Does every US business have to file a Beneficial Ownership Information report?

The requirement is pretty far-reaching, and it's not always clear which entity must file. “The first step for small business owners is to figure out if their company is affected. There are tools available to help figure out this part, where you can answer a few questions, and in the end, it will give you a general indication of whether or not you have to file,” says Feldman.

Based on the current rule, two types of reporting companies have to file a BOI – unless they qualify for an exemption: 1) a domestic reporting company, and 2) a foreign reporting company.

To help figure out if they have to file, business owners can use this quiz tool. Simply answering a few questions helps them determine their reporting requirement status. It’s important to note that right now, corporations and LLCs are the only business entity types specifically referred to in the FinCEN rule, but other entities might also have to file.