Follows strict rules that focus on helping a cause, not making a profit, which limits how freely it can operate.
Doesn’t have owners — instead, a board runs it with a focus on doing good for the community.
Can be tax-exempt, meaning it doesn’t pay many taxes and can receive donations that are tax-deductible.
Protects personal assets of board members and staff, keeping them safe from business-related issues.
Must follow specific rules and reporting to stay transparent and accountable.
Depends on donations, grants, and fundraising — the goal is to support its mission, not earn profits.
Best for groups focused on charity, education, religion, or science that want tax benefits and aim to make a positive impact.
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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.