Do I have to file a BOI Report?

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Do I have to file a BOI Report?BOI Overview
The Reporting Rule requires that all “reporting companies” file BOI reports within the previously specified timeframes. A reporting company is any entity that meets the “reporting company” definition and does not qualify for an exemption. There are two categories of reporting companies: a “domestic reporting company” and a “foreign reporting company”. 
If your company is neither a “domestic reporting company” nor “foreign reporting company” 
because it does not meet either definition or it qualifies for an exemption, then it is not required to file a BOI report. 

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Unless otherwise specified, States and Indian tribes have the following meanings in this
Guide and the Reporting Rule.
• States means any State of the United States, the District of Columbia, the
Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana
Islands, American Samoa, Guam, the United States Virgin Islands, and any other
commonwealth, territory, or possession of the United States.
• Indian tribes means any Indian or Alaska Native tribe, band, nation, pueblo, village or
community that the Secretary of the Interior acknowledges to exist as an Indian tribe.
(See section 102 of the Federally Recognized Indian Tribe List Act of 1994
(25 U.S.C. 5130)).
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Is your company a “reporting company”?Check any that apply
Is the company a corporation (S or C)
Is the company a lenited liability company (LLC)
Was the company 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?
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Is your company exempt from the reporting requirements? Let's find out....

(Check all criteria that apply)
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Exemption #1Securities reporting issuer
The entity is an issuer of a class of securities registered under section 12 of the Securities Exchange Act of 1934 (15 U.S.C. 78l).
The entity is required to file supplementary andperiodic information under section 15(d) of theSecurities Exchange Act of 1934 (15 U.S.C. 78o(d)).
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Exemption #2Governmental authority
The entity 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
The entity exercises governmental authority on behalfof the United States or any such Indian tribe, State, orpolitical subdivision.
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Exemption #3Bank
The entity is a “bank” as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
The entity is a “bank” as defined in section 2(a) of theInvestment Company Act of 1940 (15 U.S.C. 80a-2(a)).
The entity is a “bank” as defined in section 202(a) of theInvestment Advisers Act of 1940 (15 U.S.C. 80b-2(a)).
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Exemption #4Credit Union
The entity is a “Federal credit union” as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752).
The entity is a “State credit union” as defined in section101 of the Federal Credit Union Act (12 U.S.C. 1752).
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Exemption #5Depository institution holding company
The entity is a “bank holding company” as defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841).
The entity is a “savings and loan holding company” asdefined in section 10(a) of the Home Owners’ Loan Act(12 U.S.C. 1467a(a)).
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Exemption #6Money transmitter business
The entity is a money transmitting business registered with FinCEN under 31 U.S.C. 5330.
The entity is a money services business registered withFinCEN under 31 CFR 1022.380.
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Exemption #7Broker or dealer in securities
The entity is a “broker” or “dealer,” as those terms are defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c)
The entity is registered under section 15 of theSecurities Exchange Act of 1934 (15 U.S.C. 78o).
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Exemption #8Securities exchange or clearing agency
The entity is an “exchange” or “clearing agency,” as those terms are defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c).
The entity is registered under sections 6 or 17A of theSecurities Exchange Act of 1934 (15 U.S.C. 78f, 78q-1).
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Exemption #9Other Exchange Act registered entity
The entity is not a securities reporting issuer as defined in Exemption #1, broker or dealer in securities as defined in Exemption #7, or securities exchange or clearing agency as defined in Exemption #8.
The entity is registered with the Securities and ExchangeCommission under the Securities Exchange Act of 1934(15 U.S.C. 78a et seq.).
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Exemption #10Investment company or investment adviser
The entity is an “investment company” or “investment adviser” defined as either: • An investment company in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3); or • An investment adviser in section 202 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2).
The entity is registered with the Securities andExchange Commission under either of these authorities:• The Investment Company Act of 1940(15 U.S.C. 80a-1 et seq.); or• The Investment Advisers Act of 1940(15 U.S.C. 80b-1 et seq.).
