4. Government Authority
5. Accounting Firms

To summarize, BOI Reports will apply to most LLCs, Inc.s, LPs, and GPs with under 20 employees or $5MM in revenue. Think start-ups, sole proprietors, non-SEC registered investment LLCs, etc.

Where Can I File My BOI Report?

You can file your BOI Report directly with FinCEN through their secure online portal. If you don’t feel comfortable filing your BOIR yourself, you can partner with your CPA or ComplyBOI to assist you.

ComplyBOI's filing service and software are designed to simplify this process and ensure your compliance with FinCEN. We offer an intuitive platform that guides you through each step of the filing process, minimizing the risk of errors and ensuring timely submission.

👉 https://file.complyboi.com/