In March 2025 FinCEN flipped the Corporate Transparency Act rules: entities formerly treated as "domestic reporting companies" are exempt from beneficial ownership information (BOI) filing, so most US small businesses no longer have to file at all. A narrower final rule is expected from FinCEN during 2026. Separately, New York's LLC Transparency Act took effect January 1, 2026, requiring LLCs formed or registered in NY to disclose beneficial owners.
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Most US small businesses now exempt from Corporate Transparency Act BOI filing
Why this matters for founders
If you formed a US LLC or corporation, you likely dodged the federal BOI filing burden, but don't assume it's gone forever, since a final rule is still pending and could shift again. Watch state-level rules (New York already live, California considering one), and keep a clean, current record of who owns and controls your company because banks will still demand this info for accounts and loans regardless of the CTA.
Source: FinCEN.gov / Winston & Strawn
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