- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Whether or not a business is required to file a BOI with FinCen is beyond the what this forum would normally be used to support.
In saying that, based on the information available and in my opinion only, if your business submitted paperwork to the state where the business is located to become a corporation or partnership then you would be required to submit a BOI.
As stated in the FinCen link provided -
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.
And -
Under the rule, a beneficial owner includes any individual who, directly or indirectly, either (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25 percent of the ownership interests of a reporting company. The rule defines the terms “substantial control” and “ownership interest".