Has the most rules to follow, best for businesses ready to handle complicated setups.
No limit on owners and anyone from any country can invest.
The company pays taxes, and owners might pay taxes again on dividends, but many business costs can reduce taxes.
Strongly protects owners’ personal belongings from business debts or problems.
Needs lots of paperwork, meetings, and rules, good for bigger companies.
Can raise a lot of funds by selling shares to the public or private investors.
Great for large companies or those planning to sell shares publicly and raise big funds.
We provide comprehensive support for all your business needs, from formation to taxes.
Companies formed before January 1, 2024, must file their BOI report by January 1, 2025. Those created in 2024 have 90 days from the notice of formation or public registration. Companies formed on or after January 1, 2025, must file within 30 days of receiving notice of formation.
FinCEN began accepting beneficial ownership information reports on January 1, 2024. Reports cannot be submitted before that date.
No, a sole proprietorship is not considered a reporting company unless it was formed by filing a document with a secretary of state or similar office. Simply obtaining an EIN, registering a business name, or getting a license does not make it a reporting company.
A beneficial owner is anyone who directly or indirectly owns or controls at least 25% of the company’s ownership interests or has significant control over the company.