In Week Four of our CTA Series, we delve into the criteria for identifying reporting companies, encompassing both domestic and foreign entities. FinCen outlines the definitions of domestic and foreign reporting companies as follows:
- A domestic reporting company is a corporation, limited liability company (LLC), or any entity created by the filing of a document with a secretary of state or any similar office under the law of a state or Indian tribe.
- A foreign reporting company is a corporation, LLC, or other entity formed under the law of a foreign country that is registered to do business in any state or tribal jurisdiction by the filing of a document with a secretary of state or any similar office.
If you meet the above criteria, you are required to file a BOI report unless you fall into one of the 23 exemptions listed in our previous update.
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