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Exemption #11Venture capital fund adviser
The entity is an investment adviser that is described in section 203(l) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3(l)).
The entity has filed Item 10, Schedule A, and Schedule Bof Part 1A of Form ADV, or any successor thereto, withthe Securities and Exchange Commission.
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Exemption #12
The entity is an “insurance company” as defined in section 2 of the Investment Company Act of 1940 (15 U.S.C. 80a-2).
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Exemption #13State-licensed insurance producer
The entity 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
The entity has an operating presence at a physical officewithin the United States. The term “operating presenceat a physical office within the United States” means thatan entity regularly conducts its business at a physicallocation in the United States that the entity owns orleases and that is physically distinct from the place ofbusiness of any other unaffiliated entity.
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Exemption #14Commodity Exchange Act registered entity
The entity is a “registered entity” as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a).
The entity is one of these entities registered with theCommodity Futures Trading Commission under theCommodity Exchange Act:• “Futures commission merchant” as defined insection 1a of the Commodity Exchange Act(7 U.S.C. 1a);• “Introducing broker” as defined in section 1a of theCommodity Exchange Act (7 U.S.C. 1a);• “Swap dealer” as defined in section 1a of theCommodity Exchange Act (7 U.S.C. 1a);• “Major swap participant” as defined in section 1a ofthe Commodity Exchange Act (7 U.S.C. 1a);• “Commodity pool operator” as defined in section 1aof the Commodity Exchange Act (7 U.S.C. 1a);• “Commodity trading advisor” as defined in section1a of the Commodity Exchange Act (7 U.S.C. 1a);or• “Retail foreign exchange dealer” as described insection 2(c)(2)(B) of the Commodity Exchange Act(7 U.S.C. 2(c)(2)(B)).
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Exemption #15Public accounting firm
The entity is a public accounting firm registered in accordance with section 102 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7212).
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Exemption #16Public utility
The entity is a “regulated public utility” as defined in 26 U.S.C. 7701(a)(33)(A).
The entity provides telecommunications services,electrical power, natural gas, or water and sewer serviceswithin the United States.
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Exemption #17Financial market utility
The entity is a financial market utility designated by the Financial Stability Oversight Council under section 804 of the Payment, Clearing, and Settlement Supervision Act of 2010 (12 U.S.C. 5463).
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Exemption #18Pooled investment vehicle
The entity is a pooled investment vehicle if either of these statements apply to the entity: • Is an investment company, as defined in section 3(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-3(a); or • Is a company that would be an investment company under that section but for the exclusion provided from that definition by paragraph (1) or (7) of section 3(c) of that Act (15 U.S.C. 80a-3(c)); and is identified by its legal name by the applicable investment adviser in its Form ADV, (or successor form) filed with the Securities and Exchange Commission or will be so identified in the next annual updating amendment to Form ADV required to be filed by the applicable investment adviser pursuant to rule 204-1 under the Investment Advisers Act of 1940 (17 CFR 275.204-1).
The entity is operated or advised by any of these typesof exempt entities:• Bank, as defined in Exemption #3;• Credit union, as defined in Exemption #4;• Broker or dealer in securities, as defined inExemption #7;• Investment company or investment adviser, asdefined in Exemption #10; or• Venture capital fund adviser, as defined inExemption #11.
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Exemption #19Tax-exempt entity FOUR CHOICES (Check what applies)
The entity is an organization that is described in section 501(c) of the Internal Revenue Code of 1986 (Code) (determined without regard to section 508(a) of the Code) and exempt from tax under section 501(a) of the Code.
The entity is an organization that is described in section501(c) of the Code, and was exempt from tax undersection 501(a) of the Code, but lost its tax-exempt statusless than 180 days ago.
The entity is a political organization, as defined insection 527(e)(1) of the Code, that is exempt from taxunder section 527(a) of the Code.
The entity is a trust described in paragraph (1) or (2) ofsection 4947(a) of the Code.
