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CTA Entity Assessment

CTA Entity Assessment

Welcome to the Corporate Transparency Act Entity Assessment. This quiz will help determine whether this entity may be exempt from filing beneficial ownership information with FinCEN. SingleFile is not a law firm and does not intend to provide legal advice. SingleFile is not responsible for determining whether any specific entity is required to file Beneficial Ownership Information (BOI) with FinCEN. SingleFile suggests that customers consult with their attorney to determine whether the entity must file a BOI Report with FinCEN and what information must be included.
24Questions
  • 1
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  • 2
    Domestic Reporting Company: a) A corporation; b) A limited liability company; c) Created by filing of a document with a secretary of state or any similar office under the law of a state or Indian tribe. Foreign Reporting Company: a) A corporation, limited liability company, or other entity; b) Formed under the law of a foreign country; and c) Registered to do business in any State or tribal jurisdiction by filing of a document with a secretary of state or any similar office under the law of a state or Indian tribe. Sole Proprietor: A sole proprietor is an individual who owns and operates a business as the sole owner. Partnership: A partnership in business refers to a legal business structure where two or more individuals, known as partners, collaborate to jointly own and operate a business for the purpose of making a profit. Subsidiary: A business entity or corporation either fully owned or partially controlled by another company, known as the parent or holding company.
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    *Important Tip as a Subsidiary*

    As a subsidiary, your entity's exemption status is predicated on the exemption status of your parent company. 

    This means that if your ownership interests are controlled or wholly owned, directly or indirectly, by a company that falls within the exemption categories* of CTA, your organization is exempt.

    To best understand your exemption status - complete the CTA Assessment Tool for your parent company and consult with your legal team to determine if their exemption status will likely apply to you. 

     

    *This does not apply to subsidiaries of Money transmitter business' (CTA exemption #6) or Pooled Investment Vehicles (CTA exemption #18)

     

