USA Business Laws Compliance: A Comprehensive Guide
Published by Corpy
https://corpy.xyz/united-states/business-laws/usa-business-laws-compliance-guide
Corpy business-formation guide, fact-checked and corrected.
Who created and checked this page
Correction
Correction history
Every accepted correction to this page is recorded with the exact change, so readers can see how the page improved over time.
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Before
The Corporate Transparency Act (CTA) requires most companies to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). | Who must file | Every US and foreign company with fewer than 20 employees or $5 million in revenue, unless exempt |
AfterThe Corporate Transparency Act (CTA) requires most companies to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). | Who must file (current, post-March 2025) | Only entities formed under foreign law and registered to do business in a US state or tribal jurisdiction ("foreign reporting companies") | Who is exempt | All US-formed LLCs, corporations, and similar entities, and all US persons (even as beneficial owners of a foreign reporting company) |
Why: The BOI reporting table and featured snippet originally reflected the pre-2025 framing that most US LLCs/corporations must file; a March 2025 FinCEN interim final rule exempted all US-formed entities and US persons, narrowing the requirement to foreign entities only, requiring correction across the featured snippet, table, and narrative.
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