What is a Reporting Company?
A Reporting Company is any entity, such as a corporation, limited liability company (LLC), or similar business structure, that is required to submit Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). This information is used to increase transparency in business ownership and to combat financial crimes such as money laundering and tax evasion.
Reporting Companies must disclose the identities of individuals who have significant control or ownership over the entity, known as beneficial owners. These entities are generally required to submit names, addresses, dates of birth, and identifying numbers for each beneficial owner.
Who Signs the Beneficial Ownership Form?
The beneficial ownership form must typically be signed by a senior company representative, such as a director, officer, or compliance officer. This individual is responsible for verifying the accuracy of the information provided and ensuring that the company complies with its BOI reporting obligations under the CTA.