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    The entity employs more than 20 full time employees, when applying the meaning of full-time employee provided in 26 CFR 54.4980H-1(a) and 54.4980H-3. In general, “full-time employee” means, with respect to a calendar month, an employee who is employed an average of at least 30 hours of service per week with an employer.
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    “Operating presence at a physical office within the United States” means that an entity regularly conducts its business at a physical location in the United States that the entity owns or leases and that is physically distinct from the place of business of any other unaffiliated entity.
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    The entity reported this greater-than-$5,000,000 amount as gross receipts or sales (net of returns and allowances) on the entity’s IRS Form 1120, consolidated IRS Form 1120, IRS Form 1120-S, IRS Form 1065, or other applicable IRS form. When gross receipts or sales from sources outside the United States, as determined under Federal income tax principle, are excluded from the entity’s amount of gross receipts or sales, the amount remains greater than $5,000,000. If the entity is part of an affiliated group of corporations within the meaning of 26 U.S.C. 1504, refer to the consolidated return for such group.
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    Securities reporting issuer: Any issuer of securities that is: (A) An issuer of a class of registered securities or (B) Required to file supplementary and periodic information under SEC act. Bank: Any bank, as defined in the Federal Deposit Insurance Act; Investment Company Act; or Investment Advisers Act. Credit union: Any Federal credit union or State credit union, as those terms are defined in the Federal Credit Union Act. Depository institution holding company: Any bank holding company as defined in the Bank Holding Company Act or any savings and loan holding company as defined in the Home Owners’ Loan Act. Money services business: Any money transmitting or services business registered with FinCEN.Broker or dealer in securities: Any broker or dealer that is registered under section 15 of the Securities Exchange Act. Securities exchange or clearing agency: Any exchange or clearing agency that is registered under the Securities Exchange Act. Other Exchange Act registered entity: Any other entity not described that is registered with the SEC under the SE Act. Investment company or investment adviser: Any entity that is: (A) An investment company as defined in the Investment Company Act or is an investment adviser as defined in the Investment Advisers Act; and (B) Registered with the SEC or IAA. Venture capital fund adviser: Any investment adviser that: (A) Is described in the Investment Advisers Act; and (B) Has filed Item 10, Schedule A, and Schedule B of Form ADV, or any successor thereto, with the SEC. Financial market utility: Any financial market utility designated by the Financial Stability Oversight Council under section 804 of the Payment, Clearing, and Settlement Supervision Act of 2010 Pooled investment vehicle. Any pooled investment vehicle that is operated or advised by a registered advisor.
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    Insurance company: Any insurance company as defined in section 2 of the Investment Company Act State-licensed insurance producer: Any entity that: (A) Is an insurance producer that is authorized by a State and subject to supervision by the insurance commissioner or a similar official or agency of a State; and (B) Has an operating presence at a physical office within the United States. Accounting firm. Any public accounting firm registered in accordance with section 102 of the Sarbanes-Oxley Act of 2002
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    Governmental authority: Any entity that: (A) Is established under the laws of the United States, an Indian tribe, a State, or a political subdivision of a State, or under an interstate compact between two or more States; and (B) Exercises governmental authority on behalf of the United States or any such Indian tribe, State, or political subdivision. Public utility: Any entity that is a regulated public utility as defined in 26 U.S.C. 7701(a)(33)(A) that provides telecommunications services, electrical power, natural gas, or water and sewer services within the United States. Commodity Exchange Act registered entity. Any entity that: (A) Is a registered entity as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a); or (B) Is: (1) A futures commission merchant, introducing broker, swap dealer, major swap participant, commodity pool operator, or commodity trading advisor, each as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a), or a retail foreign exchange dealer as described in section 2(c)(2)(B) of the Commodity Exchange Act (7 U.S.C. 2(c)(2)(B); and (2) Registered with the Commodity Futures Trading Commission under the Commodity Exchange Act.
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    Tax-exempt entity: Any entity that is: (A) An organization that is described in section 501(c) of the Internal RevenueCode of 1986 (Code) (determined without regard to section 508(a) of the Code) and exempt from tax under section 501(a) of the Code, except that in the case of any such organization that ceases to be described in section 501(c) and exempt from tax under section 501(a), such organization shall be considered to continue to be described in this paragraph (c)(1)(xix)(A) for the 180-day period beginning on the date of the loss of such tax-exempt status; (B) A political organization, as defined in section 527(e)(1) of the Code, that is exempt from tax under section 527(a) of the Code; or (C) A trust described in paragraph (1) or (2) of section 4947(a) of the Code.Entity assisting a tax-exempt entity. Any entity that:(A) Operates exclusively to provide financial assistance to, or hold governance rights over, any entity described in paragraph (c)(2)(xix) of this section;(B) Is a United States person;(C) Is beneficially owned or controlled exclusively by one or more United States persons that are United States citizens or lawfully admitted for permanent residence; and(D) Derives at least a majority of its funding or revenue from one or more United States persons that are United States citizens or lawfully admitted for permanent residence.
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    Subsidiary of certain exempt entities: Any entity whose ownership interests are controlled or wholly owned, directly or indirectly, by one or more entities covered by CTA exemptions (except the exemptions for Money Services Businesses and Money Transmitter Businesses, Pooled Investment Vehicles, and Entities Assisting Tax-Exempt Entities). Inactive entity. Any entity that:(A) Was in existence on or before January 1, 2020;(B) Is not engaged in active business;(C) Is not owned by a foreign person, whether directly or indirectly, wholly or partially;(D) Has not experienced any change in ownership in the preceding twelve month period;(E) Has not sent or received any funds in an amount greater than $1,000, either directly or through any financial account in which the entity or any affiliate of the entity had an interest, in the preceding twelve month period; and(F) Does not otherwise hold any kind or type of assets, whether in the United States or abroad, including any ownership interest in any corporation, limited liability company, or other similar entity.
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  • 21

    Reporting to FinCEN is Likely!

     

    It appears this entity is likely required to file Beneficial Ownership Information (BOI) to FinCEN under the new Corporate Transparency Act. Check with your attorney or FinCEN's BOI Small Entity Compliance Guide to make sure. Let's wrap this up with some information and we'll send you a report.

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  • 22
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  • 23

    Reporting Not Likely Required!

     

    Please confirm with your attorney but it appears that this entity is exempted from needing to file Beneficial Ownership Information (BOI) with FinCEN. Check with your attorney or FinCEN's Small Entity Compliance Guide to make sure. Let's wrap this up and we will send you a report.

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  • 25

    Thank you

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