CTA Quick Links
- Executive Summary
- What Should You do about Compliance?
- Is Your Company Required to Report?
- What is Your Company Required to Report?
- Beneficial Ownership – Ownership Interests
- Beneficial Ownership – Substantial Control
- What is a FinCEN ID?
- What Should You do if Your Company is Exempt?
- What Might Trigger a Reporting Requirement?
- What Updates To Documents Should You Consider?
- Can You Backdate Agreements under CTA?
Stay Up-to-Date
The FinCEN website provides a variety of useful resources that are worth checking periodically.
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Part 9
What transactions and events might require a BOI report?
There are quite a few transactions and events that could lead to BOI reporting requirements if the transaction or event results in a change to the information reported about the company or the Beneficial Owners, a change in the Beneficial Owners, or the company becomes exempt or loses its exemption. Below are several transactions that many companies will encounter that may result in a report being required:
- Forming a business
- Buying or selling a business
- Changes in ownership
- A Beneficial Owner changes their residential address
- The company relocates
- Borrowing money
- Some IP transactions such as licensing
- Hiring or terminating key employees
- Raising capital
- Appointing or removing managers, directors, or officers
- Changing, modifying, removing or adding any DBA name
- Any of these events or transactions that impact an entity that directly or indirectly has substantial control over the company.
Notice
These resources do not address how the CTA applies to foreign companies and foreign individuals. For more information on how the CTA applies to foreign companies and foreign individuals, please visit https://www.fincen.gov/boi
These resources are provided for general informational purposes only, and are not legal advice. These resources do not form an attorney-client relationship.
These resources are provided for general informational purposes only, and are not legal advice. These resources do not form an attorney-client relationship.