• Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024, must file by January 1, 2025.
• Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective. FULL ARTICLE>>

The U.S. Beneficial Ownership Information (BOI) Registry, established under the Corporate Transparency Act (CTA), generally applies to most corporations, limited liability companies (LLCs), and similar entities that are created or registered to do business in the United States. However, nonprofit organizations are typically exempt from the BOI reporting requirements.

Here’s a more detailed breakdown:

• Exempt Entities: The CTA provides exemptions for certain types of organizations, including nonprofits, which are tax-exempt under section 501(c) of the Internal Revenue Code (e.g., charitable organizations, religious organizations). These nonprofits are generally not required to report their beneficial owners.
• For-Profit Entities: The focus of the BOI Registry is on for-profit entities, especially smaller companies that may not be subject to other types of disclosure requirements and are considered at higher risk of being used for illicit purposes, such as money laundering or tax evasion.

While nonprofits are exempt, it’s always a good idea to consult legal counsel or an expert familiar with the specifics of the Corporate Transparency Act and how it might interact with your organization’s structure.