Do You Need to File a BOI Report for a US-Formed LLC?

As of FinCEN's interim final rule from March 2025, all US-formed companies, including LLCs, are exempt from Beneficial Ownership Information (BOI) reporting. You do **not** need to file a BOI report for your LLC if it was formed in the United States. ## What changed Previously, most US LLCs and corporations had to file a BOI report under the Corporate Transparency Act. FinCEN's March 2025 rule removed that requirement entirely for domestic, US-formed companies and their beneficial owners. This exemption is **not** limited to companies formed after a certain date. It applies whether your LLC was formed years ago or will be formed in the future. ## Who is still affected BOI reporting obligations may still apply to **foreign companies** that: - were formed under another country's laws, and - are registered to do business in a US state. Under the rule described here, those foreign companies no longer have to report US persons as beneficial owners. ## What you still need to do Even though your US-formed LLC is exempt from BOI reporting, you may still need to complete other compliance filings. You still need to: 1. File your state's annual report on time to stay in good standing. 2. File your federal tax return each year. 3. File **Form 5472** and a **pro forma Form 1120** if you have a foreign-owned single-member LLC. 4. File an **FBAR (FinCEN Form 114)** if your LLC's foreign bank accounts combined exceed **$10,000** at any point during the year. ## If you already filed a BOI report If you already started or completed a BOI filing before this exemption took effect, you do not need to do anything further. The exemption applies going forward. ## If your structure is more complex If your situation involves foreign ownership together with a foreign entity, the general rule above may need case-specific review.