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Exemption #20Entity assisting a tax-exempt entity FOUR CHOICES (Check what applies)
The entity operates exclusively to provide financial assistance to, or hold governance rights over, any tax-exempt entity described by Exemption #19.
The entity is a United States person as defined in section7701(a)(30) of the Internal Revenue Code of 1986.
The entity is beneficially owned or controlled exclusivelyby one or more United States persons that are UnitedStates citizens or lawfully admitted for permanentresidence. “Lawfully admitted for permanent residence”is defined in section 101(a) of the Immigration andNationality Act (8 U.S.C. 1101(a)).
The entity derives at least a majority of its funding orrevenue from one or more United States persons thatare United States citizens or lawfully admitted forpermanent residence.
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Exemption #21CHOOSE ALL THAT APPLY - Large operating company - SIX CHOICES (Check what applies)
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.
. More than 20 full-time employees of the entity areemployed in the “United States,” as that term is definedin 31 CFR 1010.100(hhh).
The entity has an operating presence at a physicaloffice within the United States. “Operating presence ata physical office within the United States” means thatan entity regularly conducts its business at a physicallocation in the United States that the entity owns orleases and that is physically distinct from the place ofbusiness of any other unaffiliated entity.
The entity entity filed a Federal income tax orinformation return in the United States for the previousyear demonstrating more than $5,000,000 in grossreceipts or sales. If the entity is part of an affiliatedgroup of corporations within the meaning of 26 U.S.C.1504, refer to the consolidated return for such group.
The entity reported this greater-than-$5,000,000 amountas gross receipts or sales (net of returns and allowances)on the entity’s IRS Form 1120, consolidated IRS Form1120, IRS Form 1120-S, IRS Form 1065, or otherapplicable IRS form.
When gross receipts or sales from sources outside theUnited States, as determined under Federal incometax principle, are excluded from the entity’s amount ofgross receipts or sales, the amount remains greater than$5,000,000.
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Exemption #22The entity’s OWNERSHIP INTERESTS ARE CONTROLLED OR WHOLLY OWNED, directly or indirectly, by any of these types of exempt entities EIGHTEEN CHOICES (Check what applies)
Securities reporting issuer, as defined in Exemption #1
Governmental authority, as defined in Exemption #2
Bank, as defined in Exemption #3
Credit union, as defined in Exemption #4
Depository institution holding company, as defined in Exemption #5
Broker or dealer in securities, as defined in Exemption #7
Securities exchange or clearing agency, as defined in Exemption #8
Other Exchange Act registered entity, as defined in Exemption #9
Investment company or investment adviser, as defined in Exemption #10
Venture capital fund adviser, as defined in Exemption #11
Insurance company, as defined in Exemption #12
State-licensed insurance producer, as defined in Exemption #13
Commodity Exchange Act registered entity, as defined in Exemption #14
Accounting firm, as defined in Exemption #15
Public utility, as defined in Exemption #16
Financial market utility, as defined in Exemption #17
Tax-exempt entity, as defined in Exemption #19
Large operating company, as defined in Exemption #21.
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Exemption #23Inactive entity SIX CHOICES (Check what applies)
The entity was in existence on or before January 1, 2020.
The entity is not engaged in active business.
The entity is not owned by a foreign person, whether directly or indirectly, wholly or partially. “Foreign person” means a person who is not a United Statesperson. A United States person is defined in section7701(a)(30) of the Internal Revenue Code of 1986as a citizen or resident of the United States, domestic partnership and corporation, and other estates and trusts.
The entity has not experienced any change in ownershipin the preceding twelve-month period.
The entity has not sent or received any funds in anamount greater than $1,000, either directly or throughany financial account in which the entity or any affiliateof the entity had an interest, in the preceding twelvemonth period.
The entity does not otherwise hold any kind or type ofassets, whether in the United States or abroad, includingany ownership interest in any corporation, limitedliability company, or other similar entity.
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Congratulations! It appears that you DO NOT have to fill out a BOI Report under the guidelines presented. But, please consult legal counsel for a final opinion.

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