Beneficial ownership reporting, after the 2025 rule change.
The Corporate Transparency Act once required almost every small company to report its owners to FinCEN. A rule issued in March 2025 changed that. Companies formed in the United States, and the people who own them, no longer have to file. The requirement now falls only on foreign companies registered to do business in a US state. We confirm which side of the line you are on and file only if you actually have to.
A federal ownership report, now narrowed sharply.
Beneficial ownership information, or BOI, is a report of the real people who own or control a company. It goes to FinCEN, the financial-crimes bureau of the US Treasury, under the Corporate Transparency Act. When the law took effect it swept in tens of millions of small businesses. In March 2025 FinCEN issued an interim final rule that removed the requirement for companies created in the United States and for US persons. The definition of a reporting company was rewritten to cover only entities formed under foreign law that then register to do business in a US state. If you formed your LLC or corporation in a US state, today you almost certainly have nothing to file.
For the foreign companies that still report.
If your company is a foreign reporting company, the report identifies the business and its beneficial owners. We prepare and submit it through the FinCEN system.
- Company information. The legal name, any trade names, the US address, and the identifying number for the registered entity.
- Beneficial owners. The individuals who own or control the company, with the details FinCEN requires, noting that US persons are not reported for these foreign entities.
- Company applicant, where required. The person who handled the US registration, for entities registered after the rule took effect.
- A filed confirmation. The FinCEN transcript confirming the report was submitted, kept with your records.
It turns on where you were formed.
The rewritten rule draws a clean line between domestic and foreign entities. Most businesses land firmly on the exempt side.
- An LLC or corporation formed in any US state
- US persons who are beneficial owners of any company
- Domestic entities that filed a BOI report before the 2025 rule, which no longer need to update it
- Sole proprietors and general partnerships, which were never reporting companies
- A company formed under the law of a foreign country
- that has registered to do business in a US state or Tribal jurisdiction
- and does not qualify for one of the separate exemptions
- reporting its non-US beneficial owners, but not its US persons
Registering a foreign business in the US is itself a filing. If you are foreign-qualifying an out-of-country entity, start with foreign qualification and we will flag any BOI report that comes with it.
What changed, and who has a deadline.
These figures are verified against current FinCEN guidance and the March 2025 interim final rule. The headline is simple: domestic companies are out, foreign reporting companies are in, and they have specific deadlines.
The Corporate Transparency Act has changed more than once. We track FinCEN guidance and revalidate before advising you to file or not file.
From question to a clear answer.
- 1Confirm where you were formed
We check whether your company is domestic or a foreign company registered in a US state.
- 2Tell you plainly if you must file
Most companies are exempt and we tell you so, in writing, with the reason.
- 3Prepare the report if you do
For a foreign reporting company, we gather the company and beneficial-owner details and complete the report.
- 4File with FinCEN and confirm
We submit through the FinCEN system and give you the confirmation for your records.
The rules keep moving. We keep up.
BOI reporting has flipped direction more than once. The value now is a straight answer about whether you have to file at all, backed by current guidance, so you neither ignore a real obligation nor pay to file something you no longer owe.
We tell you in writing whether the current rule requires you to file, with the reason it does or does not.
We follow the guidance as it changes so your answer reflects the rule in force today, not last year.
If you are a foreign reporting company, we prepare and submit the report through the FinCEN system.
We will not sell you a filing you do not owe. If you are exempt, you are done.
Your other ongoing obligations.
Registering an out-of-state or out-of-country business to operate here.
Explore → Every yearAnnual reportsThe state filing that keeps your company in good standing.
Explore → Always requiredRegistered agentThe agent your state requires for service of process.
Explore → Never miss a dateCompliance calendarEvery state and federal deadline for your business in one place.
Explore →BOI reporting, answered.
Do I still have to file a BOI report for my US LLC?
Almost certainly not. Under the March 2025 rule, companies formed in the United States and their US owners are exempt from BOI reporting. If you formed your LLC or corporation in a US state, you have nothing to file with FinCEN today. We confirm your status in writing so you have a record.
Who does still have to report?
Only a foreign reporting company: an entity formed under the law of a foreign country that has registered to do business in a US state or Tribal jurisdiction. If that describes you, it usually followed a foreign qualification, and even then you report only your non-US owners.
I filed a BOI report last year. Do I need to update it?
If you are a US-formed company, no. The 2025 rule removed the requirement for domestic companies, so there is nothing further to file or update. Keep your confirmation with your records in case the rules change again.
Is there a fee, and what if I ignore it when it does apply?
There is no FinCEN filing fee. For the foreign companies that are still covered, failing to report can carry civil and criminal penalties, which is why confirming your status is worth doing even though most businesses are now exempt.
Could this change again?
It could. The Corporate Transparency Act has shifted more than once through rules and litigation. We track FinCEN guidance and revalidate before telling you to file or not, and our compliance calendar flags changes that affect you.